在备受期待的 Anthropic 首次公开募股（IPO）引发热议之际，人们容易忽略的是，今年许多潜在的股票首发并非一帆风顺。9 月，Anthropic 的主要竞争对手 OpenAI 排除了 2026 年进行首次公开募股的可能。数据中心公司 Airtrunk、Firmus 和 SB Energy 均已撤回 IPO 申请或推迟上市，理由包括利率上升和市场波动。
With all of the excitement around the highly anticipated Anthropic initial public offering , it might be easy to forget that this year hasn't always been smooth sailing for many prospective stock debuts. In September, OpenAI, Anthropic's chief rival, ruled out a 2026 initial public offering . Data center companies Airtrunk, Firmus and SB Energy have either pulled their IPO filings or delayed their debuts , citing reasons from rising interest rates to market volatility.
智能戒指制造商 Oura、家庭保险公司 Bamboo 和核能企业 Holtec International 也已搁置上市计划，而据彭博社报道，IPO 候选企业 Nscale 面临投资者压力，被要求将估值至少削减 36%。只有一个行业似乎逆势而行：生物技术。自 8 月初以来，共有 16 家公司在美国市场上市，其中 11 家为生物技术公司。总计今年已有 26 家生物技术公司在美国上市，数量超过 2025 年的两倍多，创下 2021 年以来的年度最高纪录。
Smart ring maker Oura , home insurance firm Bamboo and nuclear firm Holtec International have also put plans to go public on hold, while IPO prospect Nscale has been pressured by investors to cut its valuation by at least 36%, according to a Bloomberg report . Only one sector has seemingly bucked the trend: biotechnology. Since the start of August, a total of 16 firms have gone public on U.S. markets, and 11 have been biotech companies. All told, 26 biotech companies have gone public this year in the U.S., more than double 2025's tally and the highest annual count since 2021 .
另有至少四个发行项目在排队中，表明即便投资者在其他领域保持谨慎，该板块的势头仍可能持续。然而，繁忙的 IPO 日程并不保证高回报。《美国消费者新闻与商业频道》（CNBC）对 2020 年生物技术 IPO 批次的复盘发现，仅 16% 的公司实现了正回报，而 44% 的公司股价暴跌 90% 或更多。若投资者在每只股票中购买等额股份，截至周五将亏损逾 25%。
At least four more offerings are in the pipeline, suggesting the sector's momentum could persist even as investors remain cautious elsewhere. However, a busy IPO calendar doesn't guarantee high returns. A CNBC review of the 2020 biotech IPO class found that only 16% of companies have delivered positive returns, while 44% have plunged 90% or more. If investors had purchased an equivalent stake in each stock, they would be down more than 25% as of Friday.
这种反差凸显了权衡当前这波热潮的投资者面临的赌注：生物技术的融资窗口或许敞开，但挑选赢家依然艰难。生物技术的活跃之年Renaissance Capital 投资策略总监 Avery Marquez 表示，大型制药公司并购活动的回升，以及 GLP-1 类药物等热门赛道的出现，推动了生物技术领域活动的增加。
The contrast captures the stakes for investors weighing the current wave: biotech's fundraising window may be open, but picking the winners remains tough. Biotech's active year A pickup in M & A by large pharmaceutical companies and the advent of hot markets, such as GLP-1 drugs, has driven the increased activity in biotech, said Avery Marquez, director of investment strategies at Renaissance Capital.
此外，Marquez 表示，生物技术板块对更广泛的市场逆风具有一定的隔离作用，因为该板块的股价波动往往受公司特定消息的影响，例如临床试验数据或某一特定适应症的进展。生物技术 IPO 还享有一项结构性优势：时间。由于募资规模较小，且投资者兴趣更为专业化，簿记建档和路演流程可能周一启动，周四收盘后定价，这种时间表在其他行业中不常见。提供 IPO 前研究和专注 IPO 的 ETF 的 Renaissance 预计，生物技术板块的新发行项目将在今年剩余时间及 2027 年保持稳定。
Plus, biotech has insulation from broader market headwinds as stock moves in the sector are often influenced by company-specific news like trial data or developments within a specific health indication, Marquez said. Biotech IPOs also enjoy a structural advantage: time. Lower levels of capital sought and more specialized investor interest can lead to a bookbuilding and roadshow process that launches on Monday and ends with a pricing post-close on a Thursday, a timeline not seen in other industries. Renaissance, which provides pre-IPO research and IPO-focused ETFs, expects new issues in the biotech sector to remain steady through the end of the year and into 2027.
