Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.

Pharma will partner with SyntheX on targeted protein degradation, with Autolus on cell therapy safety. Novo Nordisk gets rights to Ventus’s lead compound in NASH and chronic kidney disease.

Private Company Edition: While the tough state of financing for publicly traded drug developers continues, venture capital firms and private biopharma companies revealed billions of dollars in new VC funds and start-up financings, including $100m-plus mega-rounds for Tessa, Alladapt and ImCheck.

Athenex expands its portfolio of T-cell receptor therapy technology under NCI license agreement; PDS Biotechnology accesses institute’s TARP tumor antigen technology.