Biotech IPOs Kick Off 2025: Ascentage Pharma Raises $126M, Aardvark Therapeutics Files for IPO

Ascentage Pharma IPO:
Ascentage Pharma, a China-based biotech company, raised $126 million in its US initial public offering (IPO), marking the first biotech IPO of 2025. The company sold 7,325,000 American Depositary shares at $17.25 each and began trading on the Nasdaq under the ticker symbol “AAPG”14.

Use of Funds:
The funds will primarily support the development of Ascentage’s cancer drug pipeline, including its lead candidate olverembatinib for the treatment of chronic myeloid leukemia (CML)1.

Aardvark Therapeutics IPO Filing:
Aardvark Therapeutics, a San Diego-based biotech company focused on obesity treatments, filed for an IPO to advance its lead candidate ARD-101, which targets hyperphagia through an alternate route in the gut, avoiding the GLP-1 pathway5.

Industry Outlook:
The biotech IPO market is expected to see increased activity in 2025, with a Jefferies survey indicating that 64% of respondents anticipate a stronger IPO market this year1.

Aardvark’s Unique Approach:
Aardvark’s ARD-101 works by antagonizing bitter taste receptor proteins in the gut lumen, which stimulates the body’s release of GLP-1, GLP-2, and the satiety hormone cholecystokinin to reduce hunger feelings5.

Sources:

1. https://www.pharmaceutical-technology.com/news/ascentage-pharma-raises-126m-in-first-biotech-ipo-of-2025/

4. https://www.globenewswire.com/news-release/2025/01/23/3014671/0/en/Ascentage-Pharma-Announces-Pricing-of-U-S-Initial-Public-Offering.html

5. https://www.biospace.com/business/obesity-focused-aardvark-therapeutics-files-ipo-to-advance-lead-candidate