Shots:
- The Healthcare IPOs in 2025 underscore sustained investor confidence across biotech, medtech, digital health, and AI-enabled healthcare companies, signaling robust capital deployment into next-generation therapies, advanced diagnostics, and evolving healthcare delivery models worldwide.
- IPO activity was dominated by high-value raises, with Medline Industries ($7.2B) leading by a wide margin, followed by Caris Life Sciences ($494M) and Lumexa Imaging ($462.5M), indicating investor preference for scaled platforms, AI-enabled solutions, and revenue-generating healthcare businesses.
- A clear shift is visible toward AI-driven drug discovery, precision medicine, and digital care platforms, alongside continued momentum in oncology and metabolic therapies, signaling that technology-integrated healthcare companies are attracting the largest capital inflows.
The Top 20 Healthcare IPOs of 2025 report has been published in partnership with our data partner DealForma who has provided us with the 2025 IPO data.
20. Saluda Medical
Funding Value: $151M (A$230.8M)
No. of Shares: 87.08M
Price Per Share: $1.74 (A$2.65)
IPO Announced Date: Dec 3, 2025
IPO Completion Date: Dec 3, 2025
Founded Year: 2011
Total Employees: N/A
Headquarters: Minnesota, United States
Stock Exchange: ASX
- Saluda Medical is a commercial-stage medical device company focused on developing innovative neuromodulation therapies for chronic neurological conditions, particularly chronic pain, using its proprietary closed-loop stimulation platform.
- The company’s flagship Evoke System leverages real-time neural sensing to optimize spinal cord stimulation therapy, improving treatment precision and patient outcomes in neuropathic pain management.
- In July ’25, Saluda Medical rolled out its EVA sensing tech across the US, expanding capabilities of the Evoke SmartLoop system
19. Shenzhen Edge Medical
Funding Value: $154.14M (HKD$1.19B)
No. of Shares: 27.72M
Price Per Share: $5.56
IPO Announced Date: Dec 30, 2025
IPO Completion Date: Dec 30, 2025
Founded Year: 2017
Total Employees: 150
Headquarters: Shenzhen, China
Stock Exchange: HKG
- Shenzhen Edge Medical is a China-based medtech company focused on developing advanced robotic systems for minimally invasive surgery, helping surgeons perform complex procedures with greater precision.
- The company’s portfolio includes multi-port and single-port endoscopic surgical robots, designed for procedures across areas such as urology, gynecology, and general surgery.
- In Nov’25, Edge Medical has partnered with idsMED at the 8th China International Import Expo to advance surgical care in Southeast Asia, driving adoption of advanced surgical robotics by combining Edge Medical’s innovation with idsMED’s regional reach
18. Evommune
Funding Value: $172.5M
No. of Shares: 10.78M
Price Per Share: $16
IPO Announced Date: Oct 9, 2025
IPO Completion Date: Nov 5, 2025
Founded Year: 2020
Total Employees: 50
Headquarters: California, United States
Stock Exchange: NYSE
- Evommune is a clinical-stage biotechnology company focused on developing innovative therapies that target the key drivers of chronic inflammatory diseases, aiming to improve outcomes for patients living with long-term immune-related conditions.
- The company is advancing a pipeline of differentiated product candidates designed to address underlying inflammatory pathways across multiple diseases.
- In Feb’26, Evommune reported positive top-line results from its P-IIa proof-of-concept study of EVO301 in patients with moderate-to-severe atopic dermatitis
17. Leads Biolabs
Funding Value: $189M
No. of Shares: 36.86M
Price Per Share: $4.4
IPO Announced Date: Jul 24, 2025
IPO Completion Date: Jul 24, 2025
Founded Year: 2012
Total Employees: 200
Headquarters: Nanjing, China
Stock Exchange: HKG
- Leads Biolabs is a clinical-stage biotechnology company focused on developing next-generation antibody therapies for oncology and autoimmune diseases, leveraging advanced antibody engineering platforms.
- Its pipeline includes multiple innovative candidates, with LBL-024, a PD-L1/4-1BB bispecific antibody, emerging as a key asset currently advancing in clinical development for cancer treatment.
- In Feb’26, Leads Biolabs has dosed the first patient in a P-Ib/II study of its PD-L1/4-1BB bispecific antibody Opamtistomig (LBL-024) for treating recurrent or metastatic triple-negative breast cancer
16. Drugs Made In America Acquisition II
Funding Value: $200M
No. of Shares: 20M
Price Per Share: $10
IPO Announced Date: Aug 1, 2024
IPO Completion Date: Jan 27, 2025
Founded Year: 2024
Total Employees: N/A
Headquarters: N/A
Stock Exchange: NASDAQ
- Drugs Made In America Acquisition II is a special purpose acquisition company (SPAC) created to identify and merge with businesses, with a particular focus on companies operating in the pharmaceutical industry.
