A final prospectus in the window
The issuer filed a Form 424B4 between 1 July 2025 and the latest EDGAR index available in September 2026. The first 424B4 date is the pricing event and sets the quarter
730 filings from 624 issuersMethodology / source ledger version 1.0.0
How the IPO evidence
history is built
The archive is rebuilt from public SEC EDGAR records using a fixed screen and a fixed phrase dictionary. This page sets out the rules, the counts at each step, what the signals can and cannot show, and the gaps that remain open
Read the inclusion rules ↘424B4 filings read730
Distinct issuers624
Life-sciences SIC codes105
Included IPOs38
01 / inclusion rules
Which filings count as an IPO here
The screen starts with every final prospectus filed on Form 424B4 in the EDGAR quarterly form indexes from July 2025 to the collection date
A life-sciences industry code
The SEC-assigned SIC code on the issuer's EDGAR record falls in the list below. 519 issuers were outside it
105 issuers passedA first-time registrant on Form S-1
No 10-K, 10-Q, 20-F, 40-F or Regulation A annual report before pricing, and an S-1 on file. This removes follow-ons and uplistings (58), issuers with no S-1 in the record (3) and foreign issuers on Form F-1 (4)
40 issuers passedAn operating company on reading
Each prospectus overview was read. Functional Brands Inc.: dietary supplement manufacturer and distributor, not a drug, device or care-delivery business. Research Alliance Corp III: blank check company (SPAC) despite a pharmaceutical SIC code. Direct listings registered on Form S-1 stay in and are labelled
38 issuers included02 / sector classification
SIC code first, prospectus reading second
The default sector comes from the SIC code SEC assigns. Where the prospectus describes a different business, the issuer is reassigned and the reason is recorded on its archive entry. Two issuers were reassigned: a molecular diagnostics laboratory coded as medical laboratory services, and an ophthalmic drug-delivery developer coded as a surgical instrument maker
| SEC SIC code | Default sector | Issuers in archive |
|---|---|---|
| 2833 | Biotech and pharma | 0 |
| 2834 | Biotech and pharma | 18 |
| 2835 | Medical device and diagnostics | 0 |
| 2836 | Biotech and pharma | 6 |
| 3826 | Medical device and diagnostics | 1 |
| 3841 | Medical device and diagnostics | 8 |
| 3842 | Medical device and diagnostics | 1 |
| 3843 | Medical device and diagnostics | 0 |
| 3844 | Medical device and diagnostics | 0 |
| 3845 | Medical device and diagnostics | 1 |
| 3851 | Medical device and diagnostics | 0 |
| 8000 | Healthcare services | 0 |
| 8011 | Healthcare services | 0 |
| 8050 | Healthcare services | 0 |
| 8051 | Healthcare services | 0 |
| 8060 | Healthcare services | 0 |
| 8062 | Healthcare services | 0 |
| 8071 | Healthcare services | 2 |
| 8082 | Healthcare services | 0 |
| 8090 | Healthcare services | 1 |
| 8093 | Healthcare services | 0 |
| 8731 | Biotech and pharma | 0 |
03 / evidence signals
A fixed phrase dictionary, applied to the 424B4 text
Each signal is a literal phrase or abbreviation searched in the final prospectus after HTML is removed. Two financial signals use stricter wording: the auditor going-concern signal requires an explanatory paragraph, and the material-weakness signal requires the issuer to say it identified one
7 signals
Phase 1 · Phase 2 · Phase 3 · Pivotal study · Topline data · Clinical hold · Clinical validation
8 signals
IND · NDA or BLA · Expedited designation · 510(k) · PMA or De Novo · Breakthrough Device · CLIA or LDT · CE mark or EU MDR/IVDR
5 signals
cGMP · Contract manufacturer · QSR, QMSR or ISO 13485 · Form 483 or warning letter · Recall
6 signals
Reimbursement · CPT or HCPCS coding · Medicare or Medicaid · Payer contracts · Value-based care · Sales force
5 signals
HIPAA · Anti-Kickback Statute · Stark Law · Corporate practice of medicine · Certificate of need
5 signals
Auditor going-concern paragraph · Material weakness identified · Emerging growth company · Cash runway statement · Dual-class or controlled company
A hit means the topic is disclosed. Risk factors routinely describe events that have not happened, such as a clinical hold or a recall, so counts are not evidence of those events. Occurrence counts reflect prospectus length as much as emphasis and are not a score
Signals were checked by reading the matching passages for a sample of issuers. That check changed one pattern before release: services prospectuses use "de novo" for newly opened clinics and imaging centers, so the PMA or De Novo signal now requires "de novo" to be followed by a regulatory term such as classification or request. The dictionary will change over time. Any change is recorded in the changelog below with a new ledger version, and earlier versions of the ledger are kept
04 / three kinds of date
Event, collection and publication are kept apart
When SEC received the filing
The EDGAR filing date of each S-1, S-1/A, 424B4, draft submission or staff letter. For draft registration statements this is the original confidential submission date shown once the draft became public
September 2026
When this site read the EDGAR indexes, submissions records and prospectus text. The ledger stores it at month precision
September 2026
When the archive went live on this site. No page carries an earlier publication date, and older quarters were not written at the time they happened
Quarterly, not monthly
Between 5 and 11 life-sciences IPOs priced in each complete quarter of this window. Monthly pages would often cover one or two companies, so quarters give each archive page enough filings to describe without overstating a trend
05 / open data gaps
What is missing, and why it is left blank
23 of 38 issuers have none released yet
SEC publishes comment letters and responses some time after effectiveness. Recent quarters are therefore thin on review correspondence. These fields stay blank until the letters appear
First S-1 versus final prospectus
Only the final 424B4 is parsed. What changed between the first public S-1 and pricing is linked but not measured
Price, size and proceeds are not extracted
Cover-page terms vary in layout and could not be parsed reliably, so no price or proceeds figure is published. Read them from the linked 424B4
Foreign issuers and SPAC mergers are out of scope
Companies that listed through Form F-1 or a blank-check merger are excluded, so life-sciences listings by those routes are not represented
06 / versions and downloads
Ledger version 1.0.0
Each ledger row holds the issuer, CIK, form type, event date, accession number, SEC links, what was extracted and the verification month and status
1.0.0 · September 2026. First release. 38 issuers and 403 filing records covering Q3 2025 to Q2 2026 and Q3 2026 in part
Download: ipo-evidence-ledger.csv · ipo-evidence-ledger.json. Corrections should cite the EDGAR filing that shows the right value; accepted corrections get a new version and an entry here