Sionna Therapeutics Raises $191M in Upsized IPO, Aardvark Therapeutics Aims for $100M Listing
Sionna Therapeutics raised $191 million in an upsized IPO, selling 10.6 million shares at $18 each18.
Sionna's IPO was initially planned for $135.3 million but was increased to $191 million due to strong demand1.
Sionna is focused on developing cystic fibrosis treatments targeting the CFTR protein's nucleotide-binding domain 1 (NBD1)3.
Aardvark Therapeutics is aiming for a $100 million IPO, offering 5.9 million shares priced between $16 and $1812.
Aardvark's lead candidate, ARD-101, is entering Phase 3 trials for hyperphagia associated with Prader-Willi Syndrome25.
Aardvark's IPO is expected to price during the week of February 10, 20252.
Both IPOs are part of a continuing trend of biotech companies going public in 20253.
Sionna's IPO is the second-largest biotech IPO raise in 2025 so far3.
Aardvark's pipeline focuses on novel small molecule therapies for metabolic diseases2.
The biotech IPO market remains active, with other companies like Aurion Biotech and Odyssey Therapeutics also planning public offerings3.
Sources:
1. https://www.fiercebiotech.com/biotech/cf-focused-sionna-goes-public-135m-ipo-while-aardvark-plots-103m-listing
2. https://www.renaissancecapital.com/IPO-Center/News/109217/Metabolic-disease-biotech-Aardvark-Therapeutics-sets-terms-for-$100-million
3. https://xrphmagazine.ai/biotech-ipos-keep-momentum-in-2025/
5. https://seekingalpha.com/article/4754373-aardvark-therapeutics-starts-100-million-ipo-effort-for-hunger-treatments
8. https://endpts.com/sionna-inks-191m-ipo-for-cystic-fibrosis-pipeline-as-aardvark-eyes-89m-for-its-own-listing/