Investors are piling into biotech IPOs, but the track record of previous years' new issues shows how hard it is to pick winners.
Several key data readouts slated for the first quarter remain unannounced, from Roche, Lilly, Axsome and others, but the Covid-19 pandemic puts many at risk of delay.
Iterum should soon find out if it has an approvable asset in the antibiotic sulopenem, but even if the group succeeds it still has a hard road ahead.
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.
The trend for VCs to pile in to bigger, later rounds might just be weakening.