Public Company Edition: Summit initiated the big rights offering earlier this year as promised in December when it licensed Akeso’s PD-1/VEGF bispecific. Also, Teva sold $2.49bn in sustainability-linked notes to pay down debt, while MorphoSys, Novavax and others restructured and cut jobs.

The US firm has faced yet another clinical setback as its Phase II candidate, NYX-458, failed to improve cognitive impairment in patients with Parkinson’s disease and Alzheimer’s, triggering the cessation of its only other program as priorities shift to preserving funds.

Lead candidate NYX-2925 has failed a pair of Phase IIb studies in diabetic peripheral neuropathy and now one in fibromyalgia, leaving Aptinyx’s likely last hopes in neuropsychiatric indications.

The company is no longer pursuing development of the drug in painful diabetic peripheral neuropathy, but while more optimistic about fibromyalgia, that indication has less supporting data.