Quarterly archive / April to June 2026

Q2 2026: life-sciences IPOs
and the evidence they disclosed

The largest quarter in the archive. It includes two direct listings, and most staff comment letters had not yet been released when the data was collected

See the 11 issuers
Priced IPOs11
Sector mix8 biotech · 3 device
Median days to price107
Staff letters released1 of 11 issuers

01 / issuers, in pricing order

11 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 diagnosticsAlamar Biosciences, Inc.

Commercial-stage proteomics instruments and assays

Classification basis SEC SIC 3826 (Laboratory Analytical Instruments); prospectus business description read and consistent

First submission
Draft (DRS) 9 Jan 2026
Public S-1
27 Mar 2026
S-1/A amendments
2
Priced (424B4)
17 Apr 2026
Days, first submission to pricing
98
Staff letters released
not yet released
  • Clinical evidenceClinical validation 1
  • Regulatory pathway510(k) 16PMA or De Novo 26CLIA or LDT 6CE mark or EU MDR/IVDR 19
  • Quality and manufacturingcGMP 1Contract manufacturer 7QSR, QMSR or ISO 13485 10Form 483 or warning letter 5Recall 8
  • Commercial operationsReimbursement 7Medicare or Medicaid 5Payer contracts 5Sales force 3
  • Healthcare complianceHIPAA 8Anti-Kickback Statute 2
  • Financial disclosureEmerging growth company 29Dual-class or controlled company 105

Final prospectus (424B4) ↗First public S-1, 27 Mar 2026 ↗All filings, CIK 2104204 ↗

LSH-2026Q2-04204 · accession 0001193125-26-161647 · checked September 2026 · verified
Biotech and pharmaKailera Therapeutics, Inc.

Clinical-stage obesity therapeutics pipeline

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

First submission
Draft (DRS) 19 Dec 2025
Public S-1
27 Mar 2026
S-1/A amendments
1
Priced (424B4)
17 Apr 2026
Days, first submission to pricing
119
Staff letters released
not yet released
  • Clinical evidencePhase 1 41Phase 2 55Phase 3 90Pivotal study 1Topline data 25Clinical hold 12
  • Regulatory pathwayIND 19NDA or BLA 29Expedited designation 9
  • Quality and manufacturingcGMP 22Contract manufacturer 12Form 483 or warning letter 4Recall 8
  • Commercial operationsReimbursement 73Medicare or Medicaid 58Payer contracts 48Sales force 3
  • Healthcare complianceHIPAA 6Anti-Kickback Statute 7
  • Financial disclosureEmerging growth company 36Cash runway statement 3

Final prospectus (424B4) ↗First public S-1, 27 Mar 2026 ↗All filings, CIK 2096997 ↗

LSH-2026Q2-96997 · accession 0001193125-26-161521 · checked September 2026 · verified
Biotech and pharma · direct listingLakewood-Amedex Biotherapeutics Inc.

Antimicrobial therapies for resistant pathogens

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

First submission
Draft (DRS) 31 Jul 2025
Public S-1
9 Jan 2026
S-1/A amendments
5
Priced (424B4)
23 Apr 2026
Days, first submission to pricing
266
Staff letters released
1
  • Clinical evidencePhase 1 5Phase 2 6Phase 3 8Topline data 1Clinical hold 6
  • Regulatory pathwayIND 26NDA or BLA 7Expedited designation 22
  • Quality and manufacturingcGMP 26Contract manufacturer 10Form 483 or warning letter 1Recall 8
  • Commercial operationsReimbursement 57Medicare or Medicaid 46Payer contracts 54Sales force 3
  • Healthcare complianceHIPAA 20
  • Financial disclosureAuditor going-concern paragraph 7Material weakness identified 1Emerging growth company 23

Final prospectus (424B4) ↗First public S-1, 9 Jan 2026 ↗First released staff letter ↗All filings, CIK 2079272 ↗

LSH-2026Q2-79272 · accession 0001213900-26-047113 · checked September 2026 · verified
Biotech and pharmaAvalyn Pharma Inc.

Clinical-stage inhaled therapies for rare respiratory diseases

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

First submission
Draft (DRS) 6 Feb 2026
Public S-1
8 Apr 2026
S-1/A amendments
2
Priced (424B4)
30 Apr 2026
Days, first submission to pricing
83
Staff letters released
not yet released
  • Clinical evidencePhase 1 34Phase 2 31Phase 3 18Pivotal study 7Topline data 5Clinical hold 10
  • Regulatory pathwayIND 48NDA or BLA 3Expedited designation 61CE mark or EU MDR/IVDR 2
  • Quality and manufacturingcGMP 20Contract manufacturer 25Form 483 or warning letter 5Recall 8
  • Commercial operationsReimbursement 66Medicare or Medicaid 47Payer contracts 46Sales force 5
  • Healthcare complianceHIPAA 6Anti-Kickback Statute 5
  • Financial disclosureEmerging growth company 29Cash runway statement 3

Final prospectus (424B4) ↗First public S-1, 8 Apr 2026 ↗All filings, CIK 1540171 ↗

LSH-2026Q2-40171 · accession 0001193125-26-197686 · checked September 2026 · verified
Biotech and pharmaHemab Therapeutics Holdings, Inc.

