Public Company Edition: Neumora grossed $250m and RayzeBio raised $311m in the first initial public offerings since early August. Also, ImmunityBio completes $470m in equity and debt financings, Bausch + Lomb sells $1.4bn worth of notes and Arbutus is among firms making cuts to conserve cash.

Private Company Edition: The amount of venture capital raised by biopharma firms fell but individual companies grabbed a lot of cash, making for a remarkable Q2 relative to pre-pandemic times. Recent Q3 rounds includes Frontera’s $160m series B. Also, Oxford Science Enterprises added €250m to its fund.

Most of the money raised by biotech companies to address chronic hepatitis B has resulted in failed programs. But wait, a glimmer of light from yonder pharma breaks.

In Vivo spoke with two company creators working in the biotech industry about their strategies for seeking new science and their funding philosophy when building the biotechs of tomorrow.