VC data from Evaluate show quarter-over-quarter drops in the number of biopharma companies raising private cash and in the amount of money raised as investors ride out public market troubles.

Private Company Edition: Recent venture capital mega-rounds of $100m or more include ADARx and Alltrna, which closed five days after CG Oncology brought in $105m. Also, Tisento launched with assets from Cyclerion and $81m in series A funding and Georgiamune raised a $75m series A round.

Private Company Edition: Vertex Ventures (not Vertex Pharmaceuticals) closed its third fund, with $200m for life science and medical technologies, while Chugai’s $200m corporate VC fund will invest in drug discovery start-ups. Also, K36 closed a $70m series B round and Attovia launched with $60m.

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.