Clinical-stage therapies for blood coagulation disorders

Classification basis SEC SIC 2836 (Biological Products, (No Diagnostic Substances)); prospectus business description read and consistent

First submission
Draft (DRS) 27 Feb 2026
Public S-1
10 Apr 2026
S-1/A amendments
3
Priced (424B4)
1 May 2026
Days, first submission to pricing
63
Staff letters released
not yet released
  • Clinical evidencePhase 1 4Phase 2 35Phase 3 41Pivotal study 17Topline data 1Clinical hold 13Clinical validation 2
  • Regulatory pathwayIND 33NDA or BLA 59Expedited designation 76
  • Quality and manufacturingcGMP 19Contract manufacturer 14Form 483 or warning letter 2Recall 5
  • Commercial operationsReimbursement 68Medicare or Medicaid 80Payer contracts 30Sales force 3
  • Healthcare complianceHIPAA 14Anti-Kickback Statute 5
  • Financial disclosureMaterial weakness identified 5Emerging growth company 27Cash runway statement 1

Final prospectus (424B4) ↗First public S-1, 10 Apr 2026 ↗All filings, CIK 2114044 ↗

LSH-2026Q2-14044 · accession 0001193125-26-201458 · checked September 2026 · verified
Biotech and pharmaSeaport Therapeutics, Inc.

Clinical-stage medicines for depression, anxiety and neuropsychiatric disorders

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

First submission
Draft (DRS) 21 Nov 2025
Public S-1
10 Apr 2026
S-1/A amendments
1
Priced (424B4)
1 May 2026
Days, first submission to pricing
161
Staff letters released
not yet released
  • Clinical evidencePhase 1 39Phase 2 1Phase 3 11Topline data 32Clinical hold 13Clinical validation 2
  • Regulatory pathwayIND 26NDA or BLA 13Expedited designation 26
  • Quality and manufacturingcGMP 20Contract manufacturer 19Form 483 or warning letter 2Recall 8
  • Commercial operationsReimbursement 115Medicare or Medicaid 58Payer contracts 72Sales force 3
  • Healthcare complianceHIPAA 3Anti-Kickback Statute 8
  • Financial disclosureEmerging growth company 35Cash runway statement 2

Final prospectus (424B4) ↗First public S-1, 10 Apr 2026 ↗All filings, CIK 2042347 ↗

LSH-2026Q2-42347 · accession 0001193125-26-201758 · checked September 2026 · verified
Medical device and diagnosticsMobia Medical, Inc.

Commercial-stage device for stroke motor recovery

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

First submission
Draft (DRS) 21 Jan 2026
Public S-1
17 Apr 2026
S-1/A amendments
2
Priced (424B4)
8 May 2026
Days, first submission to pricing
107
Staff letters released
not yet released
  • Clinical evidencePivotal study 9Clinical hold 1Clinical validation 3
  • Regulatory pathway510(k) 33PMA or De Novo 88Breakthrough Device 15
  • Quality and manufacturingcGMP 2Contract manufacturer 11QSR, QMSR or ISO 13485 15Form 483 or warning letter 8Recall 39
  • Commercial operationsReimbursement 68CPT or HCPCS coding 17Medicare or Medicaid 70Payer contracts 106Sales force 15
  • Healthcare complianceHIPAA 15Anti-Kickback Statute 10
  • Financial disclosureAuditor going-concern paragraph 3Material weakness identified 4Emerging growth company 32Cash runway statement 1

Final prospectus (424B4) ↗First public S-1, 17 Apr 2026 ↗All filings, CIK 1489993 ↗

LSH-2026Q2-89993 · accession 0001628280-26-032843 · checked September 2026 · verified
Biotech and pharmaOdyssey Therapeutics, Inc.

