Week of February 6, 2026

The Week at a Glance:

• Capital Rotation Out of Tech Continues: The Nasdaq ended the week down 1.8% and is the worst-performing major index YTD, underscoring the rotation of capital out of tech and into sectors like healthcare that are viewed as undervalued relative to technology

• Clinical-Stage Biotech IPOs Are So Back: Four clinical-stage biotech companies (SpyGlass Pharma, Agomab Therapeutics, Eikon Therapeutics, Veradermics) went public last week raising an aggregate ~$987M, making it the best week for biotech IPOs since July 2021

• Hims and Novo Drop the Mitts: Hims & Hers launched a cheaper, compounded version of Novo Nordisk’s new oral Wegovy weight-loss pill, prompting Novo to threaten legal action and the FDA to signal regulatory pushback, ultimately leading Hims to pause the offering amid safety, marketing, and compliance concerns

• TrumpRx Goes Live: The White House launched TrumpRx.gov as a direct-to-consumer hub that routes patients to manufacturers/coupons for discounted prices on ~40+ drugs, but the true savings and overall impact remain uncertain

Markets Overview

The S&P 500 and Nasdaq were down 0.1% and 1.8%, respectively, while the Dow was up 2.5%

• Despite reporting robust Q4 earnings growth of ~30% as of Friday, tech companies are seeing continued investor rotation out of the sector as markets reassess valuations

The NYSE Pharma Index and the NBI were up 3.1% and 2.2%, respectively

Notable changes in share price:

• Roivant (NASDAQ: ROIV): Shares were up 19.5% on the week after the Company reported positive Phase 2 results for brepocitinib in cutaneous sarcoidosis, marking the first industry-sponsored placebo-controlled trial to readout positively in the indication

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

Four companies completed an IPO last week:

• Eikon Therapeutics raised $381.2M to advance EIK1001, a systemically administered TLR-7/8 dual agonist, through Phase 2/3 registrational trials in combination with pembrolizumab (Keytruda) for advanced melanoma and stage 4 non-small cell lung cancer, alongside Phase 1/2 development of selective PARP1 inhibitors (EIK1003, EIK1004) and a WRN helicase inhibitor (EIK1005) for solid tumors

• Veradermics raised $256.3M to advance VDPHL01, a proprietary extended-release oral formulation of minoxidil designed as the first non-hormonal oral therapeutic for hair regrowth, through multiple Phase 3 registrational trials and planned NDA submission for pattern hair loss (androgenetic alopecia) in women and men

• Agomab Therapeutics raised $200.0M to advance ontunisertib (AGMB-129), an oral, gastrointestinal-restricted small molecule inhibitor of ALK5 (TGFβR1) with FDA Fast Track designation, into Phase 2b development for fibrostenosing Crohn's disease, an indication with no approved pharmacologic therapies, alongside advancement of AGMB-447, an inhaled lung-restricted ALK5 inhibitor, into Phase 2 for idiopathic pulmonary fibrosis

• SpyGlass Pharma raised $150.0M to advance the BIM-IOL System, a novel drug-eluting intraocular lens featuring proprietary bimatoprost drug pads designed to deliver up to three years of sustained IOP-lowering therapy when implanted during routine cataract surgery, through two registrational Phase 3 trials for open-angle glaucoma and ocular hypertension

No companies filed an S1 intending to raise more than ~$100M

21 additional companies in the IPO queue are pursuing raises below $40M

IPOs priced in 2025 and 2026 have generated a median and average return of (1.7%) and 15.5% YTD, respectively, suggesting overall performance has been skewed by a small number of outsized winners. Notably, ~44% of newly public companies are trading above their offer price

After-Market Performance by Stage

• Clinical-stage after-market performance (N=14): 29.6% (average), 5.4% (median)

• Commercial-stage after-market performance (N=24): 12.4% (average), (4.6%) (median)

After-Market Performance by Sector

• Biopharma (N=16): 15.5% (average), (0.1%) (median)

• MedTech (N=23): 15.5% (average), (2.6%) (median)

Follow-On Offering Markets:

There were two follow-on equity offerings totaling $166.6M last week, including:

• Perspective Therapeutics (NYSE: CATX) raised ~$175M in a follow-on offering of common stock and pre-funded warrants to advance [²¹²Pb]VMT-α-NET, a next-generation targeted alpha therapy (TAT) directed at SSTR2-expressing neuroendocrine tumors, through its ongoing Phase 1/2a dose-finding and expansion study, alongside continued Phase 1/2a development of [²¹²Pb]VMT01 in combination with nivolumab for MC1R-positive metastatic melanoma and [²¹²Pb]PSV359 targeting FAP-α across multiple solid tumors, as well as expanded regional manufacturing buildout

PIPE/RDO Markets:

There were three PIPEs/RDOs last week that raised an aggregate of $160.8M, including:

• LB Pharmaceuticals (NASDAQ: LBRX) raised $100.0M to fund a Phase 2 trial for LB-102 as an adjunctive treatment for major depressive disorder, and for working capital and general corporate purposes

Licensing

M & A

Venture Financing

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