2020 年生物技术 IPO 群体 如果 IPO 窗口保持开放，历史将为未来可能发生的情况提供一个令人清醒的指引，并可能为如何成功投资该板块提供参考。2020 年，生物技术 IPO 备受追捧。低利率带来的充裕资金和巨大的市场流动性，加上新冠疫情使医疗健康成为焦点，推动了这一繁荣。虽然 2026 年的上涨似乎是由人工智能推动的医学科学进步和交易活动等因素驱动的，但上一轮牛市仍提供了有趣的见解。
The biotech IPO class of 2020 If the IPO window stays open, history offers a sobering guide to what may come next and may inform how one goes about successfully investing in the sector. In 2020, biotech IPOs were in vogue. Abundant capital driven by low interest rates and massive market liquidity, as well as a spotlight on healthcare due to the Covid-19 pandemic, powered the boom. While 2026's rally appears driven by factors such as advances in medical science through artificial intelligence and dealmaking, the last bull market still gives interesting insights.
CNBC 对该群体进行了考察，纳入了 2020 年在美上市的 75 家生物技术公司，利用四个来源进行追踪，并剔除了在本国市场已有过上市记录的公司。在该群体中，有 17 家公司被收购，但只有 4 家获得了高于各自 IPO 价格的现金收购要约。生物技术公司常通过或有价值权（CVR）被收购，付款取决于临床试验或商业化里程碑，投资者可能被迫等待数年才能看到这些回报。
CNBC's examination of the group included 75 biotech companies that went public in U.S. markets in 2020, using four sources to track them and excluding companies with prior listings in their home markets. In the cohort, 17 companies were acquired, but only four received cash offers above their respective IPO prices. Biotech companies are often bought with contingent value rights that pay out based on trial or commercial milestones, and investors may be forced to wait for years to see these payouts.
好的方面 2020 年 IPO 群体的领头羊是 Revolution Medicines（Revolution Medicines）。该公司于 2020 年 2 月 13 日开始交易，IPO 发行价为 17 美元，募资约 2.73 亿美元，是一家专注于 RAS 蛋白的临床阶段肿瘤学公司。
The good The leader of the 2020 IPO class is Revolution Medicines . The company began trading on Feb. 13, 2020, raising about $273 million at a $17 IPO price, as a clinical-stage oncology company focused on RAS proteins.
该公司通过2023年收购EQRx获得了额外资金，并于2025年获得Royalty Pharma最高20亿美元的承诺，以帮助其产品商业化。8月，该公司的胰腺癌药物Rasonque获得FDA批准。尽管CNBC截至周五计算的回报率约为1，000%，但该公司股价在2025年10月之前大多低于每股50美元。RVMD年初至今走势图 Revolution Medicines年初至今表现 糟糕的一面 不幸的是，争夺“糟糕且丑陋”席位的竞争十分激烈。
It was able to secure additional funding through its acquisition of EQRx in 2023 and received a commitment of up to $2 billion from Royalty Pharma to help commercialize its products in 2025. In August, the company received FDA approval for its drug Rasonque for pancreatic cancer. While CNBC's calculated return as of Friday was about 1,000%, the company mostly traded below $50 a share until October 2025. RVMD YTD mountain Revolution Medicines year to date The bad Unfortunately, the competition for the bad-and-ugly slots is fierce.
计入该公司的反向股票拆分后，LeonaBio自IPO以来已下跌97%。该公司前身为Athira Pharmaceuticals，股票于2020年9月以代码ATHA开始交易。该公司筹集了超过2亿美元，用于启动一种中枢神经系统疾病治疗的2期研究。
LeonaBio is down 97% since its IPO when accounting for the company's reverse stock splits. Formerly known as Athira Pharmaceuticals, the stock began trading in September 2020 under the symbol ATHA. The company raised more than $200 million to help initiate phase 2 studies for a central nervous system disorder treatment.
