The win Restorbio is claiming in a mid-stage study is by no means clear-cut.
Nine IPOs have got away so far this year, and one of them is very big indeed.
Biotech IPOs raised a huge $2.3bn on Western exchanges in the second-quarter of 2018, as private companies rushed to market ahead of the summer lull.
A golden age for biotech flotations yielded some spectacular blow-ups, but also saw several groups reward investors with premium-priced takeovers.
Biotech IPOs record another strong quarter, setting the pace for a bumper year of new issues.