In an encouraging sign that the equity capital markets may be improving for biotechnology companies, Bicara Therapeutics Inc. and Zenas Biopharma, Inc. filed S-1 registration statements yesterday, signaling their intention to complete initial public offerings. Both underwriting syndicates are being led by Morgan Stanley. If successful, they would be the third and fourth Massachusetts biotech IPOs in 2024.
The public S-1 filings follow prior confidential S-1 submissions and kick off a 15-day period that must precede any IPO roadshow under SEC rules. In addition to potentially improving market conditions, the companies are poised to capitalize on the anticipated interest rate cut by the Federal Reserve Board, which is scheduled to meet on September 17-18. Subsequent public filings will provide clarity on the size and pricing of the offerings.
Bicara is a clinical-stage biopharmaceutical company focused on bifunctional therapies for patients with solid tumors, with a bifunctional antibody lead product candidate initially being developed to treat head and neck squamous cell carcinoma. Existing investors include RA Capital, Red Tree Venture Capital, Invus and TPG. Bicara plans to list on Nasdaq under the symbol “BCAX,” and its underwriting syndicate currently consists of Morgan Stanley, TD Cowen, Cantor and Stifel.
Zenas is a clinical-stage biopharmaceutical company focused on immunology and inflammation, with a bifunctional monoclonal antibody lead product candidate being developed to treat four autoimmune disease indications, including immunoglobulin G4-related disease, multiple sclerosis, systemic lupus erythematosus and warm autoimmune hemolytic anemia. Existing investors include Longitude Capital, BioVentures, Fairmount Funds, New Enterprise Associates and Bristol-Myers Squibb. Zenas plans to list on Nasdaq under “ZBIO,” and its underwriting syndicate currently consists of Morgan Stanley, Jefferies, Citigroup and Guggenheim Securities.
