A clutch of Chinese biopharma firms, including I-Mab, Lepu and Clover, are having second thoughts on some of their clinical development programs to conserve cash amid a funding squeeze.

After five state-owned US-listed Chinese firms announce plans to delist from the US stock market, private firms such as Alibaba follow the lead.

AbbVie is to terminate the clinical development of lemzoparlimab for myelodysplastic syndrome and acute myeloid leukemia and will also reduce the size of its 2020 deal with originator I-Mab by $445m, in the latest blow to the Chinese firm.

While the psychedelic approach to mental health has recently achieved some clinical and regulatory validation, executives in the space warn the drugs cannot cure all and barriers to market remain.