Biotech IPOs Strengthen in 2026 as 13th U.S. Listing Candidate Emerges

8 articles · Updated · BioXconomy · Jun 1

Kardigan’s U.S. filing last week could make it the 13th biotech IPO of 2026, underscoring what Cooley partners called the strongest healthcare listing market in several years.
40-60 Western biotech IPOs are now seen as possible this year, driven by stronger science, active crossover financing, robust M&A demand and a more favorable rate backdrop.
Investors are still selective: companies need strong clinical data, experienced management, differentiated technology and usually an oversubscribed crossover round before going public.
$100 million base deals remain common, with many issuers accepting modest valuation step-ups and aiming to raise enough cash to reach key data readouts.
The pipeline is building into late 2026 and 2027, with lawyers expecting a wave of offerings before U.S. midterm elections unless volatility, FDA uncertainty or geopolitics shut the window.

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