Restructuring Edition: The industry emerged from the J.P. Morgan Healthcare Conference feeling renewed confidence about deal-making and financing, but drug developers continue to run short on cash or cut programs and jobs before the money runs out, including Cara, PMV and Ikena.

To emerge from a wilderness period or biotech winter where generalist investors shun the sector, biotech’s good news needs to outweigh the bad and be attractively priced. We may not be there yet.

VC funding slowed recently, but public company financings kept up a brisk pace with follow-on public offerings for Allakos and Alpine, private placements for Ventyx and Syros, and Albireo’s royalty deal. In restructuring updates, Biogen raised $592m in a real estate deal and Acerus is assessing options.

This month's roundup also records a second tie-up between Florida State and Spotlight Innovations, while Taiwan's Lin Biosciences licenses global rights to a CDC7 kinase inhibitor from Columbia and Memorial Sloan Kettering.