SVP Elliott Levy said the company hasn't ruled out a tumor-agnostic approach for AMG 510, but Phase I data for the first-in-class drug show a bigger effect in lung cancer – a 50% response rate, so far – than in colorectal cancer patients with a KRAS G12C mutation.

Big venture capital bets continue in biopharma, including Foresite's new $668m fund and Merck's $125m investment in Moderna, but small VC rounds could be making a comeback. In public company financings, Aslan and Evelo launched in the US, while Ascletis is testing Hong Kong’s IPO market.

Moderna is in no rush to conduct an IPO, but the secretive biopharma unicorn gave potential investors in a future offering a glimpse of its 12 programs in or nearing the clinic at J.P. Morgan’s annual conference.