Week of May 1, 2026

The Week at a Glance:

• Eli Lilly Strikes Again: Eli Lilly announced its acquisition of Kelonia Therapeutics, a Phase 1 in vivo CAR-T company, for up to $7.0B, demonstrating continued strategic interest in the modality

• Avalyn Files for IPO: Heightened IPO activity in 2026 continues as Avalyn, a company focused on developing inhaled versions of approved respiratory drugs, looks to raise ~$182M in its planned IPO

• Fast-Track Vouchers for Psychedelics: Following President Trump’s executive order on national priority vouchers for psychedelic drugs, the FDA issued vouchers to Compass Pathways, Transcend Therapeutics, and the Usona Institute, highlighting the agency’s increasingly politicized operating environment 

   

Markets Overview

The S&P 500 and the Nasdaq were up 0.8% and 1.8%, respectively, while the Dow was down 0.4% over the last week

• Major indices traded flat to slightly higher on the week as markets continued to price out further escalation in the Middle East conflict, with equities recouping March’s sell-off

The NYSE Pharma Index and NBI were down 3.1% and 3.3%, respectively, over the last week

Notable changes in share price:

• Inhibrx Biosciences (NASDAQ: INBX): Shares jumped 48.5% after Inhibrx reported encouraging ozekibart data in late-line colorectal cancer and Reuters reported that the Company is exploring a potential spin-off of INBRX-106 alongside a second experimental cancer asset

• Nektar Therapeutics (NASDAQ: NKTR): Shares rose 31.1% following positive 52-week topline results from the Company’s Phase 2b trial in severe-to-very-severe alopecia areata

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO

There was one S-1 filed last week:

• Avalyn is seeking to raise ~$182M through its IPO to fund late-stage development of its inhaled pulmonary fibrosis pipeline, including AP01, an inhaled pirfenidone in an ongoing Phase 2b trial for progressive pulmonary fibrosis, and AP02, an inhaled nintedanib in Phase 2 development for idiopathic pulmonary fibrosis

All 24 additional companies in the IPO queue are pursuing raises below $40.0M

IPOs priced in 2025 and 2026 have generated a median and average return of 14.8% and 15.1% YTD, respectively. Half of newly public companies are trading above their offer price

After-Market Performance by Stage

• Clinical-stage after-market performance (N=18): 36.6% (average), 40.4% (median)

• Commercial-stage after-market performance (N=24): (1.0%) (average), (7.4%) (median)

After-Market Performance by Sector

• Biopharma (N=18): 36.6% (average), 40.4% (median)

• MedTech (N=23): (6.6%) (average), (12.2%) (median)

  
  

There were eight follow-on equity offerings totaling $742.2M last week, including:

• Altimmune, Inc. (NASDAQ: ALT) priced a $225.0M public offering to fund its upcoming Phase 3 clinical trial of pemvidutide, a dual-action glucagon / GLP-1 receptor agonist for MASH, and support working capital and general corporate purposes

• Nektar Therapeutics (NASDAQ: NKTR) closed a $373.8M public offering to fund research, clinical development, and manufacturing costs, including Phase 3 trials for rezpegaldesleukin, a first-in-class regulatory T cell stimulator for atopic dermatitis and alopecia areata

• Prelude Therapeutics Incorporated (NASDAQ: PRLD) priced a $90.0M offering to fund research and preclinical and clinical development of its precision oncology pipeline, including PRT13722, a first-in-class oral KAT6A degrader for HR+/HER2- breast cancer, and PRT12396, a mutant-selective JAK2V617F inhibitor for polycythemia vera and myelofibrosis

• Spruce Biosciences, Inc. (NASDAQ: SPRB) priced a $60.0M public offering to support development and commercialization of tralesinidase alfa, an enzyme replacement therapy for Sanfilippo Syndrome Type B, ahead of planned regulatory submission for the late-stage neurology program

PIPE/RDO Markets:

There were six PIPEs/RDOs last week raising an aggregate of $212.2M, including:

• Maze Therapeutics (NASDAQ: MAZE) announced a $150.0M registered offering to fund research and development of MZE829, a dual-mechanism APOL1 inhibitor in Phase 2 development for APOL1-mediated kidney disease, and MZE782, an SLC6A19 inhibitor advancing to Phase 2 for phenylketonuria and chronic kidney disease

• Egetis Therapeutics (Nasdaq Stockholm: EGTX) announced a $38.0M private placement to fund US commercialization preparation for Emcitate (tiratricol) for MCT8 deficiency, including commercial and medical affairs infrastructure build-out, preparation for indication expansion into Resistance to Thyroid Hormone type beta, and working capital and general corporate purposes

Licensing

M & A

Venture Financing

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