Immunology biotech Agomab Therapeutics and ocular specialist SpyGlass Pharma announced intentions to pursue initial public offerings, signaling renewed IPO activity in biotech. Both companies cited late‑stage programs and commercial milestones as drivers for public market entry. Agomab is positioned in immunology while SpyGlass focuses on retina therapies; the filings come as investors benchmark valuations against recent M&A and late‑stage readouts. The announcements follow a quieter M&A environment at recent conferences but reflect growing confidence that capital markets are opening for differentiated biotechs. Successful IPOs will depend on clinical readouts, regulatory clarity, and investor appetite for specialized therapeutic platforms in 2026.