Private Company Edition: While Coya Therapeutics raised $15.25m in the final initial public offering in the US last year, Apnimed stayed private raising $80m in a series C extension and Metagenomi extended its series B by $100m to total $275m.

Mersana signs its third ADC partnership with big pharmas for the year with Merck agreement. Lilly expands its RNA editing partnership with ProQR, which now has the potential to earn an additional $2.5bn. Novartis continues its divestment efforts in deals with Harrow, Erasca.

Freeline Therapeutics and Kriya are taking divergent paths to success amid market doldrums, as the former divests and pulls back on investment, while the latter bulks up its pipeline through an acquisition.

Industry investors foresee continued hardship for public companies still without compelling clinical data for their assets, plus the growing influence of the US Inflation Reduction Act on biopharma strategy.