Biotech’s long IPO drought may finally be breaking — but don’t mistake a crack in the window for a wide-open door.

This week, two biopharma companies launched roadshows that signal a cautious return of investor appetite to the public markets. GLP-1 developer Kailera Therapeutics hit the road at a $1.9 billion valuation, while proteomics company Alamar Biosciences priced at $17 per share — the top of its marketed range — and opened trading on the Nasdaq Friday with a 33% pop, valuing the company at roughly $1.53 billion. The upsized offering raised $191.3 million, a meaningful signal that institutional demand is real, not manufactured.