The proceeds from the series A will be used to progress Dualyx’s preclinical program DT-001, which targets "the highly attractive TNF receptor 2 (TNFR2), widely regarded as a master control switch in immune modulation."

Pfizer’s InnoPharma unit finally overcame US FDA’s concerns about injectable acetaminophen GMPs and leachables. Meanwhile, Azurity resolved zonisamide manufacturing issues, Amphastar overcame doubts about naloxone’s nasal spray device, Incyte reused Zynyz CMC data, Cidara showed Rezzayo vials had enough powder, Pharming showed equivalence between Joenja tablets and capsules, and Orphalan avoided half-tablet stability testing of its functionally scored Cuvrior tablets.

Vertex and CRISPR look beyond beta thalassemia and sickle cell disease. Also, Bicycle gets $50m up front in Novartis deal, Regeneron commits $75m initially under a Treg collaboration with Sonoma, and Jounce gets a better deal from Concentra to wave off Redx merger.

When the traditional fundraising window closes and clinical, regulatory or commercial success eludes, other routes to raise cash emerge. But these have also become more scarce recently, leaving all-stock consolidations.