US IPO Weekly Review: Autoimmune biotechnology company Kyverna Therapeutics is up 37% in a week of six IPOs

Last week, six IPOs were priced in, plus two blank-check companies.

A major deal was not completed: Fortegra (TFG) made its $297 million offer above the expected price. The specialty insurer had previously attempted to go public in early 2021, but also scrapped those plans ahead of pricing.

Biotechnology for autoimmune diseases Kyverna Therapeutics (KYTX) price was above the upwardly revised range to collect $319 million at a market cap of $971 million. Its lead candidate is an autologous CD19 CAR T-cell therapy whose underlying CAR has been licensed by the NIH. Kyverna plans to conduct two studies of this candidate in patients with lupus nephritis and has received IND approval for a Phase 1/2 study in systemic sclerosis. It has also received IND approval for Phase 2 trials in myasthenia gravis and multiple sclerosis. Kyverna led the weekly returns, closing up 37%.

American healthcare REIT (AHR) is on the low end and is expected to raise $672 million with a market cap of $1.5 billion. AHR owns a portfolio of 298 healthcare properties, primarily in the United States, and focuses primarily on medical offices, senior housing and other healthcare facilities. The REIT benefits from the aging population and the shift to outpatient care and plans to pay a dividend. It is heavily indebted after the IPO. American Healthcare REIT closed up 9%.

Based in Mexico BBB Foods (TBBB) was valued at the high end of the upwardly revised range to raise $589 million for a market cap of $2.7 billion. The company, which operates under the name Tiendas 3B, is a leader in the grocery hard discount model in Mexico, with 2,288 stores at the end of 2023 and estimated vacant space for at least 12,000 more stores. The company is indebted and high interest expenses have resulted in net losses in the past. BBB Foods closed up 9%.

Perfect moment (PMNT) offered more shares and priced at the low end to raise $6 million at a market cap of $94 million. The company produces luxury ski outerwear and accessories, swimwear and activewear and sells them both D2C and wholesale. The company operates in a growing but highly seasonal industry. Perfect Moment closed down 14%.

Drug developer Telomir Pharmaceuticals (TELO) raised $7 million at a market cap of $215 million. The Company is focused on the development and commercialization of TELOMIR-1, a novel small molecule being developed as an oral in situ therapy for human stem cells. It plans to file an IND in 3Q24 for the treatment of hemochromatosis, an age-related inflammatory disease. Telomir closed down 29%.

Gene editing biotechnology Metagenomi (MGX) was valued at the low end to earn $94 million with a market cap of $563 million. The Company is focused on developing therapies using its proprietary, comprehensive metagenomics-derived genome editing toolbox, which includes programmable nucleases, base editors, and RNA- and DNA-mediated integration systems. Target indications include liver, neuromuscular and other organ areas, although all product candidates are preclinical. Metagenomi was the worst performer, down 31%.

8 IPOs in the week of February 5, 2024
Exhibitor Business	Act Size	Market capitalization and IPOs	Price vs. Focus	First day To return	To return on September 2nd
Kyverna Therapeutics (KYTX)	$319 million	$971 million	22%	+36%	+37%
Phase 1 biotech is developing cell therapies for autoimmune diseases.
American Healthcare REIT (AHR)	$672 million	$1,524 million	-11%	+10%	+9%
Healthcare REIT with 298 properties in the US and UK.
BBB Foods (TBBB)	$589 million	$2,683 million	13%	+9%	+9%
Operates more than 2,200 discount grocery stores in Mexico.
Helix Acquisition II (HLXB)	$160 million	$205 million	0%	+2%	+2%
Blank check healthcare company founded by Cormorant Asset Management.
Legato Merger III (LEGT.U)	$175 million	$225 million	0%	+1%	+1%
Blank check companies for the infrastructure, E&C, industrial and renewable energy sectors.
Perfect Moment (PMNT)	$8 million	$94 million	-8th%	-13%	-14%
Luxury lifestyle brand focused on skiwear and other activewear.
Telomir Pharmaceuticals (TELO)	$7 million	$215 million	0%	-29%	-29%
Preclinical developer of an oral small molecule therapy for hemochromatosis.
Metagenomi (MGX)	$94 million	$563 million	-6%	-31%	-31%
Preclinical biotechnology with metagenomic genome editing.

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6 submissions in the week of February 5, 2024
Exhibitor Business	Act Size	sector	Lead insurer
Invizyne Technologies (IZTC)	$17 million	materials	Public ventures
Development of a bioproduction platform for a variety of chemicals.
JBDI Holdings (JBDI)	$10 million	Industry	Spartan capital
Singapore based supplier of new and refurbished steel and plastic drums.
Wellchange Holdings (WCT)	$9 million	technology	Pacific century
Hong Kong-based provider of tailored software solutions for SMEs.
QQJ (QQJ)	$9 million	technology	Network 1
Chinese online shopping platform connecting suppliers, businesses and consumers.
Black Hawk Acquisition (BKHAU)	$60 million	SPAC	EF Hutton
Blank check company that targets companies with growth potential and defensible market positions.
Vegetable house (VEG)	$5 million	technology	EF Hutton
Operates e-commerce platforms for plant-based consumer products.

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The Renaissance IPO Indices are market capitalization-weighted baskets of newly public companies. As of February 8, 2024, the Renaissance IPO Index was down 3.1% year-to-date, while the S&P 500 was up 4.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index is down 7.9% year-to-date, while the ACWX is down 1.2%. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.