- The company aims to pursue acquisitions that support U.S. pharmaceutical manufacturing and supply-chain resilience, especially by encouraging domestic production of critical drugs.
- In Sep’25, the company raised $200M through its IPO, offering 20M units at $10 per unit, with trading beginning on Nasdaq under the ticker “DMIIU.”
15. Duality Biotherapeutics
Funding Value: $211M
No. of Shares: 17.33M
Price Per Share: $12.2
IPO Announced Date: Apr 7, 2025
IPO Completion Date: Apr 14, 2025
Founded Year: 2019
Total Employees: 190
Headquarters: Shanghai, China
Stock Exchange: NASDAQ
- Duality Biotherapeutics is a clinical-stage biotechnology company focused on developing next-generation antibody-drug conjugate (ADC) therapies aimed at treating cancer and autoimmune diseases.
- The company has built a pipeline of innovative ADC candidates, including key programs such as DB-1303 and DB-1311, with several assets already advancing through clinical development.
- In Dec’25, DualityBio’s DB-1310 has received US FDA Fast Track designation for the treatment of HR+/HER2- breast cancer
14. Sionna Therapeutics
Funding Value: $219.2M
No. of Shares: 12.17M
Price Per Share: $18
IPO Announced Date: Jan 17, 2025
IPO Completion Date: Feb 6, 2025
Founded Year: 2019
Total Employees: 60
Headquarters: Massachusetts, United States
Stock Exchange: NASDAQ
- Sionna Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel therapies for cystic fibrosis (CF), aiming to restore normal function of the CFTR protein and address the root cause of the disease.
- The company is advancing a pipeline of small-molecule candidates, including NBD1 stabilizers and complementary CFTR modulators designed to improve outcomes for patients with CF.
- In Oct’25, Sionna Therapeutics has initiated the P-IIa PreciSION CF study of SION-719, a first-in-class NBD1 stabilizer, evaluating its use alongside Trikafta in cystic fibrosis
13. Kestra Medical Technologies
Funding Value: $232.3M
No. of Shares: 13.66M
Price Per Share: $17
IPO Announced Date: Feb 10, 2025
IPO Completion Date: Mar 5, 2025
Founded Year: 2014
Total Employees: 330
Headquarters: Washington, United States
Stock Exchange: NASDAQ
- Kestra Medical Technologies is a commercial-stage medical technology company focused on developing innovative wearable cardiac monitoring and therapeutic devices, aimed at improving outcomes for patients at risk of sudden cardiac arrest.
- Its flagship product, the ASSURE Wearable Cardioverter Defibrillator (WCD), is designed to provide continuous heart monitoring and deliver life-saving therapy when needed, offering an alternative to traditional solutions.
- In Jan’26, Kestra Medical Technologies has partnered with Biobeat Technologies to enhance diagnostics for its ASSURE wearable defibrillator, including an exclusive co-development deal and a $5M equity investment in Biobeat’s Series B
12. Jinfang Pharmaceutical Technology (Shanghai) (aka GenFleet Therapeutics)
Funding Value: $234M
No. of Shares: 89.24M
Price Per Share: $2.62
IPO Announced Date: Sep 11, 2025
IPO Completion Date: Sep 11, 2025
Founded Year: 2017
Total Employees: 100
Headquarters: Shanghai, China
Stock Exchange: HKG
- Jinfang Pharmaceutical Technology (Shanghai) (GenFleet Therapeutics) is a China-based clinical-stage biopharmaceutical company focused on developing innovative therapies targeting oncology, autoimmune, and inflammatory diseases, with a strong emphasis on RAS-pathway drugs.
- The company has built a diversified pipeline of small-molecule candidates, including KRAS-targeted therapies, with its lead product becoming one of the first KRAS G12C inhibitors approved in China.
- In Mar’25, GenFleet Therapeutics’ oral KRAS G12D inhibitor GFH375 has received Breakthrough Therapy Designation in China for treating previously treated KRAS G12D-mutant non-small cell lung cancer
11. Beta Bionics
Funding Value: $234.6M
No. of Shares: 13.8M
Price Per Share: $17
IPO Announced Date: Jan 6, 2025
IPO Completion Date: Jan 29, 2025
Founded Year: 2015
Total Employees: 430
Headquarters: California, United States
Stock Exchange: NASDAQ
- Beta Bionics is a commercial-stage medical device company focused on developing advanced diabetes management solutions, leveraging adaptive closed-loop algorithms to simplify insulin delivery and improve patient outcomes.
- Its flagship product, the iLet Bionic Pancreas, is an FDA-cleared insulin delivery system that automatically determines and administers insulin doses, reducing the burden of daily diabetes management.
- In Jun’25, Beta Bionics has partnered with Abbott to integrate the iLet Bionic Pancreas with Abbott’s upcoming dual glucose-ketone sensor
10. LB Pharmaceuticals
Funding Value: $285M
No. of Shares: 19M
Price Per Share: $15
IPO Announced Date: Aug 22, 2025
IPO Completion Date: Sep 10, 2025
Founded Year: 2015
Total Employees: 20
Headquarters: New York, United States
Stock Exchange: NASDAQ
- LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing novel therapies for neuropsychiatric disorders, including schizophrenia and bipolar depression, addressing areas with significant unmet need.
- Its lead candidate, LB-102, is an oral antipsychotic therapy designed to offer a differentiated profile compared to existing treatments, with plans to advance into late-stage clinical development.
- In Mar’26, LB Pharmaceuticals has initiated its pivotal P-III NOVA-2 study evaluating LB-102, a once-daily oral therapy, for the treatment of schizophrenia
9. MapLight Therapeutics
Funding Value: $288.3M
No. of Shares: 16.96M
Price Per Share: $17
IPO Announced Date: Sep 19, 2025
IPO Completion Date: Oct 26, 2025
Founded Year: 2018
Total Employees: 120
Headquarters: California, United States
Stock Exchange: NASDAQ
- MapLight Therapeutics is a clinical-stage biopharmaceutical company focused on developing innovative treatments for central nervous system (CNS) disorders, including schizophrenia and Alzheimer’s disease psychosis.
- The company is advancing a pipeline of small-molecule therapies, with lead programs targeting key neurological pathways to improve outcomes in complex psychiatric and neurodegenerative conditions.
- In Mar’26, MapLight Therapeutics reported the P-II ZEPHYR study of ML-007C-MA in schizophrenia is expected to complete enrollment (~300 patients) by April 2026, with topline results anticipated in Q3’26
8. Insilico Medicine
Funding Value: $292M
No. of Shares: 94.69M
Price Per Share: $3.09
IPO Announced Date: Mar 27, 2024
IPO Completion Date: Dec 18, 2025
Founded Year: 2014
Total Employees: N/A
Headquarters: Massachusetts, United States
Stock Exchange: HKG
- Insilico Medicine is a clinical-stage biotechnology company leveraging generative AI and deep learning to accelerate drug discovery, aiming to make the process faster, cheaper, and more efficient across multiple disease areas.
- The company has built an AI-powered drug discovery platform (Pharma.AI) and a growing pipeline, with lead programs such as rentosertib advancing into clinical development for diseases like idiopathic pulmonary fibrosis.
- In Mar’25, Insilico Medicine and Tenacia Biotechnology have expanded their AI-driven CNS drug discovery collaboration (up to ~$94.75M), advancing small-molecule therapies with strong brain penetration using Insilico’s Pharma.AI platform
7. BillionToOne
Funding Value: $314M
No. of Shares: 5.23M
Price Per Share: $60
IPO Announced Date: Oct 10, 2025
IPO Completion Date: Nov 18, 2025
Founded Year: 2016
Total Employees: 720
Headquarters: California, United States
Stock Exchange: NASDAQ
- BillionToOne is a precision diagnostics company focused on developing advanced molecular testing solutions, including non-invasive prenatal screening and oncology diagnostics, leveraging its proprietary single-molecule counting technology.
- The company offers a suite of blood-based tests designed to improve early disease detection and treatment selection, addressing key needs in reproductive health and cancer care through high-sensitivity genomic analysis.
- In Feb’26, BillionToOne has launched Northstar PGx and Northstar Select CH, expanding its Northstar liquid biopsy platform to improve therapy selection by addressing chemotherapy safety and clonal hematopoiesis
6. Metsera
Funding Value: $316.2M
No. of Shares: 17.56M
Price Per Share: $18
IPO Announced Date: Jan 10, 2025
IPO Completion Date: Jan 30, 2025
Founded Year: 2022
Total Employees: N/A
Headquarters: New York, United States
Stock Exchange: NASDAQ
- Metsera is a clinical-stage biopharmaceutical company focused on developing next-generation therapies for obesity and cardiometabolic diseases, with a pipeline of GLP-1 and related metabolic treatments aimed at improving weight management outcomes.
