Two clinical trial announcements in the same NASH indication separated by almost nine years had very similar stock price reactions despite the known unknowns of NASH remaining unknown.

With resmetirom hitting its co-primary endpoints, Madrigal intends to file the THRβ agonist for approval during H1 2023 in the liver disease, an unmet medical need with blockbuster earnings potential.

Public Company Edition: NewAmsterdam grossed $328m in its SPAC merger, while Liminatus may raise up to $316m in a new SPAC deal. Also, Intellia and Iveric grossed $300m each in follow-on offerings, bluebird sold a PRV for $102m and MEI ends zandelisib development resulting in layoffs.

Private Company Edition: In the latest round of $100m-plus venture capital financings, CG Oncology, MBX Biosciences and Jnana Therapeutics raised $120m, $115m and $107m, respectively. Also, MVM Partners closed a $500m fund and former Sage CEO leads incubator ABio-X in Massachusetts.