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Biotech is having a banner year on Wall Street, with 33 IPOs to date and a median return rivaling that of the industry’s last boom. Whether it can last is anyone’s guess, and one ambitious startup is lining up to test just how much faith the public markets are willing to put into young, risky drug developers.

Rubius Therapeutics, founded in 2013, has no drugs in clinical trials but expects to raise $200 million and command a $1.8 billion valuation. If it succeeds, it will mark the year’s largest biotech IPO by a factor of two, outpacing companies whose products have already been tested in humans.

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