With cash preservation in mind, Rubius will dissolve, while EQRx, Impel, Cybin and Graphite cut jobs. Meanwhile, Jounce is restructuring and it plans to merge with Redx, yet the dually troubled firms MEI Pharma and Infinity will combine, while VBL will disappear in a reverse merger with Notable Labs. 

Former Novartis executive and venture capitalist David Epstein will step in to lead Seagen after its founder resigned in a scandal and amid M&A speculation.

Public Company Edition: PTC will get $350m up front as part of an initial $500m commitment. Also, while Biohaven and Vaxcyte launched traditional follow-on offerings, Recursion and Agios took the private placement and royalty sale routes, while others revealed job cuts and other strategic updates. 

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.