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.
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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.
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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.