The model, more common with high-cost gene therapies, is designed to de-risk use of the drug for hospitals in the event that patients with COVID-19-related ARDS do not survive.

Biotech entrepreneurs tend to be an optimistic group, and there were many pockets of hope for 2024. However, the consensus remains that depressed valuations and paucity of fresh funds will continue to pose a challenge for the sector, and companies will need to prioritize carefully and work even harder to demonstrate and create value.

EU marketing authorization applications have been submitted for a number of new drugs, including Eli Lilly’s donanemab, Italfarmaco's givinostat and Arcturus Therapeutics/CSL’s ARCT-154.

The price will be more expensive than prior COVID-19 antibodies, reflecting its target to critically ill patients who are hospitalized.