2019 Biotech IPOs – Small Molecule R&D

Of the 2019 biotech IPOs on the major US exchanges, 25 companies are focused on discovering and developing small molecule drugs. Here’s a list of the companies (by market cap at IPO, top to bottom) along with the main mechanisms of action of the lead molecules and other publicly disclosed targets. The largest company by market cap. at the time of IPO was BridgeBio, with a valuation of about ~$2B. The smallest was Hoth Therapeutics, with a total valuation of ~$56M when it IPO’d in Feb. of last year.

bridgebio Pharma	BBIO
gossamerbio	GOSS
SpringWorks Therapeutics	SWTX
Phathom Pharmaceuticals	PHAT
Turning Point Therapeutics	TPTX
Frequency Therapeutics	FREQ
Cortexyme	CRTX
Morphic Therapeutic	MORF
Karuna Therapeutics	KRTX
Fulcrum Therapeutics	FULC
Milestone Pharmaceuticals	MIST
mirum	MIRM
Oyster Point	OYST
aprea therapeutics	APRE
Galera Therapeutics	GRTX
Satsuma Pharmaceuticals	STSA
RAPT Therapeutics	RAPT
IDEAYA Biosciences	IDYA
Applied Therapeutics	APLT
trevi therapeutics	TRVI
TFF Pharmaceuticals	TFFP
Anchiano Therapeutics*	ANCN
Monopar Therapeutics	MNPR
CNS Pharmeceuticals	CNSP
Hoth Therapeutics	HOTH
portfolio of 20+ precision medicines for genetic diseases and oncology
GB-001 - oral DP2 antagonist for inflammatory diseases
nirogacestat, oral γ-secretase inhibitor
vonoprazan (potassium competitive acid blocker P-CAB)
repotrectinib (TPX-0005), oral ROS1/TRK/ALK inhibitor active against clinical solvent-front mutants
cochlear hair cell progenitor cell activators from phenotypic screening
COR388, virulence factor inhibitor targeting gingipains from P. gingivalis
MORF-057, α4β7 integrin inhibitor
KarXT, xanomeline (M1,M4 muscarinic receptor agonist) + trospium (non-BP muscarinic receptor antagonist) combo
losmapimod (p38α,β kinase inhibitor) for DUX4 expression inhibiton
etripamil, calcium channel blocker, rapid-onset nasal spray to terminate PSVT events
maralixabat, oral, minimally absorbed therapy for children w/ rare cholestatic liver diseases, inhibits apical sodium dependent bile acid transporter (ASBT) carrier protein, reducing systemic bile acid levels
OC-01 (varenicline, nicotinic acetylcholine receptor nAChR agonist), nasal spray for dry eye disease, stimulate trigeminal nerve via nasal cavity
reactivation of mutant p53 (APR-246) - 2-methylenequinuclidine-3-one prodrug
dismutase mimetics to prevent oral mucositis during radiation therapy, GC4419 - avasopasem manganese
STS101, dihydroergotamine mesylate nasal powder, for acute treatment of migraine
FLX475, CCR4 inhibitor for cancer immunotherapy via modulation of Treg activity
IDE196 (PKC inhibitor)
3 aldose reductase inhibitors (AT-007, 003, 001)
nalbuphine ER (extended release for BID oral dosing), mu opioid receptor antagonist and kappa opioid receptor agonist
thin film freezing formulation for inhaled delivery; TFF voriconazole
pan-RAS inhibitors
clonidine mucobuccal tablet formulation for prophylaxis of severe oral mucositis during chemoradiotherapy of oropharyngeal cancer
brain-penetrant anthracycline, berubicin
DTPA zinc chelator + antibiotic

The total market valuation of all of these companies at the times of their IPOs was about $10.7B. To put things in perspective, a giant like Pfizer spends roughly $8B a year on R&D, Gilead has a market cap of $87B today, and AbbVie bought Pharmacyclics for about $21B a few years ago.

Great to see global investors have maintained an appetite for funding risky drug discovery research to impact many serious conditions. It’ll be interesting to re-visit this list in 5 years to see the impact of all of these clinical candidates!

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