Bio/pharma IPO Market Selectively Opens in H1 2026
- Jul 16
- 3 min read
The bio/pharma IPO market reopened in H1 2026, as we predicted based on the bullish public bio/pharma market starting in the 2nd half of 2025. However, the bio/pharma IPO activity remains far below its historical peak in 2020/2021.
BPIQ recorded 15 IPOs in H1 2026, up 114% from seven in H1 2025. This was the highest first-half total since 2021, but only narrowly above the 14 IPOs recorded in H1 2022 and still far below the 61 recorded in H1 2021.
Quarterly Activity Shows a Gradual Reopening
The quarterly data show a stable but selective opening, rather than a rapid rebound. Seven companies completed IPOs in Q1 2026, followed by eight in Q2. Both quarters were higher than most of the 2022–2025 periods, but remained well below the quarterly volumes seen during the 2020–2021 boom.
The chart also shows that the reopening is still selective. The market has moved beyond the lows of 2023 and 2025, but it has not returned to the broad issuance environment that supported more than 20 IPOs per quarter throughout much of 2020 and 2021. However, it is promising that the first 2 quarters of 2026 saw the most bio/pharma IPOs of any 2 consecutive quarters since 2021.
Monthly Data Reveal an Uneven Recovery
Monthly activity provides a clearer view of how quickly conditions changed. IPO volume increased from one in January to five in February, before falling to one in March amid heightened geopolitical and market volatility. Activity then stabilized at three IPOs in April, three in May, and two in June.
Reuters reported that market volatility linked partly to geopolitical uncertainty sidelined some IPO issuers during this period. (FN1)
While deal volume remains limited, the companies gaining access are completing larger offerings. BioPharma Dive reported that 11 of the first 13 companies in its 2026 IPO tracker raised at least $250 million. (FN2)
H1 2026 therefore represents a meaningful improvement from 2025, but not a return to the previous IPO boom. The bio/pharma IPO window has reopened, as we predicted based on the bull public smid-cap bio/pharma market. However, the volume of bio/pharma IPOs thus far in 2026 is much lower than in 2020 and 2021, with access concentrated among larger, likely more mature, and better-de-risked bio/pharma companies.
Footnotes
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7/16/26 Published (MD, RF, EJV)
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