The April IPO market is expected to close out with two healthcare micro-caps, though other small deals and SPACs may join the calendar during the week.
Biotech Belite Bio (BLTE) plans to raise $36 million at a $145 million market cap. Belite is developing novel therapies for untreatable eye diseases involving retinal degeneration, as well as metabolic diseases. Its lead candidate is being developed for autosomal recessive Stargardt disease and is currently in a Phase 2 trial in Australia and Taiwan.
Surgical implant maker Tenon Medical (TNON) plans to raise $20 million at a $60 million market cap. Tenon is preparing a national commercial launch for its proprietary, FDA cleared surgical implant system for sacroiliac joint fixation and fusion surgery. The company has not generated significant revenues to date.
Holdover Austin Gold (AUST) may also price in the week ahead, with plans to raise $13 million at a $52 million market cap. The company has interests in four properties throughout Nevada, only one of which it considers to be material at this time.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/21/2022, the Renaissance IPO Index was down 35.0% year-to-date, while the S&P 500 was down 7.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Crowdstrike Holdings (CRWD). The Renaissance International IPO Index was down 26.5% year-to-date, while the ACWX was down 8.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.