US IPO Pipeline SEC S-1 Filings — March 27, 2026

27-03-2026

Kailera Therapeutics, Inc., a clinical-stage biotechnology company incorporated in May 2024, filed an S-1 registration statement for its initial public offering on March 27, 2026, with plans to use proceeds to fund development of ribupatide, oral ribupatide, KAI-7535, and other R&D including KAI-4729. Net losses narrowed 32% to $148.955 million for the year ended December 31, 2025 from $219.713 million for the period from inception to December 31, 2024, bolstered by a strong balance sheet with $160.267 million in cash and $385.789 million in marketable securities; however, R&D expenses surged over 15x to $109.113 million and G&A expenses increased over 5x to $49.227 million, with no revenue generated to date. The company has approximately 84.6 million shares outstanding post-conversion of preferred stock and faces high risks typical of early-stage biotechs with limited operating history.

• ·13,470,409 shares of common stock issuable upon exercise of outstanding stock options under 2024 Plan as of Dec 31, 2025 at weighted average exercise price of $6.20 per share
• ·1,572,649 shares of common stock issuable upon exercise of outstanding options under 2024 Plan subsequent to Dec 31, 2025 at weighted average exercise price of $10.65 per share
• ·Originally incorporated as Hercules CM Newco, Inc. on May 8, 2024; name changed to Kailera Therapeutics, Inc. on Aug 22, 2024
• ·Proposed Nasdaq symbol: KLRA
• ·Underwriters' option to purchase up to additional shares within 30 days of prospectus

27-03-2026

Allegiant Travel Company entered into a Merger Agreement on January 11, 2026, to acquire Sun Country Airlines in a stock-and-cash transaction, with each Sun Country share converting to $4.10 cash and 0.1557 shares of Allegiant stock; pro forma combined results for 2025 show total operating revenues of $3,738,443 thousand and operating income of $81,158 thousand, reflecting revenue growth from combined historical figures of $2,606,579 thousand (Allegiant) and $1,127,346 thousand (Sun Country). However, pro forma net loss widened slightly to $(42,620) thousand from Allegiant's historical $(44,697) thousand despite Sun Country's $52,809 thousand profit, driven by transaction adjustments and higher interest expense. The pro forma balance sheet as of December 31, 2025, reflects combined total assets of $5,836,518 thousand, up significantly from Allegiant's $4,209,401 thousand.

• ·Sun Country Warrant to Amazon Holder exercisable at $15.17 per share for up to 9,482,606 shares, to be exercised net issuance basis prior to closing.
• ·Change-in-control payments include $5.7M vested retention bonuses at closing, $4.0M retention 90 days post-closing, $0.3M pro-rated incentives within 30 days, and $2.2M dispatcher bonuses two years post-closing subject to milestones.
• ·All Sun Country equity awards convert to Allegiant equivalents based on 0.1557 Merger Exchange Ratio; PRSU awards at 125% performance factor become time-based.
• ·Pro forma EPS basic and diluted: $(1.58); shares used basic 27,015 thousand, diluted 27,015 thousand.
• ·Accounting policy differences noted in maintenance recognition and investment classification.

27-03-2026

Collective Acquisition Corp. II, a blank check company, filed an S-1 registration statement on March 27, 2026, for an initial public offering of 22,000,000 units, each consisting of one Class A ordinary share and one-third of one warrant. The sponsor purchased 8,433,333 Class B founder shares for $25,000, representing approximately 24.9% ownership post-offering (assuming no over-allotment exercise). Warrants are exercisable at $11.50 per share starting 30 days after a business combination, with no current operations or revenues reported.

• ·Warrants redeemable at $0.01 each if Class A share price >= $18.00 for 20 trading days in 30-day period post-business combination.
• ·Separate trading of shares and warrants prohibited until Form 8-K filed with audited balance sheet post-closing.
• ·Founder shares purchased at $0.003 per share; convertible to Class A on one-for-one basis post-business combination.
• ·Over-allotment option may result in up to 1,100,000 founder shares surrendered.
• ·Exercise period: 5 years post-business combination; cashless exercise possible under certain conditions.

