Whatever lies ahead for biotech in 2016, we can now look back on a 3-year-long stretch of good times for the industry. Venture groups have used the wave of biotech IPO exits and M&A deals to go back and raise more money from institutional investors. And as billions of dollars in fresh capital has converged with brilliant new scientific thinking, the result is a whole new wave of standout innovators as represented here by the Fierce 15.

Last year's Fierce 15 class includes 8 companies that have filed or completed an IPO. Two more have clearly completed crossover rounds that put them in striking distance of an offering of their own--provided the market cooperates. That has never happened before and may never reoccur.