While market jitters have kept some IPO candidates on the sidelines, biotechs continue to tap the public market, with two more on the calendar for the week ahead.
RNA interference biotech City Therapeutics (CTY) plans to raise $175 million at a $1.0 billion market cap. City Therapeutics is developing RNA interference (“RNAi”) therapeutics designed to silence disease-relevant proteins. Its pipeline targets indications with significant unmet medical need, including thromboembolic diseases, Stargardt disease type 1, and anemia of chronic disease, where it believes RNAi offers a differentiated approach. Its lead candidate is currently in a Phase 1 trial of healthy volunteers, with data expected later this year.
Small molecule biotech Iambic Therapeutics (IAM) plans to raise $150 million at an $809 million market cap. The company pairs proprietary AI models with automated, high-throughput chemistry and biology to design small molecule drugs. Its lead candidate is a selective, brain-penetrant HER2 inhibitor in a Phase 1/1b trial across HER2-altered solid tumors, with a registrational trial possible as early as 2027.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Iambic Therapeutics (IAM) San Diego, CA | $150M $809M | $15 - $17 9,375,000 | JP Morgan Jefferies |
| Phase 1 biotech using its AI platform to develop small molecule cancer therapies. | |||
| City Therapeutics (CTY) Cambridge, MA | $175M $1,002M | $17 - $19 9,722,222 | Goldman Jefferies |
| Phase 1 biotech developing RNA interference therapies for thromboembolic diseases. | |||
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Street research will be available for three companies in the week ahead, and six lock-up releases from sizable IPOs will be expiring. 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 10/8/2026, the Renaissance IPO Index was up 16.3% year-to-date, while the S&P 500 was up 14.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and SpaceX (SPCX). The Renaissance International IPO Index was up 24.0% year-to-date, while the ACWX was up 13.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia (Toshiba Memory).