27-03-2026

Alamar Biosciences, Inc. filed an S-1 registration statement on March 27, 2026, for an initial public offering on Nasdaq under the symbol 'ALMR', with financials showing strong revenue growth from $25.1M in 2024 to $74.2M in 2025 (195% YoY), driven by product revenue surging 249% to $58.4M and gross profit expanding 385% to $41.7M. However, operating expenses increased 26% to $73.0M, largely from SG&A doubling to $35.6M while R&D dipped slightly by 4% to $37.5M, resulting in a reduced net loss of $29.8M from $47.1M YoY but ongoing unprofitability. The company held $30.0M in cash as of December 31, 2025, with $56.5M convertible notes issued in January 2026.

• ·Stock-based compensation expense increased to $2.9M in 2025 from $0.9M in 2024.
• ·Total assets $140.0M and stockholders' deficit $(158.9M) as of Dec 31, 2025.
• ·Net loss per share, basic, improved to $(1.07) in 2025 from $(1.82) in 2024.
• ·Weighted-average exercise price for 2018 Plan options: $1.32 per share as of Dec 31, 2025.
• ·Weighted-average exercise price for warrants: $1.47 per share as of Dec 31, 2025.
• ·Series C Warrant exercise price: $2.9775 per share.
• ·Phantom Plan weighted-average exercise price: $1.79 per share.

27-03-2026

WaterBridge Infrastructure LLC, a Delaware LLC operating the largest integrated produced water infrastructure network in the US primarily in the Delaware Basin, filed a Form S-1 registration statement on March 27, 2026, to register up to 83,250,000 Class A shares for resale by selling shareholders, including 76,440,150 shares issuable upon redemption of OpCo Units and cancellation of Class B shares. The company, which completed its IPO on September 18, 2025 following formation on April 11, 2025, is a controlled company with Five Point Infrastructure LLC owning 58,682,925 OpCo Units, 58,682,925 Class B shares, and 3,411,735 Class A shares, representing approximately 50.3% of combined voting power as of March 20, 2026. Class A shares (NYSE/NYSE Texas: WBI) had a last reported sales price of $26.62 on March 26, 2026, with 123,456,209 Class A shares to be outstanding upon full offering.

• ·Company formed on April 11, 2025; IPO closed September 18, 2025.
• ·Principal executive offices: 5555 San Felipe Street, Suite 1200, Houston, Texas 77056; phone (713) 230-8864.
• ·SIC Code: 1389; EIN: 33-4546086.
• ·Controlled company status exempts from certain NYSE/NYSE Texas governance requirements; ceases if Five Point ownership falls below 40% or initial shareholders below 50%.
• ·Website: www.wbinfra.com.

27-03-2026

FibroBiologics, Inc., a clinical-stage biotechnology company developing fibroblast-based therapies including CYWC628, CYPS317, CYMS101, and CybroCellTM for chronic diseases, filed an S-1 registration statement for a public offering of up to 1,136,363 shares of common stock (or pre-funded warrants) at an assumed $4.40 per share combined price with accompanying warrants, potentially increasing outstanding shares from 3,512,845 to 4,649,208. The company recently implemented a 1-for-20 reverse stock split effective March 30, 2026, reducing shares from 70,256,883 to approximately 3,512,845 to address Nasdaq Bid-Price Rule non-compliance, with a compliance deadline of April 13, 2026, and remains under Mandatory Panel Monitor until March 9, 2027, facing potential delisting risks. As an Emerging Growth Company and Smaller Reporting Company, it benefits from reduced reporting requirements but highlights ongoing listing challenges.

• ·Company formed April 2021 as Texas LLC, converted to Delaware corporation December 2021, name changed April 12, 2023.
• ·Stockholders approved reverse split ratios 1-for-5 to 1-for-30 on February 20, 2026; board selected 1-for-20 on March 25, 2026.
• ·Nasdaq notifications: Bid-Price Rule July 1, 2025 (180 days to Dec 29, 2025); MVLS August 4, 2025 (to Feb 2, 2026); Panel decision March 9, 2026 granting Bid-Price extension to April 13, 2026.
• ·Emerging Growth Company status until earliest of Dec 31, 2028 or revenue/debt/market value thresholds.
• ·Warrants exercisable for 5 years from issuance or stockholder approval; Placement Agent Warrants exercisable at $5.50/share.

