Twenty-six biotechnology companies have gone public in the United States this year, more than double the total for 2025 and the highest level since 2021, with four additional offerings in the pipeline. The momentum is supported by pharmaceutical acquisitions and the growth of GLP-1 drugs, even though share prices in the sector remain heavily influenced by company-specific clinical developments. CNBC’s review of the 75 biotech IPOs of 2020 found that only 16% posted positive returns, while 44% fell by at least 90% and an equal investment in every company would have lost more than 25%. Revolution Medicines stands out with a return close to 1,000%, but LeonaBio has dropped 97% and Codiak Biosciences filed for bankruptcy less than three years after going public. Investors must therefore assess development stage, product pipeline, addressable market, management experience and the institutional investors backing the offering.
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