Updated Monday, 10/5.
The fourth quarter is off to a quiet start with two biotech IPOs currently scheduled for the week ahead.
Autoimmune biotech TRex Bio (TRXB) plans to raise $125 million at a $453 million market cap. The company's Deep Biology platform maps regulatory T cell (Treg) function in fresh human skin, gut, and lung tissue to identify targets, then validates them in a proprietary in vitro Treg model and a high-throughput functional assay suite. Lead candidate TRB-061, a TNFR2 agonist, is in a Phase 1b trial for moderate-to-severe atopic dermatitis, with topline data expected in mid-2027.
Hypertension biotech Retension Pharmaceuticals (RTSN) plans to raise $40 million at a $108 million market cap. The company's sole asset, RTN-001, is an in-licensed, once-daily oral PDE-5 inhibitor for uncontrolled and resistant hypertension. It's currently in a Phase 2b dose-ranging trial, with initial data expected in the 1H27.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Retension Pharmaceuticals (RTSN) Falls Church, VA | $40M $108M | $11 - $13 3,300,000 | Leerink Partners Guggenheim |
| Phase 2b biotech developing an in-licensed treatment for hypertension. | |||
| TRex Bio (TRXB) South San Francisco, CA | $125M $453M | $14 - $16 8,333,334 | JP Morgan Evercore ISI |
| Phase 1 biotech developing medicines for autoimmune and inflammatory diseases. | |||
Beyond the public pipeline, AI giant Anthropic is reportedly firming up its listing timeline, with marketing expected as soon as the week of November 9th.
Four lock-up periods will be expiring in the week ahead. For access to lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/1/2026, the Renaissance IPO Index was up 16.4% year-to-date, while the S&P 500 was up 13.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and SK hynix (SKHY). The Renaissance International IPO Index was up 28.5% year-to-date, while the ACWX was up 13.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
