Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.

It takes a lot of negotiation with regulators, advisory boards, and alignment between commercial and portfolio management teams to define and agree a clinical trial protocol. Why on earth would companies change it once a study is underway?