- The company is advancing a portfolio of injectable and oral drug candidates targeting metabolic pathways, with lead programs designed to offer differentiated efficacy and dosing advantages in the rapidly growing obesity treatment market.
- In Nov’25, the company has completed its acquisition of Metsera, strengthening its pipeline in obesity and cardiometabolic diseases
5. Heartflow
Funding Value: $364.2M
No. of Shares: 19.16M
Price Per Share: $19
IPO Announced Date: Jul 17, 2025
IPO Completion Date: Aug 11, 2025
Founded Year: 2007
Total Employees: 700
Headquarters: California, United States
Stock Exchange: NASDAQ
- Heartflow is a medical technology company focused on transforming the diagnosis and management of coronary artery disease using AI-powered, non-invasive cardiac imaging and analytics solutions.
- The company has developed a proprietary platform that creates personalized 3D models of the heart from CT scans, enabling clinicians to assess blood flow, detect blockages, and optimize treatment decisions.
- In Mar’26, Heartflow unveiled new clinical evidence and launched a landmark registry at ACC, advancing its AI-powered plaque analysis to improve early detection and management of coronary artery disease
4. Hinge Health
Funding Value: $437.3M
No. of Shares: 13.66M
Price Per Share: $32
IPO Announced Date: Mar 10, 2025
IPO Completion Date: May 21, 2025
Founded Year: 2012
Total Employees: 1500
Headquarters: California, United States
Stock Exchange: NYSE
- Hinge Health is a digital healthcare company focused on delivering virtual musculoskeletal (MSK) care, providing personalized treatment programs for joint and muscle conditions through a combination of AI-driven software, wearable technology, and clinical support.
- The company offers a comprehensive platform that enables remote physical therapy, chronic pain management, and post-surgical rehabilitation, helping employers and health plans improve outcomes while reducing healthcare costs.
- In Nov’25, Hinge Health reported a study showing its chronic back pain program led to 60% fewer imaging visits at three months compared to traditional physical therapy
3. Lumexa Imaging
Funding Value: $462.5M
No. of Shares: 25M
Price Per Share: $18.5
IPO Announced Date: Nov 11, 2025
IPO Completion Date: Dec 10, 2025
Founded Year: 2018
Total Employees: 4200
Headquarters: North Carolina, United States
Stock Exchange: NASDAQ
- Lumexa Imaging is a healthcare services company focused on providing outpatient diagnostic imaging solutions, operating a national network of imaging centers offering modalities such as MRI, CT, PET, X-ray, ultrasound, and mammography.
- The company delivers accessible, lower-cost imaging services through freestanding centers and joint ventures with health systems, supporting physicians and patients with advanced diagnostic capabilities across multiple US markets.
- In Jan’26, Lumexa Imaging reported opening of nine new centers in 2025, expanding its footprint to 185+ locations across 13 states
2. Caris Life Sciences
Funding Value: $494M
No. of Shares: 23.52M
Price Per Share: $21
IPO Announced Date: May 17, 2025
IPO Completion Date: Jun 17, 2025
Founded Year: 2008
Total Employees: 1900
Headquarters: Texas, United States
Stock Exchange: NASDAQ
- Caris Life Sciences is a precision medicine and diagnostics company focused on advancing oncology care through AI-driven molecular profiling, enabling personalized treatment selection based on tumor biology.
- The company has developed a comprehensive platform integrating genomic sequencing, artificial intelligence, and large-scale molecular data to support clinical decision-making and accelerate drug development in cancer care.
- In Mar’26, Caris Life Sciences and its Precision Oncology Alliance will present six studies at the 2026 AACR Annual Meeting in San Diego
1. Medline Industries
Funding Value: $7204M
No. of Shares: 248.43M
Price Per Share: $29
IPO Announced Date: Oct 28, 2025
IPO Completion Date: Dec 16, 2025
Founded Year: 1966
Total Employees: 45,000
Headquarters: Illinois, United States
Stock Exchange: NASDAQ
- Medline Industries is a leading global healthcare company focused on manufacturing and distributing medical-surgical products, while also providing supply chain solutions to hospitals, physician offices, and other care settings worldwide.
- The company operates a vertically integrated platform spanning product manufacturing, distribution, and logistics services, supporting healthcare providers with a broad portfolio of essential medical supplies and operational solutions.
- In Mar’26, Medline has closed a secondary offering of 86.25M shares at $41 per share, including full exercise of the underwriters’ option, by major selling stockholders
Source:
- DealForma Deals Database
- Company Website
- Google Finance
- OANDA
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