Biotech entrepreneurs tend to be an optimistic group, and there were many pockets of hope for 2024. However, the consensus remains that depressed valuations and paucity of fresh funds will continue to pose a challenge for the sector, and companies will need to prioritize carefully and work even harder to demonstrate and create value.

Moderna and Life Edit will team up to develop transformative or curative therapies for challenging genetic diseases. Erytech and Pherecydes unveil plan to merge and extend runway into 2024.

Private Company Edition: The amount of venture capital investment in biopharma companies has shrunk from quarter to quarter, but the average deal size remained high until the third quarter. Larger rounds from Treeline, Odyssey and Neumora offset a plethora of smaller VC financings early in Q4. 

The OCS Heart System is expected to expand the number of hearts available for transplant.