Bicara Therapeutics, Zenas BioPharma and MBX Biosciences all priced initial public offerings Thursday in the busiest week for biotech stock sales since February.

Bicara Therapeutics said on Friday it is seeking a valuation of up to $828 million in its initial public offering in the United States, as new listings continue to flock the markets.

Bicara Therapeutics and Zenas Biopharma have provided fresh impetus to the IPO market with filings that illustrate what newly public biotechs may look like in the back half of 2024.

Bicara raised $108m in March on the back of encouraging early data on BCA101, a bispecific antibody that hits both EGFR and TGF-beta. With strong responses now confirmed in head and neck cancer, and a registrational trial potentially on the horizon, the group is already thinking about its next financing.

$100 million for Rapport Therapeutics. $112 million for Noema Pharma. $108 million for Bicara Therapeutics. The megaround has come roaring back in the past few weeks, but is biotech really healing?