Pricing the third and largest biopharma IPO of 2026, Eikon Therapeutics Inc. raised $381 million in an upsized offering of 21.18 million shares of common stock at $18 each, the high point of its price range.
Veradermics Inc. raised $256.3 million from an IPO on the New York Stock Exchange Feb. 4. The proceeds will fund three ongoing phase II/III clinical trials of VDPHL-01, its novel oral formulation of Rogaine (minoxidil) to treat pattern hair loss in men and women.
Total med-tech financing activity surged in the fourth quarter of 2025, with $16.21 billion raised across all financing categories, more than double the $5.78 billion recorded in Q3 and the strongest quarterly total of the year.
Oncology-focused Eikon Therapeutics Inc. set the terms of its IPO Jan. 28, selling 17.648 million shares at a price range between $16 to $18 per share. At the top of the range, the Millbrae, Calif.-based biopharma company would raise about $317.7 million.
Biopharma financing values have shown quarterly volatility over the past decade, with surges often concentrated in specific quarters rather than evenly distributed throughout the year.
Biopharma financing values have shown quarterly volatility over the past decade, with surges often concentrated in specific quarters rather than evenly distributed throughout the year. The pandemic era marked a clear inflection point, and more recently, financing patterns have normalized with outsized quarters driving annual totals. In 2025, total financings accelerated as the year progressed, rising from $13.12 billion in the first quarter (Q1) to $18.92 billion in Q3 to a peak of $33.16 billion in Q4, the strongest quarter since early 2024.
Annual biopharma financing values have fluctuated significantly over the past seven years, peaking during the pandemic-era surge in 2020 and 2021 before retreating in 2022. After rebounding to more than $102 billion in 2024, total financings declined in 2025 to $81.21 billion. Monthly totals in the year ranged from just under $3 billion (February and April) to more than $13.68 billion in October. December financings totaled $9.08 billion, comparable to November’s $10 billion collective raise.
Radiopharma-focused Aktis Oncology Inc. priced its recently upsized IPO, selling 17.65 million shares at $18 apiece, the high end of its pricing range, raising gross proceeds of $318 million, a hopeful sign that 2026 might signal an opening of the IPO window for biopharma.
Med-tech financing activity rebounded sharply in 2025, with total reported capital raised climbing to $39.55 billion, nearly doubling from $25.35 billion in 2024 and approaching pre-pandemic norms. The increase was driven largely by a surge in IPO activity, which reached $13.01 billion. In December, financing value reached $8.23 billion across 36 transactions, up from $4.73 billion in November.
After a volatile but ultimately strong year for biopharma stocks, 2025 delivered a mixed picture marked by sharp workforce reductions alongside resilient capital markets and high-value dealmaking.
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