Biotech IPOs in 2026 are showing broad gains through August, with 18 of 21 companies trading above their IPO prices as of Sept. 1 and 13 up more than 30%, according to BioCentury’s analysis of NASDAQ listings. The performance comes alongside improved liquidity versus 2025, with public biotechs holding two years or less of cash runway dropping to 34% from 56%—a shift that can affect how aggressively companies pursue financings, partnerships, and clinical milestones. Still, the broader capital market remains selective, with investors favoring differentiated assets and more complex deal structures as cash and risk sensitivity remain elevated across the sector.