Belgian biotech Agomab Therapeutics and eye-focused drug delivery company SpyGlass Pharma both headed to the Nasdaq this morning as momentum continues to build for biopharma IPOs.
Agomab is offering 12.5 million shares priced at $16 apiece—in the middle of the $15 to $17 range the company set out last week. The stock will list under the ticker “AGMB.”
The offering is set to bring in $200 million in gross proceeds, the immunology company explained in a Feb. 5 post-market release. These proceeds could rise by about $30 million if underwriters take up their 30-day option to buy an additional 1.9 million shares.
The immunology company plans to channel the proceeds toward its two clinical-stage candidates, including ontunisertib, an ALK5 inhibitor that demonstrated its ability to target the correct part of the intestine in a phase 2 trial of fibrostenosing Crohn’s disease last year. Agomab plans to use the IPO money to launch a global phase 2b study of the oral small molecule in the same indication.
The Antwerp, Belgium-based company secured ontunisertib back in 2021 through its buyout of Spain’s Origo Biopharma. Agomab is hoping the drug can be used in combination with other Crohn’s drugs to help tamp down the disease and stop the scarring in those with fibrostenotic disease.
Some of the IPO proceeds are earmarked for launching a midstage study of AGMB-447, another ALK5 inhibitor from Origo. Agomab is already running a phase 1 study of AGMB-447 in healthy volunteers as well as patients with idiopathic pulmonary fibrosis, with a top-line readout expected later this year.
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Joining Agomab on the Nasdaq this morning is SpyGlass, which is offering 9.4 million shares at $16 apiece. This is due to bring in gross proceeds of $150 million, according to a Feb. 5 release, although this could rise by around a further $22.5 million should underwriters exercise their option to buy an additional 1.4 million shares at the same price. The stock will trade under the ticker “SGP.”
The California-based biotech is working on long-acting versions of approved medicines for chronic eye conditions. SpyGlass’ lead product is a drug-eluting intraocular lens designed to deliver multiple years of bimatoprost and thereby free patients from the need to administer eye drops. The device features drug-eluting pads attached to a single-piece, hydrophobic acrylic intraocular lens, and SpyGlass envisages physicians implanting the device during routine cataract surgery.
Proceeds from the IPO are set to fund this product—called the Bimatoprost Drug Pad-IOL System—in a pair of ongoing phase 3 trials. If those studies are a success, the IPO funds would also be used to bankroll a commercial launch.
A phase 1/2 study of the BIM-IOL System has previously tied 78-mcg and 39-mcg dose cohorts to intraocular pressure reductions of 37% and 36%, respectively. Based on these data, SpyGlass launched the two phase 3 studies for open-angle glaucoma and ocular hypertension in July 2025, with readouts penciled in for 2027.
After a tough year for biotech IPOs, Agomab and SpyGlass are part of a growing roll call of biopharmas that are considering going public. Aktis Oncology led the way in January, while this week alone has also seen Eikon Therapeutics and Veradermics list on the Nasdaq.
