Browsing through the pipelines of recent biotech IPOs is great way to catch up on emerging targets, novel drug modalities, and science at the edge of development. Unlike conferences and publications which tend to be a lagging indicator of what’s going on in industry (with many publications only being released years after a program has ceased clinical development), emerging companies disclose a lot of interesting data while they’re trying to raise funds for the very next step in development. Investor presentations, regulatory filings (e.g. S-1s), patents and posters contain a lot of insight that usually doesn’t make its way into a publication.

Below is a compilation of large molecule-focused R&D companies that were publicly listed via the IPO route in 2020 along with their lead molecules and mechanisms. One company’s already been acquired, and others have already received their first FDA drug approvals. It’s hard to cover newly public companies comprehensively given the surge total listings as well as in alternative listing mechanisms (e.g. reverse mergers + SPACs), but hopefully this is still a helpful snapshot of science at the edge. A searchable table appears at the bottom.

CureVac N.V.	CVAC	CVnCoV I-Mab	IMAB	TJM2 or Plonmarlimab AbCellera Biologics Inc	ABCL	Bamlanivimab  ALX Oncology Holdings Inc	ALXO	ALX148 Pandion Therapeutics Inc	PAND	PT101 ADC Therapeutics SA	ADCT	Loncastuximab tesirine-lpyl (Zynlonta) Applied Molecular Transport	AMTI	AMT-101 BioAtla Inc	BCAB	BA3011 Cullinan Management Inc	CGEM	CLN-049 Vaxcyte Inc	PCVX	VAX-24 Silverback Therapeutics Inc	SBTX	SBT6050 Inhibrx Inc	INBX	INBRX109 Dyne Therapeutics Inc	DYN	DM1 program Shattuck Labs Inc	STTK	SL-172154 Keros Therapeutics Inc	KROS	KER-050 Annexon Biosciences Inc	ANNX	ANX005 Avidity Biosciences Inc	RNA	AOC 1001 Aligos Therapeutics Inc	ALGS	ALG-010133 Greenwich LifeSciences Inc	GLSI	GP2 peptide Inozyme Pharma Inc	INZY	INZ-701 Codiak BioSciences Inc  CDAK	exoIL-12 Fusion Pharmaceuticals Inc	FUSN	FPI-1434 Immunome Inc	IMNM	IMM-BCP-01 Checkmate Pharmaceuticals Inc	CMPI	vidutolimod or CMP-001 (licensed from Cytos Biotech; CpG-A TLR9 agonist packaged within a virus-like particle) Aditx Therapeutics Inc	ADTX	ADi-100

2020 Biotech IPOs – Large Molecule R&D Companies

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A more detailed tabulation of the companies with links appears below.

