AgomAb Therapeutics NV has set terms for its initial public offering, positioning the fibrosis-focused biotech to access the public markets as IPO activity selectively reopens in early 2026. The company plans to offer 12.5 million ADSs at a proposed price range of $15.00 to $17.00 per share, raising approximately $200 million in gross proceeds at the $16.00 midpoint, before underwriting expenses. At the midpoint, AgomAb would have an implied equity value of approximately $780 million, based on roughly 48.7 million shares outstanding following the offering. The shares are expected to list on Nasdaq under the ticker AGMB, with the offering led by J.P. Morgan, Morgan Stanley, Leerink Partners, and Van Lanschot Kempen as joint book-running managers.
AgomAb is a clinical-stage biotechnology company focused on developing targeted therapies for fibrotic diseases, with an emphasis on locally acting inhibition of transforming growth factor beta (TGF-β). The company’s approach is designed to address fibrosis while avoiding the systemic safety concerns that have historically limited the therapeutic potential of TGF-β inhibition. By localizing drug activity to affected tissues, AgomAb aims to improve both efficacy and tolerability across chronic fibrotic conditions with significant unmet medical need.
The company’s pipeline is led by ontunisertib (AGMB-129), an oral, gastrointestinal-restricted TGF-β inhibitor being developed for fibrostenosing Crohn’s disease. AgomAb has reported encouraging Phase 2a clinical data and is advancing the program toward later-stage development, targeting a patient population with limited treatment options and few approved therapies. In parallel, the company is developing AGMB-447, an inhaled TGF-β inhibitor for idiopathic pulmonary fibrosis, which is currently in early-stage clinical testing. Together, these programs reflect a strategy centered on organ-restricted delivery to treat fibrosis while mitigating systemic exposure.
Financially, AgomAb remains a pre-revenue company, consistent with its stage of development. For the nine months ended September 30, 2025, the company reported approximately $38 million in research and development expenses and a net loss of roughly $49 million, reflecting increased investment in clinical advancement and pipeline expansion. Total operating expenses have risen as programs progress, driven primarily by higher R&D spending, while general and administrative costs have increased more modestly. As is typical for clinical-stage biotechnology companies, AgomAb’s losses reflect deliberate investment in development rather than commercial operations. (U.S. dollar figures converted from IFRS-reported euros and rounded for presentation purposes.)
In the public markets, AgomAb is most comparable to clinical-stage biotechnology companies focused on fibrosis and inflammatory diseases, where valuation is driven less by current revenue and more by pipeline maturity, clinical data, and anticipated milestones. Peers in this space are typically evaluated based on enterprise value relative to development stage and cash runway rather than traditional earnings or revenue multiples. At an implied market capitalization of approximately $780 million, AgomAb enters the public markets within the range of similarly staged fibrosis-focused biotechs, positioning the company as a mid-cap development-stage issuer with multiple clinical programs targeting large, underserved indications.
As AgomAb approaches its public debut, investor attention is likely to center on the durability of its localized TGF-β inhibition strategy, the pace of clinical execution across its lead programs, and upcoming data readouts that could materially shape the company’s development trajectory. With a differentiated scientific approach, exposure to sizable fibrosis markets, and a balance sheet expected to be strengthened by IPO proceeds, AgomAb enters the public markets positioned for its next phase of clinical progress.
AgomAb is scheduled to trade publicly for the first time on Friday, February 7th, 2026.