2020 Biotech IPOs – Large Molecule R&D Companies

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.

CompanySymbolLead moleculeLead mechanismsStage Other programsMarket Cap 07/21CityStateFounded
CureVac N.V.https://www.curevac.com/en/CVACCVnCoVCOVID-19 mRNA vaccine encased in lipid nanoparticle, clinical dev. w/ Bayer and CEPIPh. IIIrabies mRNA vaccine (CV7202, PH. 1)$9,379 Waltham MA2018
I-Mabhttps://www.i-mabbiopharma.com/en/IMABTJM2 or PlonmarlimabGM-CSF neutralizing mAb for autoimmune diseases and cytokine release syndromePh. IICD47 mAb (TJC4, Ph. 2)$5,957 Exton PA2008
AbCellera Biologics Inchttps://www.abcellera.com/ABCLBamlanivimab SARS-CoV2 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)$4,587 Vancouver BC2012
ALX Oncology Holdings Inchttps://alxoncology.com/ALXOALX148CD47 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$2,193 Burlingame CA2015
Pandion Therapeutics Inc*https://pandiontx.com/PANDPT101IL-2R 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$1,850 KenilworthNJ2016
ADC Therapeutics SAhttps://www.adctherapeutics.com/ADCTLoncastuximab 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$1,750 Vaud CH-VD2011
Applied Molecular Transporthttps://www.appliedmt.com/AMTIAMT-101oral 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)$1,441 South San Francisco CA2015
BioAtla Inchttps://www.bioatla.com/BCABBA3011AXL-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 environmentsPh. IIROR2 tyrosine kinase ADC (Ph. 2), CTLA-4 CAB-antibody$1,316 San Diego CA2007
Cullinan Management Inchttps://www.cullinanoncology.com/pipeline/CGEMCLN-049FLT3/CD3 bispecific mAb for AML; lead is a small molecule irreversible EGFR inhibitor for NSCLCIND-enablingMICA/B mAb (IND-enab.)$1,173 CambridgeMA2016
Vaxcyte Inchttps://vaxcyte.com/our-platform/PCVXVAX-24polysaccharide-antigen conjugated to eCRM protein carrier; eCRM is an enhanced detoxified carrier protein based on diptheria toxin containing T-cell epitopespreclin.--$1,105 Foster CityCA2013
Silverback Therapeutics Inchttps://silverbacktx.com/SBTXSBT6050HER2-targeted, TLR8 agonist ADC for cancerPh. INectin4 ADC for cancer$1,068 Seattle WA2016
Inhibrx Inchttps://inhibrx.com/INBXINBRX109DR5 agonist antibody for immunotherapy; tetravalent single domain antibody (sdAb) fusion to Fc scaffoldPh. IIOX40 agonist, hexavalent sdAb (INRX106, Ph. 1)$995 Boston MA2016
Dyne Therapeutics Inchttps://www.dyne-tx.com/DYNDM1 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$973 Hamilton ON2014
Shattuck Labs Inchttps://www.shattucklabs.com/STTKSL-172154SIRPa- and CD40L-targeting large bifunctional fusion protein for cancer; agonist redirected checkpoint (ARC) platformPh. IPD-1 and OX40L (SL-279252, Ph. 1)$964 Austin TX2016
Keros Therapeutics Inchttps://www.kerostx.com/KROSKER-050TGFb 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.)$931 LexingtonMA2015
Annexon Biosciences Inchttps://annexonbio.com/ANNXANX005C1q-targeting mAb for complement pathway inh. for antibody-mediated autoimmune and complement-mediated neurodegenerative diseasesPh. II/IIIC1q-targeting mAb (ANX007 Ph. 2) for geographic atrophy$880 South San Francisco CA2011
Avidity Biosciences Inchttp://www.aviditybiosciences.com/RNAAOC 1001antibody-oligonucleotide conjugate (AOC) targeting DMPK RNA for myotonic dystrophy (DM1); TfR1 targeting mAb linked to siRNA oligonucleotidesIND-enablingDUX4 AOC for FSHD (discovery)$856 La Jolla CA2013
Aligos Therapeutics Inchttps://www.aligos.com/ALGSALG-010133oligonucleotide 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.)$659 Burlingame CA2015
Greenwich LifeSciences Inchttps://greenwichlifesciences.com/GLSIGP2 peptideHER2/neu-derived GP2 peptide to elicit immune response for breast cancer immunotherapy; 9 amino acid peptide in transmembrane region of HER2/neuPh. III--$530 Shanghai CN2016
Inozyme Pharma Inchttps://www.inozyme.com/INZYINZ-701ENPP1 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.)$424 MelbourneAU2012
Codiak BioSciences Inchttps://www.codiakbio.com/CDAKexoIL-12exosomal 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)$352 Cambridge MA2015
Fusion Pharmaceuticals Inchttps://fusionpharma.com/FUSNFPI-1434IGF-1R-targeting mAb linked to radioactive [225Ac] payload for tumors; 4:1 conjugate to mAb ratioPh. IFGFR3-targeting mAb (FPI-1966, preclin.)$343 Stafford TX2006
Immunome Inchttps://immunome.com/IMNMIMM-BCP-01SARS-CoV2 neutralizing mAb combinationdiscov.IL-38 for cancer (discov.)$182 La Jolla CA2010
Checkmate Pharmaceuticals Inchttps://checkmatepharma.com/CMPIvidutolimod 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)$111 Cambridge MA2015
Aditx Therapeutics Inchttps://aditxt.com/ADTXADi-100CpG-methylated plasmid DNA encoding glutamic acid decarboxylase to downregulate auto-antibody response to pancreatic islet cellspreclin.--$35 Mountain View CA2017

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