CompanySymbolLead moleculeLead mechanismsStageOther programsMarket Cap 07/21CityStateFounded
CureVac N.V. mRNA vaccine encased in lipid nanoparticle, clinical dev. w/ Bayer and CEPIPh. IIIrabies mRNA vaccine (CV7202, PH. 1)$9,379Waltham MA2018
I-Mab or PlonmarlimabGM-CSF neutralizing mAb for autoimmune diseases and cytokine release syndromePh. IICD47 mAb (TJC4, Ph. 2)$5,957Exton PA2008
AbCellera Biologics Inc spike protein mAb for COVID19 treatment, clinical dev. by Eli Lilly; FDA emerg. use approval Nov. 2020, revoked Aug 2021EUA revoked; Ph. IIISARS-CoV2 variant mAb (LY3853113)$4,587Vancouver BC2012
ALX Oncology Holdings Inc blocking fusion protein to enhance T-cell activation in solid tumors; derivative of SIRPα, receptor of CD47, fused to inactive Fc domainPh. IISIRPa/TLR agonist ADC$2,193Burlingame CA2015
Pandion Therapeutics Inc* activating IL-2 mutein/Fc-fusion eliciting regulatory T-cell response for the treatment of ulcerative colitis and systemic lupus erythematosusPh. I*acquired by Merck$1,850KenilworthNJ2016
ADC Therapeutics SA tesirine-lpyl (Zynlonta)CD19-targeting ADC with a pyrrolobenzodiazepine dimer (PBD) warhead for directed apoptosis in DLBCL; mAb conjugated to 2 x PBD near Fc hingeApproved (April 2021)CD25-targeting ADC, Ph. 2$1,750Vaud CH-VD2011
Applied Molecular Transport GI-selective IL-10-cholix fusion protein for ulcerative colitis, pouchitis, and RA; domain 1 of Cholix from Vibrio cholerae carries payload from intestinal lumen to intestinal lamina propriaPh. IIIL-22 fusion biologic for GI barrier repair (AMT-126, Ph. 1)$1,441South San Francisco CA2015
BioAtla Inc conditionally-active biologic (CAB) MMAE ADC for AXL+ cancer; conditionally active biologics (CAB) have chemical modification that hides ADC epitopes in non-tumor environments but are exposed in acidic tumor environmentsPh. IIROR2 tyrosine kinase ADC (Ph. 2), CTLA-4 CAB-antibody$1,316San Diego CA2007
Cullinan Management Inc bispecific mAb for AML; lead is a small molecule irreversible EGFR inhibitor for NSCLCIND-enablingMICA/B mAb (IND-enab.)$1,173CambridgeMA2016
Vaxcyte Inc conjugated to eCRM protein carrier; eCRM is an enhanced detoxified carrier protein based on diptheria toxin containing T-cell epitopespreclin.--$1,105Foster CityCA2013
Silverback Therapeutics Inc, TLR8 agonist ADC for cancerPh. INectin4 ADC for cancer$1,068Seattle WA2016
Inhibrx Inc agonist antibody for immunotherapy; tetravalent single domain antibody (sdAb) fusion to Fc scaffoldPh. IIOX40 agonist, hexavalent sdAb (INRX106, Ph. 1)$995Boston MA2016
Dyne Therapeutics Inc programantibody-oligonucleotide conjugate targeting DMPK RNA for myotonic dystrophy (DM1); Fab targeting TfR1 in muscles conjugated to oligonucleotide payload at N-term. near disulfide bondpreclin.exon 51, 53, 45, 44 for DMD$973Hamilton ON2014
Shattuck Labs Inc and CD40L-targeting large bifunctional fusion protein for cancer; agonist redirected checkpoint (ARC) platformPh. IPD-1 and OX40L (SL-279252, Ph. 1)$964Austin TX2016
Keros Therapeutics Inc ligand-trap protein for myelodysplatic syndrome (MDS); ligand-binding domain fused to Fc domainPh. IIActivin A, B targeting fusion of ActRIIB to Fc (KER-012, preclin.)$931LexingtonMA2015
Annexon Biosciences Inc mAb for complement pathway inh. for antibody-mediated autoimmune and complement-mediated neurodegenerative diseasesPh. II/IIIC1q-targeting mAb (ANX007 Ph. 2) for geographic atrophy$880South San Francisco CA2011
Avidity Biosciences Inc 1001antibody-oligonucleotide conjugate (AOC) targeting DMPK RNA for myotonic dystrophy (DM1); TfR1 targeting mAb linked to siRNA oligonucleotidesIND-enablingDUX4 AOC for FSHD (discovery)$856La Jolla CA2013
Aligos Therapeutics Inc polymer hep. B S-antigen transport inhibitor to enhance immunity vs. chronic hep. B.; single-stranded phosphorothiolated oligonucleotides with novel chemistryPh. IHbSAg ASO (ALG-020572, preclin.)$659Burlingame CA2015
Greenwich LifeSciences Inc peptideHER2/neu-derived GP2 peptide to elicit immune response for breast cancer immunotherapy; 9 amino acid peptide in transmembrane region of HER2/neuPh. III--$530Shanghai CN2016
Inozyme Pharma Inc enzyme derivative to replace non-functional enzyme in mineralization diseases; ENPP1 fused to Fc domain, intended to increase serum stability through Fc-recyclingPh. I/2INZ-701 for calciphylaxis (IND-enab.)$424MelbourneAU2012
Codiak BioSciences Inc IL-12 to stimulate T-cell and NK cell activity in T-cell lymphoma and limit systemic toxicityPh. Ismall mol. STING agonist exosomes for solid tumors (Ph. 1)$352Cambridge MA2015
Fusion Pharmaceuticals Inc mAb linked to radioactive [225Ac] payload for tumors; 4:1 conjugate to mAb ratioPh. IFGFR3-targeting mAb (FPI-1966, preclin.)$343Stafford TX2006
Immunome Inc neutralizing mAb combinationdiscov.IL-38 for cancer (discov.)$182La Jolla CA2010
Checkmate Pharmaceuticals Inc or CMP-001 (licensed from Cytos Biotech; CpG-A TLR9 agonist packaged within a virus-like particle)Virus-like particle encasing CpG-A DNA oligonucleotide payload for HNSCC immunotherapy; induces type I IFN and uptake of payload by immune cellsPh. IIvidutolimod for skin cancer (Ph. 2)$111Cambridge MA2015
Aditx Therapeutics Inc plasmid DNA encoding glutamic acid decarboxylase to downregulate auto-antibody response to pancreatic islet cellspreclin.--$35Mountain View CA2017

Stay tuned for the small molecule edition.

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