Seaport Therapeutics and Hemab Therapeutics have both outlined pricings for their respective initial public offerings (IPOs), adding to an already busy month for biotechs making the public jump.
Seaport, a biotech developing treatments in the neuropsychiatric space, is offering 11.8 million shares priced between $16 and $18 each on the Nasdaq. If the IPO settles in the midpoint of this range, the biotech estimates net proceeds of $183.5m, which could rise by a further $27.9m based on the underwriters’ option.
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Meanwhile Hemab, which announced its IPO pricing on the same day as Seaport, is targeting a similar raise on the Nasdaq. The blood coagulation specialist is offering 11.7 million shares priced between $16 and $18 apiece. If the IPO completes at the midpoint, Hemab estimates net proceeds of $180.3m.
Seaport producing oral MDD therapy
Seaport’s lead candidate is major depressive disorder (MDD) treatment GlyphAllo, an oral prodrug of allopregnanolone. This steroid, which is derived from progesterone, is already marketed in a synthetic form for postpartum depression under the brand name Zulresso by Sage Therapeutics.
GlyphAllo, also known as SPT-300, has been designed using Seaport’s Glyph platform, which the biotech says overcomes bioavailability and first-pass metabolism limitations. These hurdles have historically plagued treatments targeted against neuropsychiatric disorders. Seaport’s platform employs the lymphatic system’s natural lipid absorption and transport process to bypass the liver, which should also help reduce hepatotoxicity.
Around $121m of the IPO raise will help fund GlyphAllo through a Phase IIb trial (NCT07065240) and into Phase III development. The remainder of the funds will be used on the company’s other pipeline assets, which include GlyphAgo (SPT-320), for generalised anxiety disorder, and Glyph2BLSD (SPT-348), a drug being evaluated in multiple neuropsychiatric disorders.
Investor confidence in Seaport’s pipeline has been high over recent years, with the biotech amassing $325m in financing to date. The company also has significant neuroscience expertise on board – Daphne Zohar, a co-founder of Karuna, is CEO. Bristol Myers Squibb (BMS) acquired Karuna for $14bn in March 2024.
Hemab joins IPO class
Hemab’s lead candidate is sutacimig, a bispecific antibody currently in clinical development for bleeding disorders. This includes a Phase I/II trial (NCT06211634) for the prophylactic treatment of Glanzmann thrombasthenia and a Phase II trial (NCT07347249) for the prophylactic treatment of Factor VII deficiency.
Sutacimig, also known as HMB-001, is set to command most of the IPO funds. Around $120m will be put towards the asset’s clinical development in the two bleeding disorders.
Around $60m will be used to advance clinical development of HMB-002, the biotech’s monovalent antibody in Phase I/II development for the subcutaneous prophylactic treatment of Von Willebrand Disease. About half of this sum will go towards finding new candidates.
Like Seaport, Hemab has entered 2026 with a strong cash position. According to the IPO filing, the company had $185.5m in cash by the end of 2025. Hemab has raised $347m in financing rounds since 2021.
IPOs gather momentum
Seaport and Hemab’s impending introduction on the stock exchanges will add to an already notable year for biotech IPOs. The showpiece came earlier this month when obesity biotech Kailera Therapeutics raised $625m in one of the largest-ever IPOs in the sector. Eikon Therapeutics and Akis Oncology had already set a strong tone for the year, raising $381m and $318m, respectively, in January.
The value of IPOs so far this year suggests the sector is winning the battle against macroeconomic policy shifts in the US. However, it remains to be seen if a drought materialises in the middle of the year, akin to 2025.
