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4 min read

Milestone Monday: The Starting Gun Is Not The Finish Line

Biopharma’s US IPO class of 2026 has reached 26 and raised $8.19bn, but offerings are shrinking and many new listings have slipped below their IPO prices. Iovance shows what a strong run looks like, while the year’s biggest decliners show who hit the wall.

A pack of marathon runners seen from behind on a city street, some lit by low sun and others in shadow, with spectators and a brick apartment building in the background.
Everyone looks fast at the start. Photo by Mike Cox on Unsplash