Agomab Therapeutics, headquartered in Belgium and focused on therapies for immune and inflammatory disorders, said it is pursuing a U.S. initial public offering that could place the company at a valuation of up to $828.5 million.
The offering would consist of 12.5 million American Depositary Shares, or ADSs, proposed to be sold in a price range of $15 to $17 per ADS, with maximum proceeds of $212.5 million if the shares are sold at the top of that range.
Agomab is advancing treatments aimed at chronic fibrotic conditions, with an initial focus on fibrostenosing Crohn's disease. Its lead clinical candidate is ontunisertib, also referred to as AGMB-129, described by the company as an oral, gut-restricted ALK5 inhibitor being developed specifically for fibrostenosing Crohn's disease. That form of Crohn's is characterized in the company's filing as a severe manifestation where inflammation-driven strictures frequently result in the need for surgical intervention.
The company reported a net loss of 45.1 million euros, roughly $54 million using the stated conversion rate, for the nine months ended September 30, 2025. That compares with a net loss of 34.5 million euros for the same period a year earlier, as disclosed in its financial statements.
Agomab intends to list its ADSs on the Nasdaq stock market under the ticker symbol "AGMB." The underwriting syndicate named in the filing includes J.P. Morgan, Morgan Stanley, Leerink Partners and Van Lanschot Kempen.
Market activity for U.S. offerings has accelerated recently, the company noted, with filings from other biopharmaceutical firms such as Eikon Therapeutics and Veradermics earlier in the month. Agomab cited generally stable market conditions and a backlog of transactions built up after an extended October shutdown as factors that have helped speed the pace of new IPOs.
Currency conversion used in the filing was ($1 = 0.8356 euros).