The IPO Lessons Leen Kawas Shares With Founders
When Leen Kawas co-founded Athira Pharma, she wasn’t simply launching a biotech startup. She was building a company around late-stage clinical assets, guiding it through the complexities of drug development, and eventually steering it onto the public markets. By the time Athira completed its IPO in 2020—with more than $400 million raised—Kawas had joined a rare cohort: one of only 22 women founders in the U.S. to take a company public.
The milestone was not an end point. For Kawas, it became a reference frame—a vantage point from which to help other founders understand what it actually takes to scale a science-driven company from inception to IPO.
She often emphasizes that the public offering itself is not the hard part. The real work is what comes before: assembling a team that can execute under pressure, generating real data that can stand up to scrutiny, and establishing governance structures that can weather regulatory rigor. Going public simply magnifies what’s already there. Strengths become assets. Weaknesses become liabilities.
One of the key lessons Kawas shares with early-stage founders is the importance of preparing for transparency early. Public investors aren’t buying a product. They’re buying a system—one that includes data integrity, regulatory readiness, intellectual property protection, and board credibility. Kawas learned that companies must begin operating with public-market discipline long before filing an S-1. This means audited financials, rigorous reporting processes, and strategic communication that aligns with long-term positioning.
That discipline also applies to the science itself. In biotech, the pressure to generate positive data can be immense. Leen Kawas cautions founders not to overpromise or overextrapolate early results. The public markets reward clarity and progress, not hype. She advocates for a mindset that treats every press release as a signal to future partners, regulators, and investors—each one part of a larger arc of credibility.
This credibility hinges on people. Kawas often points to board construction as one of the most overlooked elements of IPO preparation. A board must evolve as a company scales. Private-stage advisors may not have the experience or independence required for public governance. Bringing in directors with capital markets experience, deep regulatory insight, and a clear-eyed view of shareholder expectations is essential. It also sends a message: the company understands the responsibility it’s taking on.
The transition also demands a shift in how CEOs spend their time. Kawas describes the post-IPO role as more external-facing, more investor-focused, and more constrained by disclosure requirements. The freedom to “build in the dark” gives way to a rhythm of earnings calls, roadshows, and shareholder engagement. Founders must be prepared to lead through that change without losing strategic direction—or internal cohesion.
Kawas shares this perspective not only as a CEO, but also as a venture investor. Through Inherent Bio, she now works directly with life science entrepreneurs navigating similar growth paths. Her advice to them is shaped by experience, but also by empathy. She knows the stakes of drug development. The costs are high. The timelines are long. The setbacks are public.
This is why she encourages founders to remain deeply grounded in mission. Public scrutiny, media cycles, and investor expectations can easily pull leadership away from the science that made the company viable in the first place. The companies that endure are the ones that keep their innovation pipeline strong, maintain their culture, and continue to attract top scientific and clinical talent even after the ticker symbol is live.
There’s also a personal dimension to the lessons she shares. Kawas understands what it means to carry the pressure of visibility—not just as a founder, but as a woman in a space where representation is still sparse. Her path has required technical fluency, operational resilience, and an ability to navigate complex institutional dynamics. The IPO was one chapter. The ongoing work—supporting innovation, mentoring founders, and expanding access to life science capital—is the next.
Her message is consistent: the IPO is a tool, not a trophy. It can create the momentum needed to expand reach, fund research, and accelerate impact. But only if the company is structurally ready, culturally aligned, and scientifically rigorous.
In Leen Kawas’s view, success in the public markets begins with how a company is built long before it ever rings the bell. The real lesson for founders isn’t how to time the market. It’s how to build something durable enough to thrive once it gets there.
Check out this recent interview Leen Kawas did with Principal Post for more:
