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. You can download the full PDF here or by clicking on the image below.
| Company | Symbol | Lead molecule | Lead mechanisms | Stage | Other programs | Market Cap 07/21 | City | State | Founded | |
|---|---|---|---|---|---|---|---|---|---|---|
| CureVac N.V. | https://www.curevac.com/en/ | CVAC | CVnCoV | COVID-19 mRNA vaccine encased in lipid nanoparticle, clinical dev. w/ Bayer and CEPI | Ph. III | rabies mRNA vaccine (CV7202, PH. 1) | $9,379 | Waltham | MA | 2018 |
| I-Mab | https://www.i-mabbiopharma.com/en/ | IMAB | TJM2 or Plonmarlimab | GM-CSF neutralizing mAb for autoimmune diseases and cytokine release syndrome | Ph. II | CD47 mAb (TJC4, Ph. 2) | $5,957 | Exton | PA | 2008 |
| AbCellera Biologics Inc | https://www.abcellera.com/ | ABCL | Bamlanivimab | SARS-CoV2 spike protein mAb for COVID19 treatment, clinical dev. by Eli Lilly; FDA emerg. use approval Nov. 2020, revoked Aug 2021 | EUA revoked; Ph. III | SARS-CoV2 variant mAb (LY3853113) | $4,587 | Vancouver | BC | 2012 |
| ALX Oncology Holdings Inc | https://alxoncology.com/ | ALXO | ALX148 | CD47 blocking fusion protein to enhance T-cell activation in solid tumors; derivative of SIRPα, receptor of CD47, fused to inactive Fc domain | Ph. II | SIRPa/TLR agonist ADC | $2,193 | Burlingame | CA | 2015 |
| Pandion Therapeutics Inc* | https://pandiontx.com/ | PAND | PT101 | IL-2R activating IL-2 mutein/Fc-fusion eliciting regulatory T-cell response for the treatment of ulcerative colitis and systemic lupus erythematosus | Ph. I | *acquired by Merck | $1,850 | Kenilworth | NJ | 2016 |
| ADC Therapeutics SA | https://www.adctherapeutics.com/ | ADCT | Loncastuximab 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 hinge | Approved (April 2021) | CD25-targeting ADC, Ph. 2 | $1,750 | Vaud | CH-VD | 2011 |
| Applied Molecular Transport | https://www.appliedmt.com/ | AMTI | AMT-101 | oral 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 propria | Ph. II | IL-22 fusion biologic for GI barrier repair (AMT-126, Ph. 1) | $1,441 | South San Francisco | CA | 2015 |
| BioAtla Inc | https://www.bioatla.com/ | BCAB | BA3011 | AXL-targeting 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 environments | Ph. II | ROR2 tyrosine kinase ADC (Ph. 2), CTLA-4 CAB-antibody | $1,316 | San Diego | CA | 2007 |
| Cullinan Management Inc | https://www.cullinanoncology.com/pipeline/ | CGEM | CLN-049 | FLT3/CD3 bispecific mAb for AML; lead is a small molecule irreversible EGFR inhibitor for NSCLC | IND-enabling | MICA/B mAb (IND-enab.) | $1,173 | Cambridge | MA | 2016 |
| Vaxcyte Inc | https://vaxcyte.com/our-platform/ | PCVX | VAX-24 | polysaccharide-antigen conjugated to eCRM protein carrier; eCRM is an enhanced detoxified carrier protein based on diptheria toxin containing T-cell epitopes | preclin. | -- | $1,105 | Foster City | CA | 2013 |
| Silverback Therapeutics Inc | https://silverbacktx.com/ | SBTX | SBT6050 | HER2-targeted, TLR8 agonist ADC for cancer | Ph. I | Nectin4 ADC for cancer | $1,068 | Seattle | WA | 2016 |
| Inhibrx Inc | https://inhibrx.com/ | INBX | INBRX109 | DR5 agonist antibody for immunotherapy; tetravalent single domain antibody (sdAb) fusion to Fc scaffold | Ph. II | OX40 agonist, hexavalent sdAb (INRX106, Ph. 1) | $995 | Boston | MA | 2016 |
| Dyne Therapeutics Inc | https://www.dyne-tx.com/ | DYN | DM1 program | antibody-oligonucleotide conjugate targeting DMPK RNA for myotonic dystrophy (DM1); Fab targeting TfR1 in muscles conjugated to oligonucleotide payload at N-term. near disulfide bond | preclin. | exon 51, 53, 45, 44 for DMD | $973 | Hamilton | ON | 2014 |
| Shattuck Labs Inc | https://www.shattucklabs.com/ | STTK | SL-172154 | SIRPa- and CD40L-targeting large bifunctional fusion protein for cancer; agonist redirected checkpoint (ARC) platform | Ph. I | PD-1 and OX40L (SL-279252, Ph. 1) | $964 | Austin | TX | 2016 |
| Keros Therapeutics Inc | https://www.kerostx.com/ | KROS | KER-050 | TGFb ligand-trap protein for myelodysplatic syndrome (MDS); ligand-binding domain fused to Fc domain | Ph. II | Activin A, B targeting fusion of ActRIIB to Fc (KER-012, preclin.) | $931 | Lexington | MA | 2015 |
| Annexon Biosciences Inc | https://annexonbio.com/ | ANNX | ANX005 | C1q-targeting mAb for complement pathway inh. for antibody-mediated autoimmune and complement-mediated neurodegenerative diseases | Ph. II/III | C1q-targeting mAb (ANX007 Ph. 2) for geographic atrophy | $880 | South San Francisco | CA | 2011 |
| Avidity Biosciences Inc | http://www.aviditybiosciences.com/ | RNA | AOC 1001 | antibody-oligonucleotide conjugate (AOC) targeting DMPK RNA for myotonic dystrophy (DM1); TfR1 targeting mAb linked to siRNA oligonucleotides | IND-enabling | DUX4 AOC for FSHD (discovery) | $856 | La Jolla | CA | 2013 |
| Aligos Therapeutics Inc | https://www.aligos.com/ | ALGS | ALG-010133 | oligonucleotide polymer hep. B S-antigen transport inhibitor to enhance immunity vs. chronic hep. B.; single-stranded phosphorothiolated oligonucleotides with novel chemistry | Ph. I | HbSAg ASO (ALG-020572, preclin.) | $659 | Burlingame | CA | 2015 |
| Greenwich LifeSciences Inc | https://greenwichlifesciences.com/ | GLSI | GP2 peptide | HER2/neu-derived GP2 peptide to elicit immune response for breast cancer immunotherapy; 9 amino acid peptide in transmembrane region of HER2/neu | Ph. III | -- | $530 | Shanghai | CN | 2016 |
| Inozyme Pharma Inc | https://www.inozyme.com/ | INZY | INZ-701 | ENPP1 enzyme derivative to replace non-functional enzyme in mineralization diseases; ENPP1 fused to Fc domain, intended to increase serum stability through Fc-recycling | Ph. I/2 | INZ-701 for calciphylaxis (IND-enab.) | $424 | Melbourne | AU | 2012 |
| Codiak BioSciences Inc | https://www.codiakbio.com/ | CDAK | exoIL-12 | exosomal IL-12 to stimulate T-cell and NK cell activity in T-cell lymphoma and limit systemic toxicity | Ph. I | small mol. STING agonist exosomes for solid tumors (Ph. 1) | $352 | Cambridge | MA | 2015 |
| Fusion Pharmaceuticals Inc | https://fusionpharma.com/ | FUSN | FPI-1434 | IGF-1R-targeting mAb linked to radioactive [225Ac] payload for tumors; 4:1 conjugate to mAb ratio | Ph. I | FGFR3-targeting mAb (FPI-1966, preclin.) | $343 | Stafford | TX | 2006 |
| Immunome Inc | https://immunome.com/ | IMNM | IMM-BCP-01 | SARS-CoV2 neutralizing mAb combination | discov. | IL-38 for cancer (discov.) | $182 | La Jolla | CA | 2010 |
| Checkmate Pharmaceuticals Inc | https://checkmatepharma.com/ | CMPI | vidutolimod 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 cells | Ph. II | vidutolimod for skin cancer (Ph. 2) | $111 | Cambridge | MA | 2015 |
| Aditx Therapeutics Inc | https://aditxt.com/ | ADTX | ADi-100 | CpG-methylated plasmid DNA encoding glutamic acid decarboxylase to downregulate auto-antibody response to pancreatic islet cells | preclin. | -- | $35 | Mountain View | CA | 2017 |