但在2021年10月，其首席执行官兼总裁琳·卡瓦斯在调查发现她篡改了学术研究中的图像后辞职。随后，在2024年，其主要产品fosgonimeton在阿尔茨海默病的2/3期临床试验终点上失败，这是该公司在2期层面的第三次失败。2025年12月，公司宣布进行企业转型，并将拉索昔芬授权用于治疗转移性乳腺癌。今年1月，公司更名为LeonaBio。
But in October 2021, Leen Kawas, its CEO and president, resigned after an investigation found she had altered images in her academic research. Then, in 2024, its main product fosgonimeton failed its phase 2/3 endpoint for Alzheimer's disease, its third failure at the phase 2 level. In December 2025, the company announced a corporate pivot and licensed lasofoxifene to treat metastatic breast cancer. Its name was changed to LeonaBio in January .
尽管道路坎坷，据伦敦证券交易所集团（LSEG）的数据，仍有四位分析师将其评级为买入。LONA年初至今走势图 LeonaBio年初至今 丑陋的一面 如果说Athira的故事是缓慢衰落，那么Codiak Biosciences则是崩塌。这家处于开发阶段的生物技术公司专注于开创基于外泌体的疗法。它于2020年10月以每股15美元上市，融资8300万美元。
Despite this rocky path, four analysts still rate it a buy, according to LSEG. LONA YTD mountain LeonaBio year to date The ugly If Athira's story is a slow decline, Codiak Biosciences is a collapse. The development-stage biotech was focused on pioneering exosome-based therapeutics. It went public in October 2020 at $15 a share, raising $83 million.
到2022年8月，压力迹象已经显现，Codiak裁员并暂停了其2期项目。致命一击出现在2023年3月，当时它申请了破产保护。
By August 2022 , signs of strain were showing as Codiak laid off employees and paused its phase 2 programs. The death knell came in March 2023, when it filed for bankruptcy protection.
问世不到三年，它便无法满足自身的资金需求。股权投资者一无所获。投资者该如何应对？
Less than three years after its debut, it couldn't meet its financial needs. Equity investors got nothing. How do investors play this?
考虑到这些教训，投资者可以选择通过押注为该行业提供“铲子和镐子”的公司来布局该板块。这些公司随着行业增长而受益，且不与某一种特定药物的成败挂钩。CNBC的哈维·斯托伯在7月强调了生物技术板块条件的改善。截至周二收盘，iShares生物技术ETF（IBB）在2026年上涨了35%，延续了2025年28%的涨幅。斯托伯继续看好IQVIA和丹纳赫。
With these lessons in mind, an investor may opt to play the sector by betting on companies that provide the industry's "picks and shovels." These companies benefit as the industry grows, and aren't tied to the success or failure of one specific drug. CNBC's Harvey Stober highlighted the improving conditions for biotech in July. Through Tuesday's close, the iShares Biotechnology ETF (IBB) is up 35% in 2026, building on a 28% gain in 2025. Stober continues to like IQVIA and Danaher .
Veeva Systems作为生命科学市场基于云的软件领先提供商，可能是押注生物技术繁荣的另一种有吸引力的方式。该公司支持制药、生物技术和医疗器械公司度过医疗产品生命周期的全过程。这包括支持临床、法规和安全职能。如果生物技术扩张导致更多药企获得融资，Veeva将通过提供帮助公司运行和追踪临床试验的关键“管道”而受益。
Veeva Systems , a leading provider of cloud-based software for the life sciences market, may be another attractive way to play a biotech boom. The company supports pharmaceutical, biotechnology and medical device companies through the entirety of a medical product's lifecycle. That includes supporting clinical, regulatory and safety functions. If the biotech expansion leads to more drug companies getting funding, Veeva stands to benefit by providing the crucial plumbing that helps companies run and track their clinical trials.
近期与IQVIA扩大的合作伙伴关系有望帮助拓展Veeva的覆盖面。该公司定于11月5日举办投资者日，投资者将
A recently expanded partnership with IQVIA should help expand Veeva's reach. The company has scheduled an investor day for Nov. 5, and investors will