Third Harmonic Bio and Q32 Bio are not in imminent danger of running out of cash, but both companies recently took a look at early data for their lead drug candidates and decided to significantly cut costs to focus their resources on their top programs.
Finance Watch: Third Harmonic, Q32 Bio Cut Jobs To Focus On Lead Assets
Viracta, Omega Will Wind Down Operations
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.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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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.
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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.
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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.
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Pharma executives and investors are waiting with bated breath to find out if President Trump will include drugs in a new round of tariffs to be announced on 2 April.
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After failing a Phase II monotherapy study in early Parkinson’s, Cerevance will focus on adjunctive therapy without abandoning the monotherapy concept.
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