The February initial public offering (IPO) market worked to shake off January's slowness amid broader market volatility with two biotechs debuts last week. The week ahead is slated to bring that same level of activity with two listings planned at this time.
In the week's largest listing, Arcellx, Inc. (NASDAQ: ACLX) raised nearly $124 million after pricing its shares at the low end of its offering range. The cancer-focused biotech's sole clinical-stage candidate, CART-ddBCMA, is expected to begin a Phase 2 trial later this year. The stock ended the week up 12%.
Joining Arcellx, Nuvectis Pharma, Inc. (NASDAQ: NVCT) raised $16 million after pricing its shares at the low end of its downwardly revised range. This cancer-focused biotech is developing two candidates. Its lad candidate started a Phase 1 trial for advanced solid tumors back in December, and its other candidate is currently in preclinical development. The stock finished the week down 35%.
Here's what the week ahead has planned:
Cariloha, Inc. (NASDAQ: ALOHA) plans to raise more than $37 million from 23 million shares priced between $12 to $14 each. The company describes itself as an eco-friendly alternative to traditional fabrics, offering bamboo-based products. Cariloha largely reaches customers through partnerships with cruise lines.
HeartCore Enterprises, Inc. (NASDAQ: HTCR) plans to raise more than $20 million from 3 million shares priced between $4 to $6 each. The Japan-based software developer offers products through two business units: customer experience management and digital transformation. The company had 819 total customers domestically and 23 total customers outside Japan as of Sept. 20.