27-03-2026

VivoSim Labs, Inc., a Delaware-incorporated life sciences company formerly known as Organovo Holdings, Inc., filed an S-1 registration statement on March 27, 2026, for a best-efforts offering of common stock and warrants priced at $1.69 per share (last reported Nasdaq sale price on March 26, 2026), with no minimum proceeds required. The company reported net losses of $2.7 million for the three months ended December 31, 2025, and an accumulated deficit of $350.2 million through that date, with cash on hand insufficient beyond July 2026 and auditor's going concern doubt for FY ended March 31, 2025. Potential $3.4 million net proceeds could extend runway into 2027, but risks include substantial dilution of $0.36 per share, cashless warrant exercises causing further dilution, and difficulty raising additional $5.0 million needed through end of 2027.

• ·Fiscal year end: March 31
• ·Current cash runway: beyond July 2026 without offering proceeds
• ·Auditor's report for FY ended March 31, 2025 includes going concern explanatory language
• ·Best-efforts offering with no minimum amount or escrow; proceeds immediately available
• ·Common warrants exercisable for 5 years at $[blank] per share; cashless exercise likely
• ·Business address: 11555 Sorrento Valley Road, Suite 100, San Diego, CA 92121; Phone: 858-224-1000

27-03-2026

Yesway, Inc., a convenience store operator, filed an S-1 registration statement for its IPO on March 27, 2026, including preliminary estimated financial results for the three months ended March 31, 2026, compared to actual Q1 2025 results. In Q1 2025, the company reported fuel sales of $400.2M (gross profit $48.2M at 35.9 cpg margin), inside merchandise sales of $195.1M (gross profit $66.6M at 34.2% margin), positive Adjusted EBITDA of $27.8M, and Store Contribution of $43.2M; however, it recorded a net loss of $5.6M and same-store metrics indicate fuel gallons sold declined 1.9% YoY while inside merchandise sales grew a flat 0.4% YoY for Q1 2026.

• ·Depreciation, amortization, and accretion: $15.5M for Q1 2025
• ·Interest expense, net: $14.5M for Q1 2025
• ·Total acquisition, financing, and integration costs: $2.8M for Q1 2025
• ·Total overhead expenses: $15.4M for Q1 2025
• ·Change in fair value of derivative liability: $1.3M for Q1 2025
• ·(Gain) loss on disposal of assets: ($0.7)M for Q1 2025
• ·Yesway, Inc. formed on April 23, 2021

27-03-2026

Avalanche Treasury Corporation filed an S-4 registration statement for a business combination involving the domestication and merger of Mountain Lake Acquisition Corp (MLAC) into Pubco and the merger of Avalanche Treasury Company LLC into a subsidiary, resulting in Pubco becoming publicly traded with 55,468,670 shares of Class A common stock and 5,805,638 shares of Class B common stock offered via prospectus. The transaction includes a $216 million Company Unit Subscription private placement at $10.00 per unit, funded in cash, USDC, or AVAX. Amendments added 4,000,000 shares to Astral Horizon L.P. for advisory services, with no financial performance metrics reported.

• ·Business Combination Agreement originally dated October 1, 2025, with First Amendment on January 13, 2026 and Second Amendment on March 17, 2026.
• ·Extraordinary general meeting for MLAC shareholders scheduled for 2026 (date/time/venue TBD).
• ·Company Units priced at $10.00 per unit; funding in cash/USDC within 3 business days or AVAX as soon as possible.

27-03-2026

Ideal Power Inc. filed a Form S-1 registration statement with the SEC on March 27, 2026, as part of a prospectus for the issuance and distribution of securities, with estimated total expenses of $52,276 borne by the registrant. The filing incorporates by reference the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, a Form 8-K from February 23, 2026, and the description of its common stock from Form 8-A filed in 2013. It discloses a recent unregistered sale of Pre-Funded Warrants to purchase 631,332 shares of common stock at $0.001 per share, generating approximately $1.7 million in gross proceeds, which closed on February 25, 2026.

• ·Pre-Funded Warrants issued on February 23, 2026, have an exercise price of $0.001 per share and expire when exercised in full.
• ·Company address: 5508 Highway 290 West, Suite 120, Austin, Texas, 78735; Phone: (512) 264-1542.