US initial public offerings by biopharmaceutical companies appear to be on the rise in 2024 with nine during the first quarter, including Boundless Bio Inc.’s $100m IPO on 27 March, outpacing 2023 when 21 firms went public for an average of about five per quarter. Returns are another story, however, with the 10 companies that have gone public so far this year – including Contineum Therapeutics Inc. with a $100m IPO on 4 April – delivering an average 9.7% loss as of 15 April.
Only three of the companies that have gone public in 2024 were trading above their IPO values as of mid-April,...