SR One will keep investing in a mix of new companies, early-stage firms and later opportunities with its second fund, raised even as biotech continues to endure challenging financial times.

Public Company Edition: Aileron, Talaris and Frequency said they will reduce expenses and seek options for maximizing shareholder returns under tough stock market conditions. However, CureVac and Supernus are among firms recently able to access new cash – $250m and $150m, respectively.

Public Company Edition: Mineralys launches the second $100m-plus initial public offering of 2023 and trades higher in its first day. Also, Collegium sells $210m worth of notes, Eliem cuts 55% of its jobs at it shifts to preclinical and Aligos de-prioritizes hepatitis B while reducing its workforce another 10%.

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.