Week of February 13, 2026

The Week at a Glance:

• Stock Returns Decouple from the Macro Picture: Despite positive macro data surrounding a stronger-than-expected jobs report and cooling inflation, major indices were down ~1-2% on the week as concerns about AI valuations continue to dominate

• In-Vivo CAR-T Is Still In: Lilly’s $2.4B acquisition of Orna reinforces that in vivo CAR-T remains a priority deal theme - following other recent moves like AbbVie-Capstan, BMS-Orbital, and Kite/Gilead–Interius - highlighting continued strategic competition for scalable, “in-body” cell-engineering platforms

Markets Overview

The S&P 500, Nasdaq, and Dow were down 1.4%, 2.1%, and 1.2%, respectively

• Despite major indices being down on the week, the NYSE Arca Pharmaceutical Index was up on the week after a strong trading week for large pharma

The NYSE Pharma Index was up 1.0% and the NBI was down 1.1% on the week

Notable changes in share price:

• Evommune (NYSE: EVMN): Shares were up 85.3% on the week after the Company reported positive Phase 2a proof-of-concept data from their IL-18 binding protein, EVO301, in moderate-to-severe atopic dermatitis

• Nektar Therapeutics (NASDAQ: NKTR): Shares were up 93.4% on the week after the Company released positive maintenance data in atopic dermatitis

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

No companies completed an IPO last week

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

Generate Biomedicines is the only company in the queue targeting a raise at or above ~$100M; the remaining 23 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 (2.6%) and 17.3% 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): 39.8% (average), 1.3% (median)

• Commercial-stage after-market performance (N=24): 9.7% (average), (5.6%) (median)

After-Market Performance by Sector

• Biopharma (N=16): 23.7% (average), (1.3%) (median)

• MedTech (N=23): 13.1% (average), (3.4%) (median)

Follow-On Offering Markets:

There were five follow-on equity offerings totaling $855.1M last week, including:

• Nektar Therapeutics (NASDAQ: NKTR) raised $400.0M to support clinical development and manufacturing readiness for its immunomodulatory pipeline, including rezpegaldesleukin in autoimmune disorders and inflammatory diseases, NKTR-0165 in autoimmune diseases (e.g., ulcerative colitis), and NKTR-255 in cancer

• Galecto, Inc. (NASDAQ: GLTO) raised $275.0M to support clinical development and advancement of its hematology/oncology pipeline, including DMR-001 in essential thrombocythemia and myelofibrosis, DMR-002 in mutant calreticulin-driven myeloproliferative neoplasms, and GB3226 in acute myeloid leukemia

• Sutro Biopharma, Inc. (NASDAQ: STRO) raised $110.0M to support clinical development and advancement of its antibody-drug conjugate portfolio, including STRO-004 in advanced tissue factor-expressing solid tumors, STRO-006 in integrin β6-expressing solid tumors, and STRO-227 in PTK7-expressing solid tumors

• Coherus Oncology, Inc. (NASDAQ: CHRS) raised $50.1M to support ongoing commercialization and clinical development for its oncology portfolio, including LOQTORZI in metastatic or recurrent locally advanced nasopharyngeal cancer, tagmokitug in multiple tumor types, and casdozokitug in hepatocellular carcinoma

PIPE/RDO Markets:

There were five PIPEs/RDOs last week that raised an aggregate of $395.9M, including:

• Immunic (NASDAQ: IMUX) raised $200.0M to complete its Phase 3 trials with vidofludimus calcium in relapsing multiple sclerosis and begin a Phase 3 study with the candidate in primary progressive multiple sclerosis

• Evommune (NYSE: EVMN) grossed $125.0M to develop its mid to late-stage clinical pipeline targeting chronic inflammatory diseases

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