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.

Three firms launched initial public offerings during the first week of May, but Gyroscope postponed its IPO while Jasper, Science 37 and Roivant took the special purpose acquisition corporation route.

Public Company Edition: Roivant’s deal sets its market cap at $7.3bn. Beyond the Werewolf and Vaccitech offerings, more drug developers are slated to go public during the first week of May. And in follow-on offerings, COMPASS Pathways raises $144m and Aldeyra brings in $125m.

Regulatory review resource-intensive cell and gene therapy licensing applications are rolling toward US FDA along expedited pathways, while complete response letters and missed goal dates start to stack up under pandemic inspection constraints.