Clinical-stage therapies for autoimmune and inflammatory diseases

Classification basis SEC SIC 2836 (Biological Products, (No Diagnostic Substances)); prospectus business description read and consistent

First submission
Draft (DRS) 7 Oct 2024
Public S-1
17 Jan 2025
S-1/A amendments
1
Priced (424B4)
8 May 2026
Days, first submission to pricing
578
Staff letters released
not yet released
  • Clinical evidencePhase 1 15Phase 2 17Phase 3 20Pivotal study 4Topline data 3Clinical hold 8
  • Regulatory pathwayIND 55NDA or BLA 43Expedited designation 30PMA or De Novo 4
  • Quality and manufacturingcGMP 15Contract manufacturer 38Form 483 or warning letter 1Recall 8
  • Commercial operationsReimbursement 74Medicare or Medicaid 67Payer contracts 59Sales force 2
  • Healthcare complianceHIPAA 8Anti-Kickback Statute 10
  • Financial disclosureEmerging growth company 25Cash runway statement 3Dual-class or controlled company 1

Final prospectus (424B4) ↗First public S-1, 17 Jan 2025 ↗All filings, CIK 1882782 ↗

LSH-2026Q2-82782 · accession 0001193125-26-214819 · checked September 2026 · verified
Medical device and diagnostics · direct listingConexeu Sciences Inc.

Collagen-based regenerative tissue products

Classification basis SEC SIC 3842 (Orthopedic, Prosthetic & Surgical Appliances & Supplies); prospectus business description read and consistent

First submission
Public S-1 28 Nov 2025
Public S-1
28 Nov 2025
S-1/A amendments
6
Priced (424B4)
11 May 2026
Days, first submission to pricing
164
Staff letters released
not yet released
  • Clinical evidencePhase 2 1Pivotal study 3Clinical validation 2
  • Regulatory pathway510(k) 41PMA or De Novo 52CE mark or EU MDR/IVDR 4
  • Quality and manufacturingcGMP 8Contract manufacturer 36QSR, QMSR or ISO 13485 3Form 483 or warning letter 3Recall 9
  • Commercial operationsReimbursement 9CPT or HCPCS coding 1Medicare or Medicaid 6Payer contracts 5Sales force 1
  • Healthcare complianceHIPAA 1Anti-Kickback Statute 1
  • Financial disclosureAuditor going-concern paragraph 1Emerging growth company 21

Final prospectus (424B4) ↗First public S-1, 28 Nov 2025 ↗All filings, CIK 2066836 ↗

LSH-2026Q2-66836 · accession 0001062993-26-002473 · checked September 2026 · verified
Biotech and pharmaParabilis Medicines, Inc.

Clinical-stage medicines against historically undruggable protein targets

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

First submission
Draft (DRS) 2 Apr 2026
Public S-1
19 May 2026
S-1/A amendments
3
Priced (424B4)
10 Jun 2026
Days, first submission to pricing
69
Staff letters released
not yet released
  • Clinical evidencePhase 1 4Phase 2 11Phase 3 29Pivotal study 3Topline data 3Clinical hold 14Clinical validation 3
  • Regulatory pathwayIND 36NDA or BLA 4Expedited designation 54
  • Quality and manufacturingcGMP 30Contract manufacturer 68Form 483 or warning letter 4Recall 10
  • Commercial operationsReimbursement 84Medicare or Medicaid 51Payer contracts 50Sales force 1
  • Healthcare complianceHIPAA 6Anti-Kickback Statute 8
  • Financial disclosureEmerging growth company 21Cash runway statement 1

Final prospectus (424B4) ↗First public S-1, 19 May 2026 ↗All filings, CIK 1657677 ↗

LSH-2026Q2-57677 · accession 0001193125-26-265983 · checked September 2026 · verified
Biotech and pharmaKardigan, Inc.

Clinical-stage precision therapeutics for cardiovascular disease

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

First submission
Draft (DRS) 26 Mar 2026
Public S-1
26 May 2026
S-1/A amendments
1
Priced (424B4)
18 Jun 2026
Days, first submission to pricing
84
Staff letters released
not yet released
  • Clinical evidencePhase 1 7Phase 2 68Phase 3 57Pivotal study 2Topline data 13Clinical hold 14
  • Regulatory pathwayIND 29NDA or BLA 7Expedited designation 59510(k) 32PMA or De Novo 17CE mark or EU MDR/IVDR 10
  • Quality and manufacturingcGMP 27Contract manufacturer 33QSR, QMSR or ISO 13485 3Form 483 or warning letter 8Recall 20
  • Commercial operationsReimbursement 121Medicare or Medicaid 55Payer contracts 78Sales force 6
  • Healthcare complianceHIPAA 12Anti-Kickback Statute 9
  • Financial disclosureAuditor going-concern paragraph 1Emerging growth company 38Cash runway statement 2

Final prospectus (424B4) ↗First public S-1, 26 May 2026 ↗All filings, CIK 2123613 ↗

LSH-2026Q2-23613 · accession 0001193125-26-276096 · checked September 2026 · verified

02 / notes and gaps

What this quarter can and cannot show

11 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 had been released for 1 of 11 issuers when the data was collected. SEC releases correspondence some time after a registration statement goes effective, so empty values are a timing gap, not evidence of a light review. Fields that could not be found are shown as not found and are not estimated