Finance Watch: Moderna Launches Biggest Biopharma IPO Ever As US Market Resets Expectations

With low valuations for biopharma companies that recently went public and little hope of a near-term turnaround as uncertainty lingers, IPO numbers may stay low for the rest of 2025.

Restructuring Edition: Karyopharm is reducing its workforce by 20% as it seeks alternatives to extend its cash runway, but Pacira’s production improvements created efficiency that necessitate an 8% layoff in manufacturing. Jasper, Century, Sage, Leap and Prothena also cut jobs.

Soleno Therapeutics will raise about $200m gross proceeds from an offering of 2.35m of its common stock to fund the commercialization of Vykat XR, which became the first drug for Prader-Willi syndrome to gain US approval on March 26.

The Swiss company believes its platform can make radiopharmaceuticals easier to produce and more accessible to patients.