Four phases to public listing success in a challenging market environment

As companies navigate a route to public markets in late 2025, the IPO landscape in the biotechnology and life-sciences sector is showing signs of life – but under very different conditions than the boom years of 2020–2022.

After several years of subdued issuance, the broader IPO market started to reaccelerate in the third quarter of 2025. However, for biotech specifically, investor interest remains cautious and selective. Companies with solid clinical data, experienced management, and realistic valuations are succeeding, while others face a tougher journey.

In this environment, IPO readiness requires more than just regulatory compliance. It demands early preparation, strategic communications, and a disciplined narrative. This white paper outlines a modern roadmap for IPO preparedness, highlighting the importance of integrated IR/PR strategy, regulatory alignment, and stakeholder engagement across four key phases of the IPO process.

Phase 1: Preparation – Building the Foundation

A successful IPO starts well before the first filing. Companies must assemble a cross-functional team, including executive leadership, legal counsel, investment bankers, accountants, and advisors for investor relations and public relations. Readiness today can also involve data analysis and AI tools to track investor sentiment and help shape how the company’s story is perceived.

During this phase, as you draft the S-1 registration statement, select underwriters, and finalize financials, it’s essential to create a comprehensive communications roadmap. This plan should define corporate milestones, prioritize target audiences, and establish tone, style, and channels for outreach. It should also align with evolving SEC disclosure expectations, including those related to climate and cybersecurity reporting.

An experienced IR and PR firm plays a vital role in shaping your company’s story across all channels – from investor presentations to the corporate website – ensuring consistency and lasting impact. They can help build relationships with financial journalists and industry influencers, positioning the company for greater visibility and trust before the official registration process.

This is also the time to consider holding a Research & Development or Investor Day before an eventual IPO. This can help turn your science and discovery innovations into a compelling story for your key audiences, including institutional investors, analysts, and retail shareholders. Key opinion leaders, patient advocacy organizations, and physician groups also play an important role in shaping market understanding of your company and are key audiences for such events. Building familiarity early across these communities creates a foundation for credibility when the IPO roadshow begins.

(Dig deeper – Discover how an R&D Day can boost your company’s visibility with key stakeholders)

Digital communication is a crucial component of this foundation. Platforms like LinkedIn and X provide opportunities to tell the company’s story consistently (persistently) and transparently. The goal is not to prematurely promote the IPO, but to develop a clear and authentic narrative around the business, its leadership, and its purpose.

And finally, message training should be viewed as a strategic investment. Rehearsed Q&A sessions and presentation drills help leadership convey their messages with confidence and accuracy. By the time the S-1 is filed, the team should be able to deliver a compelling, compliant, and credible story that can withstand the close scrutiny of investors, analysts, and regulators.

 

 

Phase 2: Registration – Navigating the Quiet Period

Once the S-1 is filed, your company enters the registration, or ‘quiet’ phase. This period is governed by strict SEC regulations aimed at preventing ‘gun-jumping’ and ensuring that no investor receives preferential treatment or access to non-public information. All of your communications must be tightly controlled and consistent with what’s disclosed in the public filing.

External Communications: Staying Within the Lines

The guiding principle during this phase is simple: you can only speak from the public record. External statements must be limited to the information contained in the filed S-1. You should avoid making announcements, advertising, or launching new campaigns that could be perceived as attempts to promote the stock.

Normal business communications with customers, suppliers, or partners can continue, provided they are consistent with prior practices. This “normal course of business” communication is vital to maintaining your presence in the market and is an important reason to work with your IR and PR counsel in the months before the registration period to establish “precedent” for this type of communications. Importantly, during the registration period, messages must remain factual and avoid any mention of the IPO itself.

(Dig Deeper – Discover the value of “Normal Course of Business” communications during the IPO Quiet Period)

Media inquiries will also require discipline. All questions about your company’s prospects, financials, or IPO plans should be directed to an authorized spokesperson trained to provide a neutral, compliant response, or to refer the reporter to the S-1 filing.

And digital content must be carefully monitored. Your websites, blogs, and social media channels should be reviewed to ensure alignment with the registration statement. Any new materials should be cleared by legal counsel before release.

