A spotlight on 2025 Q1 healthcare IPOs

In the first quarter of 2025, twelve healthcare companies completed IPOs across biopharmaceuticals, biotech, medical devices and logistics. Pursuing an Initial Public Offering (IPO) is a strategic decision for these companies. The key advantages of going public include the ability to raise capital from public investors, establish a market-driven valuation, enhance corporate visibility and credibility, and provide founders and investors with an opportunity to liquidate holdings while preserving the company’s identity and offerings. It costs millions of dollars to go through the process, making it a big investment that hopefully means big rewards. While IPO counts offer a snapshot of market activity, examining the types of companies going public reveals where innovation thrives—and where capital is flowing next. What does the last quarter’s IPO list tell us about the healthcare market?

Biotech and biopharma reigns

Biotech and biopharma companies make up 58% of the healthcare IPOs in the first quarter of 2025 – a significant majority. The global biotechnology market value is estimated to reach $727.1 billion by 2025, making it a lucrative market to enter. However, there are over 20,000 biotech companies already operating worldwide, and some of the newly IPOed companies are one trick ponies. Sionna Therapeutics, for example, is only developing medications to treat cystic fibrosis. It will be interesting to see how these newcomers to the public market fare against some of the incumbents like Pfizer, Eli Lilly, Merck, Biogen, and Novo Nordisk and if mergers and acquisitions are in their future. 

Digital health takes a small slice of IPOs

Digital health IPOs are fairly rare in comparison with both healthcare companies overall and those in other industries that go public. There are some known success stories, like DexCom, Hims & Hers Health, GoodRx, Amwell, and Teledoc, that have become big names in the digital health community. Two health technology companies made the Q1 2025 IPO list: Kestra Medical Technologies, a wearable medical device and digital healthcare company focused on cardiac health, and Beta Bionics, who make the iLet Bionic Pancreas, an insulin delivery system.

This past quarter also saw the death of a former healthcare IPO, 23andMe, which filed for bankruptcy in March 2025. There’s been a flurry of news coverage around what’s going to happen with the genetic data they collected and multiple outlets are urging users to delete their data before the company’s most valued asset (genetic data) is sold off to the highest bidder. 

Hinge Health filed for an IPO in early March 20, 2025, which raised the optimism of many experts in the industry. However, in just a few weeks after announcing, with the news of Trump tariffs and the associated stock market plummet, it looks like Hinge Health may be delaying their IPO until the conditions are more favorable. 

While IPO activity is the focus of this article, it’s not the only metric to consider when looking at the health of the overall digital health market. Last week, Rock Health released their Q1 2025 market overview, and shared that $3 billion was invested over 122 deals — more dollars than in Q4 of 2024. It’s also important to note that 83% of these deals were across Seed, Series A, and Series B rounds. This indicates that there is a lot of activity and innovation happening at the front of the market. It takes time for those companies to mature;  maybe they will end up as part of an M&A deal, maybe they will IPO in ten years. Only time will tell. 

Take a look at the list of Q1 2025 Healthcare IPOs: 

Q1 2025 Healthcare IPOs

Biotechnology and biopharmaceutics: 

Aardvark Therapeutics (AARD) — IPO: Feb 13, 2025 

About: Aardvark Therapeutics is a clinical-stage biopharmaceutical company developing novel, small-molecule therapies designed to inhibit hunger and treat metabolic diseases.

Advanced Biomed Inc (ADVB) – IPO: March 6, 2025

About: Advanced Biomed Inc., an investment holding company, engages in the research and development of microfluidic biochip technologies and provides them for precision oncology detection, diagnosis, and treatment in Taiwan.

Anbio Biotechnology (NNNN) – IPO: Feb 19, 2025

About: Anbio Biotechnology provides in vitro diagnostics (IVD) products in the European Union, the Asia Pacific, North America, South America, Africa, and internationally. It offers SARS-CoV-2 antigen rapid and SARS-CoV-2/influenza A/B antigen rapid tests; among others. 

Ascentage Pharma Group International (AAPG) – IPO: Jan 24, 2025

About: Ascentage Pharma Group International, a clinical-stage biotechnology company, develops therapies for cancers, chronic hepatitis B virus (HBV), and age-related diseases in Mainland China

Maze Therapeutics (MAZE) – IPO: Jan 31, 2025

About: Maze Therapeutics, Inc., a clinical stage biopharmaceutical company, develops small molecule precision medicines for the treatment of renal, cardiovascular, related metabolic diseases, and obesity in the United States. 

Metsera, Inc (MTSR) – IPO: Jan 31, 2025 

About: Metsera, Inc., a clinical-stage biotechnology company, develops injectable and oral nutrient-stimulated hormone analog peptides to treat obesity, overweight, and related diseases.

Sionna Therapeutics (SION) ) – IPO: Feb 7, 2025 

About: Sionna Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops medicines for the treatment of cystic fibrosis (CF).

Digital Health:

Beta Bionics (BBNX) – IPO: Jan 30, 2025 

About: Beta Bionics, Inc., a commercial-stage medical device company, engages in the design, development, and commercialization of solutions to enhance the health and quality of life of insulin-requiring people with diabetes.

Kestra Medical Technologies (KMTS) – IPO: March 6, 2025 

About: Kestra Medical Technologies is a wearable medical device and digital healthcare company that protects patients with diagnostic and therapeutic technologies that are intuitive, and mobile. They provide intuitive medical technologies to protect and support at-risk patients.

Healthcare Delivery / Logistics 

Basel Medical Group (BMGL) – IPO: Feb 25, 2025 

About: Basel Medical Group Ltd provides healthcare services. The company offers services in the areas of medical specialists, medical supplies and equipment, medical technology, and pharmaceuticals. The company was incorporated in 2023 and is based in Singapore.

Hong Kong Pharma Digital Technology Holdings Limited (HKPD) – IPO: Jan 15, 2025 

Hong Kong Pharma Digital Technology Holdings Limited, an investment holding company, engages in the OTC pharmaceutical business in Hong Kong and Mainland China. It provides OTC pharmaceutical cross-border e-commerce supply chain; and procurement and distribution services. It also offers custom clearance, drugs enlisting, warehouse, and other logistics services.

Wellgistics Health, Inc (WGRX) – IPO: Feb 21, 2025 

About: Wellgistics Health, Inc. operates as a wholesaler and distributor of pharmaceutical products to pharmaceutical manufacturers and independent retail pharmacies in the United States.The company distributes generic and branded pharmaceuticals, as well as over-the-counter healthcare and consumer products. It also offers third-party logistics services that include warehousing, inventory management, pick and pack, and shipping to small and mid-size pharmaceutical manufacturers.

NB: Company descriptions largely come from Stock Analysis for consistency. Some descriptions may be edited for brevity.