On October 20, 2025, DLA Piper held a bootcamp for pre-IPO and growth-stage companies in the biotech and medtech industries in the firm’s New York office. Attended by nearly 100 individuals, the bootcamp covered topics including late-stage financings, paths for going public, financial preparedness, regulatory considerations, compliance issues, intellectual property (IP) strategies, and licensing and partnering agreements led by DLA Piper attorneys and leading industry advisors.

Below, we provide summaries of the following key takeaways from the event:

  • The IPO market is open. The capital markets have rebounded since the start of 2025. Our panelists noted that, after an initial burst of activity followed by a mid-year lull, they are experiencing meaningfully increased deal activity as we move towards the end of the year, noting that a more accommodating interest rate and regulatory environment has been helpful. With respect to today’s IPO environment, one panelist stated: “We’re back.”
  • Consider APOs as well as IPOs. Today, biotech and medtech companies have multiple methods to choose from when deciding whether to go public: traditional IPOs as well as alternative public offerings (APOs), such as through special purpose acquisition companies (de-SPACs) and reverse mergers. Companies were encouraged to work with their advisors to choose the best pathway, giving due attention to financial market conditions, timing, and investor goals. Regardless of IPO or APO, panelists agreed on the importance of readiness to operate as a public company with the attendant challenges and opportunities.  
  • It takes a village to go public. Panelists also underscored the importance of companies working with trusted advisors, including law firms, bankers, accountants, and consultants.  They advised that companies should pick advisors that will be accretive to the process of going public and will help a company to tell its story. Such advisors can assist a company with putting in place strategies and procedures, which are appropriate for its size and development, to address regulatory and commercial challenges as the company scales its operations, as well as assist in financial preparedness, including as to internal controls.
  • Prepare to be public ahead of time. The road to becoming public may be long. Panelists commented that companies should begin the public company preparation process well in advance (perhaps as early as 24 months prior to an IPO), including by getting to know research analysts at investment banks. Companies will need to develop the appropriate infrastructure and procedures to operate as a public company. Panelists noted that public company investors will expect mature financial statements and a corporate governance structure that is appropriate for a public company. Advisors can assist companies in meeting these expectations.
  • Consider late-stage financings and dual-track processes. Panelists discussed recent changes in the environment for late-stage and cross-over financings (including the benefits of having additional runway, validating investment, establishing a valuation threshold, and building investor support for a subsequent IPO), as well as the critical role of having clinical data to secure such financing. Advisors also explored the feasibility and benefits and disadvantages for companies considering a dual-track approach in which they also consider opportunities to be acquired while simultaneously in pursuit of an IPO (which can, if structured correctly, potentially maximize valuation in an M&A transaction). Panelists noted the importance of companies engaging with potential strategic buyers early while also being sure to stay focused on growing and operating their businesses.
  • Understand the regulatory and enforcement environment. Even if a company does not have a commercially viable product, it is encouraged to start preparing for the regulations to which it may be subject in the future. Compliance programs can and should be tailored for the size and resources of a company and can be scaled over time as a company achieves certain milestones. Companies are encouraged to develop strategic approaches to dealing with regulators and to understand the various legal requirements to conduct clinical trials and for drug approvals in the United States and abroad.
  • Take steps to protect your IP. Companies were encouraged to understand how to protect their products through patent law and the use of patents, trade secrets, trademarks, and copyrights, with emphasis placed on the use of trade secrets as the primary form of protection until the patent is applied for. Panelists demonstrated how working with legal advisors can help a company assess risks or vulnerabilities related to its IP and communicate its IP strategies to investors and partners.
  • Document and protect your commercial rights. In the course of operating their businesses and developing their products, biotechs and medtechs were encouraged to enter into a variety of agreements, principally licensing and collaboration agreements. Panelists noted the benefits of working with experienced counsel to make sure companies’ assets and rights are appropriately protected and pointed out red flags in certain contractual provisions.

Recordings of the bootcamp’s various panels can be accessed using the links below:

Please contact the authors if you have any questions.

About DLA Capital Markets and Public Company Advisory Group

DLA Piper enables issuers and underwriters to execute complex securities transactions wherever in the world they do business. We offer nuanced, tactical approaches to financings across equity and debt capital markets, alternative public offerings (de-SPACs, reverse mergers and direct listings) and other transformative corporate transactions. Attorneys in our Chambers-ranked corporate governance practice act as outside corporate and securities counsel to a wide range of reporting companies, guiding clients through securities offerings and helping them navigate nuanced disclosure, governance and compliance matters under SEC, Nasdaq and NYSE rules and regulations. Boards of directors also turn to us in connection with complex transactions, special investigations and challenging risk oversight matters. Please visit our Capital Markets and Public Company Advisory page and Market Edge blog for more information.