Preparing for the Roadshow

As the registration phase progresses, the focus shifts toward the investor roadshow. This stage involves refining your company’s story for institutional investors and analysts. Every slide, statement, and talking point must align precisely with the S-1. Your key executives participating in the IPO should undergo media and presentation training to ensure clarity, confidence, and consistency.

Emerging Growth Companies may conduct ‘testing the waters’ discussions with Qualified Institutional Buyers and Institutional Accredited Investors. These conversations will help gauge market interest but still carry anti-fraud liability, requiring careful coordination with legal counsel.

Internal Communications: Managing Morale and Compliance

One of your most essential audiences during this time is your employees. They know the most about your company and are the most committed to its success. But there are essential steps to take to ensure they are informed and are compliant with the new securities regulations your company is now operating under.

Employees must be informed about the quiet period restrictions. Internal policies should address topics such as social media use, insider trading, and who is authorized to speak on behalf of the organization externally.

A small, trained team of spokespeople should handle your IPO-related questions. Internal updates can be given, but they should be factual and measured – focusing on logistics rather than speculation. Town halls or small briefings can boost morale, answer questions, and clarify expectations without risking compliance.

And, importantly, you should have a crisis plan in place for potential leaks or misinformation. Rapid coordination between communications, legal, and underwriting teams ensures issues are managed quickly and consistently.

(Dig Deeper – Discover why crisis preparedness belongs in IPO readiness)

Phase 3: Marketing – Investor Engagement

Once the SEC declares the registration effective, the marketing phase begins. This is the company’s opportunity to engage directly with institutional investors and analysts through the IPO roadshow. The focus is on building credibility, clarifying the investment thesis, and demonstrating leadership readiness.

The IPO roadshow usually lasts one to two weeks and may include both virtual and in-person presentations. Management teams need to present a unified story: clear growth drivers, a realistic market opportunity, and well-defined financial discipline. Every statement must match the final prospectus.

Investor Q&A sessions are a vital chance to demonstrate transparency and control of the business. Responses should be clear, data-backed, and consistent. A good IR advisor will help predict tough questions and prepare confident, compliant answers.

Parallel to investor engagement, a media strategy should be ready for launch on the day of pricing. Press materials, executive interviews, and website updates must all be synchronized with legal review to ensure accuracy and compliance.

 

 

Phase 4: Post-IPO – Sustaining Momentum and Building Credibility

After your stock begins trading, your attention needs to shift to life as a public company. The post-IPO phase focuses on sustaining momentum, meeting disclosure obligations, and continuing to build investor confidence.

A well-structured transition to regular reporting is crucial. Quarterly earnings calls, investor days, and media outreach must be carried out with the same discipline as during the IPO. The company’s message should shift from promise to proof – demonstrating accountability and delivering on stated goals.

Maintaining relationships with early investors is equally important. Regular engagement, transparency about progress, and responsiveness to questions strengthen trust and help manage market expectations.

Finally, as a newly public entity, your company must continue refining its governance, reporting, and disclosure controls. These elements are crucial in how institutional investors evaluate long-term value.

IPO readiness in 2025 is about more than compliance. It’s about your company’s credibility. By combining disciplined communications, transparent leadership, and integrated investor relations and communications, companies can navigate each phase of the process with confidence and lay the groundwork for lasting success in the public markets.

About the Authors

Donna LaVoie, President & CEO, LaVoieHealthScience
Under Donna’s leadership, LaVoieHealthScience has become an acknowledged leader in health science strategic communications and is recognized as one of the top 30 independent healthcare agencies in the US. The agency has received over 60 awards for its client work.  She is a regular speaker and has written on a range of industry topics for BIO Innovation Organization (BIO) and more.  A regular Counsellor to C-suites of her clients, Donna brings perspective and history to her clients.

Paul Sagan, VP of Investor Relations and Corporate Communications, LaVoieHealthScience
Paul has more than 30 years of experience in investor relations, corporate and transaction communications, and strategic media relations for both publicly traded companies and emerging private entities. Paul has served as an executive with several leading Wall Street and New England-based IR consultancies and helped develop investor and communications strategies for more than $2.5 billion in public equity, convertible debt and M&A transactions.