AgomAb Therapeutics NV

Agomab Therapeutics is one of several biotechs that have set out IPO plans this year, thawing the frozen market of 2025.\n Immunology biotech Agomab Therapeutics is seeking to raise up to $212.5 million in its Nasdaq debut, joining a series of biotechs chipping away at 2025’s iced-over IPO market.The Belgium-based company plans on listing under the ticker “AGMB” and selling 12.5 million shares at a price of $15 to $17 each, according to a Securities and Exchange Commission document filed Jan. 29. The biotech estimated that the net proceeds will likely fall around $182 million, based on a midpoint offering price of $16 per share.At that price, the biotech could make an additional $30 million if underwriters take up a planned offering of a further 1.8 million shares.If Agomab sells all its shares at the top of its proposed range, the biotech would be valued at about $828 million, according to Reuters.The immunology company plans to channel the proceeds toward its two clinical-stage candidates, the more advanced of which is being studied in Crohn’s disease.Dubbed ontunisertib, the ALK5 inhibitor demonstrated its ability to target the correct part of the intestine in a phase 2 trial of fibrostenosing Crohn’s disease last year. The study also scored on secondary measures by showing changes in mRNA gene expression in the ileum, a part of the small intestine that can become constricted as a part of fibrostenosing Crohn\'s disease.Now, Agomab plans to use the IPO money to launch a global phase 2b study of the oral small molecule in fibrostenosing Crohn\'s disease.  The biotech gained ontunisertib back in 2021 through its buyout of Origo Biopharma, a Spanish clinical-stage company. Agomab hopes the asset 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 planned IPO proceeds will also go toward starting a midstage study of AGMB-447, another ALK5 inhibitor from Origo. Agomab is already running a phase 1 study of AGMB-447 in both healthy volunteers and patients with idiopathic pulmonary fibrosis, with a top-line readout expected later this year.Agomab’s IPO plans were shared one day after cancer company Eikon Therapeutics revealed hopes to pull in $273.5 million for its initial stock offering. So far this year, eye-focused SpyGlass Pharma has also announced plans for a public debut, following in the footsteps of Aktis Oncology, the first biotech to IPO in 2026. The radiopharmaceutical developer’s upsized $318 million offering was the largest biotech IPO since 2024, and the company’s shares continued to trade last week above their $18 debut price.The string of IPOs is fueling the industry’s belief—and hope—that 2026 will be characterized by healthy exit activity for the sector. 

Belgian fibrosis biotech Agomab Therapeutics plans to collect about $182 million in net proceeds from its proposed Nasdaq IPO. The company anticipates selling 12.5 million shares at $15 to $17 each under the ticker symbol “AGMB.” The $182 million would be raised if Agomab prices at the midpoint of that range. Agomab disclosed the range in an SEC filing Thursday, a day after cancer drug developer Eikon Therapeutics and hair growth biotech Veradermics each released their IPO pricing expectations. Radiopharmaceutical maker Aktis Oncology blew open the 2026 cohort for initial public offerings with an upsized $318 million listing on Jan. 9. Biopharma sentiment has heated up in recent months, according to a pulse check from Endpoints Signal . IPOs were the last key piece to come into place. The industry has been yearning for a rebound after a brutal 2025, in which just seven sizable IPOs took place on US exchanges. The landscape was similarly subdued in 2022, 2023 and 2024. Agomab is working on an oral ALK5 inhibitor for fibrostenosing Crohn’s disease and an inhaled ALK5 inhibitor for idiopathic pulmonary fibrosis. The Phase 2a open-label extension data in Crohn’s are slated for the second half of this year. Also in the back half of 2026, Agomab anticipates Phase 1b data in IPF. CEO Tim Knotnerus has led the biotech since 2019. The company’s top shareholders are LSP (11%), Fidelity (9.4%), Pontifax (8.4%), Sanofi (7.4%), Redmile (7.1%), Cormorant (6.8%), Pfizer (5.7%) and Canaan (5.5%). The company had €129.5 million (about $155 million) in cash and equivalents at the end of September. It last disclosed an $89 million Series D in October 2024. Its CFO, Pierre Kemula , took mRNA biotech CureVac public in 2020 .

Agomab Therapeutics and SpyGlass Pharma set terms for their respective public debuts on Thursday, adding momentum to biotech's 2026 IPO comeback. Each company is aiming to raise $150 million or more, signalling a healthy appetite amongst investors. Agomab and SpyGlass both initially joined the queue on Jan. 18, which also includes hair loss company Veradermics and cancer drug developer Eikon Therapeutics. The former is seeking to raise $200 million, while the latter is gunning for a $300-million IPO.The growing line-up follows the year-opening debut of Aktis Oncology, raising roughly $318 million in an upsized offering backed by Eli Lilly. The company has since performed well enough on NASDAQ, trading slightly above its debut price.Industry is hoping that 2026 will see a widening of the IPO window after economic uncertainties slammed it shut in 2025, with two-thirds fewer total biotech IPOs last year than in 2024 (see – Vital Signs: 2025 by the numbers — a tumultuous year in review).Agomab's inflammatory disease plansAgomab proposed to sell 12.5 million American depositary shares (ADSs) between $15 and $17 each. At the midpoint, the company would raise $200 million and boast a fully diluted market valuation of $875 million. The biotech's lead programme is ontunisertib, formerly known as AGMB-129. The oral ALK5 inhibitor is being evaluated against placebo in the Phase IIa STENOVA study in patients with fibrostenosing Crohn's disease. Last year, the company reported interim findings from the first 44 participants in STENOVA showing that ontunisertib met all primary and secondary endpoints versus placebo. The full open-label expansion dataset from the study are due in the second half of the year. Agomab's pipeline also includes AGMB-447, an inhaled small molecule inhibitor of TGFβR1 in Phase Ib testing for idiopathic pulmonary fibrosis; results are expected next half, as is the launch of a Phase II trial. The Belgian biotech, backed by Sanofi, has collected over $300 million in private funding. Agomab's latest raise was an $89-million series D in 2024.SpyGlass's eye implant systemSpyGlass is shooting to sell about 9.4 million shares at a range of $15 to $17. The company would raise $150 million if it prices its offering at the midpoint, and be valued at roughly $510 million.The eye disease–focused firm is developing a new way to deliver existing ophthalmic treatments. Its lead product, the Bimatoprost Drug Pad-IOL system (BIM-IOL system), uses drug pads attached to an intraocular lens to constantly deliver the prostaglandin analogue bimatoprost for three years. The system is designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure in patients who have either open-angle glaucoma or ocular hypertension.The BIM-IOL system is in Phase III testing, with enrollment expected to conclude in 2027, and a potential FDA submission in 2028. SpyGlass received backing from Sands Capital, Gilde Healthcare, New Enterprise Associates, RA Capital, Vensana Capital, Samsara BioCapital and Vertex Ventures HC when it raised its $75-million series D last June.