One biotech IPO debuted this week, while four IPOs submitted initial filings, including two sizable biotech filings.
Allergy and autoimmune biotech Lycia Therapeutics (LYCA) priced its upsized IPO at the top of the range to raise $318 million at a $1.1 billion market cap. Lycia Therapeutics is developing therapeutics designed to degrade disease-causing extracellular proteins, with an initial focus on autoimmune, inflammatory, and allergic diseases, using its LYTAC (Lysosomal Targeting Chimera) platform. Its lead candidate, LCA-0061, is designed to degrade IgE for the treatment of allergic diseases, including food allergy, and is in a Phase 1 trial. The company is also conducting a Phase 1 trial of LCA-0321, which is designed to selectively degrade the autoantibodies that drive Graves' disease. Lycia Therapeutics surged +67%.
| 1 IPO During the Week of October 19th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/23 |
| Lycia Therapeutics (LYCA) | $318M | $1,060M | 6% | +67% | +67% |
| Phase 1 biotech developing protein degraders for food allergy and Graves' disease. | |||||
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Inflammatory disease biotech Rezera (RZRA) and respiratory disease biotech Windward Bio (WWB) both filed to raise $100 million apiece. China-based AI vision solutions provider Sensing4D AI (SNSG.RC) filed to raise $35 million. UK-based nursery operator iStep Learning (ISTL) filed to raise $18 million at a $193 million market cap.
| 4 Filings During the Week of October 19th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Windward Bio (WWB) | $100M | Health Care | Jefferies |
| Switzerland-based Phase 2/3 biotech developing antibodies for respiratory and dermatologic diseases. | |||
| Rezera (RZRA) | $100M | Health Care | Jefferies |
| Phase 3-ready biotech developing oral NLRP3 inhibitors for inflammatory diseases. | |||
| Sensing4D AI (SNSG.RC) | $35M | Technology | Eddid Securities |
| China-based provider of AI-powered 3D vision and reconstruction solutions. | |||
| iStep Learning (ISTL) | $18M | Consumer Discretionary | Arc Group Securities |
| Operates 24 nurseries in the UK under various brands. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/22/2026, the Renaissance IPO Index was up 6.0% 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 SpaceX (SPCX) and Astera Labs (ALAB). The Renaissance International IPO Index was up 9.4% year-to-date, while the ACWX was up 11.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia.
