Finance Watch

Public Company Edition: Cargo suspended development and cut 90% of its workforce to focus on strategic alternatives, while Pyxis and Kiromic laid off or furloughed employees. Also, Pfizer sold its remaining Haleon shares for $3.3bn, Galderma sold $1bn in bonds and other financings.

Private Company Edition: There have been five $100m-plus VC rounds so far this month, up from three in all of February. Flagship unveiled Lila Sciences with $200m, while Curevo and Insilico raised $110m in series B and E rounds, respectively. Also, Arbor Biotech garnered $73.9m.

Restructuring Edition: Biopharma companies used fourth-quarter updates to reveal job and program cuts to conserve cash, including Sutro, Agenus, Coherus, Inozyme and Atea. Also, Vincerx’s reverse merger was terminated and Vaccinex, Oncternal, Syros plan to voluntarily delist.

Biomedtracker’s fourth quarter data show a surge in public and private financings in 2024, but the two biggest categories – VC funding and follow-on offerings – have slowed in 2025. Also, Garuda raised a $50m series A-1 round, while Nuvation accessed $250m in royalty and debt financing.

Private Company Edition: $100m-plus venture capital mega-rounds drove biopharma company fundraising closer to record-breaking levels in 2024, but the pace of big VC deals has slowed aside from Callio’s $187m series A, Eikon’s $350.7m series D and Enveda’s series C extension to $150m.

Public Company Edition: BridgeBio Oncology Therapeutics will merger with a SPAC and raise $450m. Also, BridgeBio Pharma priced $500m in notes and Solid grossed $200m in a follow-on offering, while Idorsia restructured debt and a deal after a planned transaction fizzled out.

Public Company Edition: Aardvark Therapeutics’ US IPO – the fifth of 2025 – will fund a Phase III trial in Prader-Willi syndrome and other studies. Also, Sarepta closed on a $600m revolving credit facility and Biogen entered into a funding agreement with Royalty Pharma for up to $250m.

Private Company Edition: Abcuro’s series C venture capital round will fund its lead drug through pivotal results, filing with the US FDA and launch preparations. Also, AdvanCell completed a $112m series C round, Lutris Pharma raised $30m and Imvax closed a $29m financing.

Restructuring Edition: Third Harmonic cut its workforce by half based on positive Phase I data for THB335. Also, encouraged by early Phase IIa results in alopecia areata, Q32 Bio is focusing on bempikibart. In addition, X4, Turnstone, Fractyl, Cargo and others recently revealed layoffs.

Public Company Edition: A three-per-month IPO pace would top the 25 first-time biopharma offerings in 2024. Also, Akero grossed $402.5m and 89bio raised $250m in follow-on offerings that cashed in on Akero’s Phase IIb MASH readout. Immunovant raised $450m in a private placement.

Private Company Edition: Given the number of start-ups with clinical-stage assets and investors’ concerns that programs are appropriately funded, the trend toward $100m-plus VC rounds is likely to continue. Also, Lilly and a16z launched a new VC fund with up to $500m.

Private Company Edition: Biopharma firms revealed new VC funding to highlight progress ahead of the J.P. Morgan Healthcare Conference, including Aviceda’s $207.5m series C round, Tenvie’s $200m launch, a $115m series B for Aspect Biosystems and a €90m ($93.4m) series A for Orbis.

Public Company Edition: Drug developers usually lead up to the J.P. Morgan Healthcare Conference by announcing new financings and partnerships, but multiple companies revealed strategic shifts and layoffs ahead of the industry’s annual kickoff meeting.

Restructuring Edition: Vincerx strategic review ends with a merger, Viracta halts last clinical trial and assesses options, and Achilles completed a strategic review by selling assets to AstraZeneca. Also, Synaptogenix explores opportunities, while GenSight warns its cash is running out.

Private Company Edition: Ottimo raised $140m-plus in series A venture capital and Angitia garnered $120m in series C cash in the latest mega-rounds, while Noema and Borealis extended prior financings. Also, VC investors XGEN and Dimension raised $690m across two new funds.

Public Company Edition: Revolution Medicines grossed $862.5m and NewAmsterdam raised $479m in follow-on public offerings, continuing this year’s rise in FOPOs. Janux, CG Oncology, Rocket, ImmunityBio, Protara and Candel also recently raised significant follow-on cash.

Private Company Edition: Atlas Venture closed its $450m Fund XIV after some notable exits. Also, Nuvig’s $161m series B round more than triples its $47m series A from 2022, while Maze’s $115m series D fell below its prior $190m round and Antag raised an €80m ($84.7m) series A.

Public Company Edition: Biomedtracker data show the amount of money raised in both PIPEs and follow-on offerings surging in 2024. Olema and Cidara raised $250m and $105m, respectively, in recent private placements, while Spyre and Replimune grossed $200m and $140m in FOPOs.

Restructuring Edition: Kronos is laying off most of its employees as it considers strategic options, including a potential sale of its assets. Also, Agenus is restructuring and other companies revealed job cuts in Q3 earnings reports, including Sensei, AN2, NextCure and Aurinia.

Private Company Edition: The Danish ADC developer, after extending its series A twice, raised a series B to take multiple programs into the clinic. Also, Neurelis sold its Neffy royalties for $208m, Enveda closed a $130m series C round and C Ray’s series A+ financing raised $100m-plus.