Signals of a capital market recovery The beginning of 2026 has witnessed signs of a resurgence in the biotech IPO market as Agomab Therapeutics (Belgium) and SpyGlass Pharma (USA) simultaneously announced their intentions to go public. This move follows the stellar success of Aktis Oncology, the first biotech IPO of 2026, which raised $318 million. Market observers suggest the IPO window is gradually reopening for companies with strong clinical data and clear capital deployment plans.
Agomab: Focusing on fibrosis and inflammatory diseases Antwerp-based Agomab Therapeutics plans to raise approximately $100 million on the Nasdaq to advance its two lead clinical candidates targeting the TGFβ/ALK5 pathway:
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Ontunisertib: A GI-restricted oral ALK5 inhibitor for fibrostenosing Crohn’s disease (FSCD). Following positive Phase 2a (STENOVA) results in late 2025, the company aims to use IPO proceeds to launch a global Phase 2b study.
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AGMB-447: Another ALK5 inhibitor for idiopathic pulmonary fibrosis (IPF), currently in Phase 1, with IPO funds earmarked for initiating Phase 2 trials.
SpyGlass: Revolutionizing ophthalmic drug delivery California-based SpyGlass Pharma focuses on long-acting drug delivery systems for chronic eye conditions:
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Lead Product: The BIM-IOL System, which integrates bimatoprost-eluting pads onto an intraocular lens. The device is designed to provide sustained glaucoma therapy for approximately three years, eliminating the need for daily eye drops.
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Financial Strategy: Proceeds from the IPO will fund the completion of two pivotal Phase 3 trials (launched in July 2025) and bankroll a commercial launch if the results, expected in 2027, are successful.