The biotechnology sector continues to be a focal point for investors seeking groundbreaking innovations and substantial growth opportunities. As we progress through 2025, several biotech companies are preparing to make their debut on the public markets. This article provides an overview of the top biotech IPOs to watch this year, highlighting their key developments, financial health, and potential market impact.
1. Metsera, Inc.
Metsera, founded in 2022 by ARCH Venture Partners and Population Health Partners, has rapidly positioned itself as a notable player in the weight-loss therapeutics arena. The company’s primary focus is on developing both injectable and oral drugs targeting obesity, utilizing the GLP-1 mechanism among other biological pathways. Their lead product candidate, MET-097i, an injectable formulation, demonstrated promising results in mid-stage trials, showing an average weight loss of 11.3% in patients.
In January 2025, Metsera filed for an initial public offering (IPO) with the intention to list on the Nasdaq Global Market under the ticker “MTSR.” The company reported a net loss of $156.26 million for the first nine months of 2024, a significant increase from the $34.18 million loss in the same period of 2023. The proceeds from the IPO are earmarked to advance the clinical trials of MET-097i and to support general corporate purposes. The weight-loss drug market is projected to reach at least $150 billion by the early 2030s, positioning Metsera in a potentially lucrative segment.
2. Maze Therapeutics
Maze Therapeutics, established in 2018 and backed by prominent investors including Third Rock Ventures and Alphabet’s venture arm GV, is dedicated to developing precision medicines for renal, cardiovascular, and metabolic diseases. The company’s proprietary Maze Compass platform leverages human genetics to inform drug discovery and development. Their leading candidates include MZE829, an oral small-molecule inhibitor targeting APOL1 for the treatment of APOL1 kidney disease, currently in mid-stage trials, and MZE782, an oral inhibitor of the solute transporter SLC6A19, in early-stage development with initial data anticipated in the latter half of 2025.
In January 2025, Maze Therapeutics filed for a U.S. IPO, aiming to raise approximately $140 million by offering 8.75 million shares priced at $16 each. The IPO valued the company at around $685 million. The funds are intended to advance the clinical development of their lead programs. Maze’s shares commenced trading on the Nasdaq under the ticker “MAZE,” experiencing a modest increase in their market debut.
3. HaemaLogiX
HaemaLogiX, an Australian biotechnology firm, is making significant strides in the development of immunotherapies for blood cancers, with a particular emphasis on multiple myeloma. The company is preparing for an initial public offering (IPO) on the Australian Securities Exchange (ASX) in the second quarter of 2025. To support its upcoming clinical trials, HaemaLogiX is conducting a pre-IPO funding round, aiming to raise between $15 million to $20 million. The company’s current valuation stands at $154 million, with plans to elevate this through the IPO, potentially raising an additional $50 million.
The company’s board includes notable figures such as former health minister Greg Hunt, who joined in May 2024, underscoring the firm’s credibility and strategic direction. The funds raised are intended to advance the clinical trials of KappaMab, HaemaLogiX’s leading immunotherapy drug candidate. The global market for multiple myeloma treatments is substantial, valued at approximately $36 billion, indicating significant growth potential for the company.
4. CAMP4 Therapeutics
Founded in 2016 and based in Cambridge, Massachusetts, CAMP4 Therapeutics is focused on developing therapies for a broad range of genetic diseases. The company utilizes its proprietary RNA Actuating Platform to identify and modulate gene expression, aiming to treat diseases with known genetic causes. Despite not yet generating revenue, CAMP4 has garnered support from notable backers, including Kaiser Permanente, Enavate Sciences, and 5AM Ventures.
In September 2024, CAMP4 filed for a U.S. IPO, seeking to raise $75 million by offering 6.82 million shares at $11 each, valuing the company at approximately $283 million. The proceeds are intended to fund the clinical development of its product candidates. The company’s shares are set to trade on the Nasdaq under the ticker symbol “CAMP”.
5. Aktis Oncology
Aktis Oncology, a biotech company specializing in the development of radiopharmaceuticals for targeted cancer therapy, has been gaining attention for its innovative approach in oncology. In early 2025, Aktis Oncology confidentially filed for an IPO, joining a growing number of biotech startups eyeing public markets amid renewed investor interest in healthcare innovation. The company’s platform focuses on targeted alpha therapies, which deliver high-potency radioactive isotopes to cancer cells while sparing healthy tissues. This precision approach has the potential to revolutionize treatment outcomes in various hard-to-treat solid tumors.
Backed by a strong syndicate of investors including Johnson & Johnson Innovation, Novartis Venture Fund, and EcoR1 Capital, Aktis Oncology is currently advancing its preclinical programs into early-stage trials. Although it has not disclosed a specific IPO date or valuation, industry observers expect the offering to raise substantial interest given the current momentum around radiopharmaceuticals. With oncology remaining one of the largest and most lucrative domains in biotech, Aktis is poised to be one of the most compelling listings in this space.
Conclusion
Biotech IPOs in 2025 reflect a strong resurgence in investor interest following a relatively cautious period in 2022–2023. With companies like Metsera and Maze Therapeutics already making successful debuts, and others like HaemaLogiX and Aktis preparing to list, the sector is once again ripe with opportunity. However, as with any investment, biotech IPOs carry risk — including regulatory hurdles, clinical trial outcomes, and market volatility.
For investors, staying informed about the science, pipeline maturity, leadership credibility, and financial sustainability of each company is critical. These IPOs not only represent financial opportunities but also signal important advances in healthcare innovation that could reshape treatment paradigms in the years to come.