Public Company Edition: Kyverna and Alto Neuroscience, which may go public in the US this year, have drug candidates in or nearing mid-stage trials. Also, Zealand’s private placement raises $211.4m, Praxis prices a $150m offering and Solid grosses $108.9m in stock sale.

Raising money will be difficult for the foreseeable future, so every part of the ecosystem from start-ups to public companies to VC firms is figuring out how to survive until cash is easily accessible again.

Public Company Edition: Direct Biologics, YishengBio and Estrella Biopharma will go public by merging with special purpose acquisition corporations. Also, Vir lands a government contract worth up to $1bn, Idorsia raises CHF164m ($167.4m) in a real estate deal and Adamis reviews alternatives.

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.