Quarterly archive / October to December 2025

Q4 2025: life-sciences IPOs
and the evidence they disclosed

The smallest quarter in the archive and the only one with healthcare services issuers: a dental support organization and an outpatient imaging operator. A diagnostics laboratory and a large medical-supply company also priced

See the 5 issuers
Priced IPOs5
Sector mix1 biotech · 2 device · 2 services
Median days to price183
Staff letters released5 of 5 issuers

01 / issuers, in pricing order

5 priced offerings

Each record shows the SEC-assigned industry code and why the issuer sits in its sector, the filing timeline from first submission to the final prospectus, and the evidence signals found in the 424B4 text. Signal counts are phrase occurrences, not a quality score

Medical device and diagnosticsBillionToOne, Inc.

Molecular diagnostics lab tests in prenatal and oncology testing

Classification basis SEC SIC 8071 (Services-Medical Laboratories); reassigned after reading the prospectus business description: the prospectus describes a precision molecular diagnostics company selling laboratory tests, so it is grouped with diagnostics rather than care delivery

First submission
Draft (DRS) 20 Jun 2025
Public S-1
7 Oct 2025
S-1/A amendments
1
Priced (424B4)
6 Nov 2025
Days, first submission to pricing
139
Staff letters released
2
  • Clinical evidencePhase 3 10Clinical validation 49
  • Regulatory pathway510(k) 8PMA or De Novo 35CLIA or LDT 42
  • Quality and manufacturingcGMP 1QSR, QMSR or ISO 13485 2Form 483 or warning letter 4Recall 8
  • Commercial operationsReimbursement 143CPT or HCPCS coding 15Medicare or Medicaid 133Payer contracts 168Value-based care 1Sales force 26
  • Healthcare complianceHIPAA 30Anti-Kickback Statute 13Stark Law 12Corporate practice of medicine 2
  • Financial disclosureMaterial weakness identified 4Emerging growth company 22Cash runway statement 1Dual-class or controlled company 76

Final prospectus (424B4) ↗First public S-1, 7 Oct 2025 ↗First released staff letter ↗All filings, CIK 2070849 ↗

LSH-2025Q4-70849 · accession 0001193125-25-270155 · checked September 2026 · verified
Biotech and pharmaEvommune, Inc.

Clinical-stage therapies for chronic inflammatory diseases

Classification basis SEC SIC 2834 (Pharmaceutical Preparations); prospectus business description read and consistent

First submission
Draft (DRS) 14 May 2025
Public S-1
9 Oct 2025
S-1/A amendments
1
Priced (424B4)
6 Nov 2025
Days, first submission to pricing
176
Staff letters released
4
  • Clinical evidencePhase 1 40Phase 2 78Phase 3 11Topline data 8Clinical hold 3Clinical validation 1
  • Regulatory pathwayIND 17NDA or BLA 15Expedited designation 17
  • Quality and manufacturingcGMP 20Contract manufacturer 30Form 483 or warning letter 3Recall 7
  • Commercial operationsReimbursement 63Medicare or Medicaid 62Payer contracts 54Sales force 6
  • Healthcare complianceHIPAA 11Anti-Kickback Statute 4
  • Financial disclosureAuditor going-concern paragraph 1Emerging growth company 11Cash runway statement 4

Final prospectus (424B4) ↗First public S-1, 9 Oct 2025 ↗First released staff letter ↗All filings, CIK 2044725 ↗

LSH-2025Q4-44725 · accession 0001193125-25-270066 · checked September 2026 · verified
Healthcare servicesPark Dental Partners, Inc.

Dental support organization providing business services to affiliated practices

Classification basis SEC SIC 8090 (Services-Misc Health & Allied Services, NEC); prospectus business description read and consistent

First submission
Draft (DRS) 21 May 2025
Public S-1
3 Sep 2025
S-1/A amendments
2
Priced (424B4)
3 Dec 2025
Days, first submission to pricing
196
Staff letters released
4
  • Clinical evidenceno dictionary signal
  • Regulatory pathwayno dictionary signal
  • Quality and manufacturingRecall 1
  • Commercial operationsReimbursement 33Medicare or Medicaid 36Payer contracts 71
  • Healthcare complianceHIPAA 8Anti-Kickback Statute 4Stark Law 1
  • Financial disclosureEmerging growth company 17Dual-class or controlled company 9

Final prospectus (424B4) ↗First public S-1, 3 Sep 2025 ↗First released staff letter ↗All filings, CIK 2069604 ↗

LSH-2025Q4-69604 · accession 0001104659-25-118023 · checked September 2026 · verified
Healthcare servicesLumexa Imaging Holdings, Inc.

Outpatient diagnostic imaging centers

Classification basis SEC SIC 8071 (Services-Medical Laboratories); prospectus business description read and consistent

First submission
Draft (DRS) 12 Jun 2025
Public S-1
17 Nov 2025
S-1/A amendments
1
Priced (424B4)
12 Dec 2025
Days, first submission to pricing
183
Staff letters released
4
  • Clinical evidenceno dictionary signal
  • Regulatory pathwayno dictionary signal
  • Quality and manufacturingno dictionary signal
  • Commercial operationsReimbursement 62CPT or HCPCS coding 1Medicare or Medicaid 143Payer contracts 169Value-based care 1Sales force 1
  • Healthcare complianceHIPAA 22Anti-Kickback Statute 24Stark Law 22Corporate practice of medicine 8Certificate of need 6
  • Financial disclosureMaterial weakness identified 1Emerging growth company 18

Final prospectus (424B4) ↗First public S-1, 17 Nov 2025 ↗First released staff letter ↗All filings, CIK 2071288 ↗

LSH-2025Q4-71288 · accession 0001193125-25-316455 · checked September 2026 · verified
Medical device and diagnosticsMedline Inc.

Medical-surgical products and supply chain services at scale

Classification basis SEC SIC 3841 (Surgical & Medical Instruments & Apparatus); prospectus business description read and consistent

First submission
Draft (DRS) 19 Dec 2024
Public S-1
28 Oct 2025
S-1/A amendments
2
Priced (424B4)
18 Dec 2025
Days, first submission to pricing
364
Staff letters released
2
  • Clinical evidenceno dictionary signal
  • Regulatory pathwayIND 3NDA or BLA 1510(k) 25PMA or De Novo 10CE mark or EU MDR/IVDR 6
  • Quality and manufacturingcGMP 1Contract manufacturer 4QSR, QMSR or ISO 13485 2Form 483 or warning letter 5Recall 17
  • Commercial operationsReimbursement 30Medicare or Medicaid 28Payer contracts 15Value-based care 1Sales force 1
  • Healthcare complianceHIPAA 16Anti-Kickback Statute 1Stark Law 6
  • Financial disclosureDual-class or controlled company 137

Final prospectus (424B4) ↗First public S-1, 28 Oct 2025 ↗First released staff letter ↗All filings, CIK 2046386 ↗

LSH-2025Q4-46386 · accession 0001193125-25-323742 · checked September 2026 · verified

02 / notes and gaps

What this quarter can and cannot show

5 issuers is a small sample. Differences from other quarters may reflect a single company, and nothing here measures total US IPO activity. Offerings by companies that were already SEC reporters, blank-check companies and foreign issuers on Form F-1 are outside the scope

SEC staff comment letters have been released for every issuer in this quarter. Fields that could not be found are shown as not found and are not estimated