Public Company Edition: Alto Neuroscience and Fractyl Health grossed $128.6m and $110m, respectively, while FibroBiologics went public in a direct listing. Also, Vaxcyte grossed $862.5m in a follow-on offering, Immunocore grossed $350m in a note sale and Vera raised $287.5m.

Sagimet reported positive Phase IIb data for denifanstat in non-alcoholic steatohepatitis that may place the once-daily, oral drug as a serious competitor in a disease that at present has no approved drug therapy.

After a multi-year lull, NASH R&D has picked up this past year with key data readouts, several programs advancing toward Phase III and Madrigal's resmetirom under FDA review with a March 2024 action. This graphic provides a look at the overall status of NASH drug R&D.

Turnstone’s initial public offering comes just one week after Apogee and Sagimet launched US IPOs. Also, Westlake Village BioPartners raised $450m for its third venture capital fund and argenx grossed $1.27bn in a post-Phase III follow-on offering.