Biotech IPOs: Abivax and Lexeo debut on Nasdaq, Apnimed delays listing

Biotech IPOs: Abivax and Lexeo debut on Nasdaq, Apnimed delays listing

AbiVax and Lexeo Therapeutics have recently made their debut in the world of initial public offerings (IPOs), marking the commencement of a potentially bustling fall filing season. Both companies unveiled their IPO plans late last Friday, although they didn’t specify the fundraising targets they aim to achieve.

Lexeo Therapeutics is a clinical-stage gene therapy developer, with a leading candidate designed to address Friedreich’s ataxia currently undergoing phase 1/2 clinical trials. In a noteworthy revelation within their filing, Lexeo hinted at promising early results, indicating an increase in the production of the frataxin protein in one patient, a deficiency typically associated with this condition. More comprehensive data is anticipated to emerge in mid-2024. 

Furthermore, the company is actively advancing a phase 1/2 Alzheimer’s treatment, expecting to wrap up trial enrollment by year-end and providing initial data by the latter half of 2024. Lexeo’s strides have received an extra boost in August through a strategic investment from Sarepta, which is aimed at bolstering their cardiovascular gene therapy endeavors. Their first cardiovascular therapy, LEX2020, recently obtained FDA clearance to initiate its initial clinical trial, set to commence early next year. As of the end of June, Lexeo reported a healthy cash reserve of $45.5 million.

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On the other hand, AbiVax’s focus revolves around immunology, particularly their investigational medication, obefazimod. This compound is currently undergoing a phase 3 trial for patients grappling with ulcerative colitis, while a phase 2 study, targeting Crohn’s disease patients, is slated for the first quarter of the upcoming year. Although obefazimod and its related indications encompass AbiVax’s entire pipeline, the company anticipates selecting a new preclinical candidate in the coming year. Notably, AbiVax, already listed in France, disclosed an impressive cash reserve of approximately $120 million, a financial strength that underscores their commitment to navigating the journey of obefazimod through the FDA’s regulatory process and beyond.

Also read: UK Biotech Sector Thrives With Record Venture Capital Funding In Q2

As Lexeo and AbiVax make their public debut, another biotech player, Apnimed, remains undecided about venturing into the IPO arena. Apnimed is actively engaged in the development of a small molecule aimed at treating sleep apnea. Earlier in 2023, the company successfully raised nearly $80 million in a series C extension round, earmarked for supporting two phase 3 trials. Apnimed’s CEO, Dr. Larry Miller, recently shared in an interview that the company’s financial position for 2024 is secure, but there may be some fiscal challenges on the horizon in 2025. Dr. Miller added that the board has yet to reach a consensus on whether to pursue additional fundraising through a public or private route, emphasizing the inherent unpredictability of timing when it comes to public markets.

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