Biotech crossover rounds projected to exceed $4.2 billion in 2026, supporting IPO pipeline

PitchBook forecasts that biotech crossover rounds could surpass $4.22 billion across roughly 28 rounds in 2026.

The surge follows a market bottom after COVID and a rise in investor confidence, with crossover financings spiking in the fourth quarter of 2025.

So far 20 biotech IPOs have taken place this year, more than double the eight recorded in 2025, indicating a robust pipeline.

Analysts say the continued activity suggests investors expect the IPO window to remain open, even as M&A activity returns to the sector.