Public Company Edition: Follow-on offerings may not be the favored path to funding development programs or product launches after major milestones in the current environment. Amicus secured $430m in a deal with Blackstone, while OPKO’s Modex garnered up to $168m from BARDA.

CD47 was once seen as one of the hottest properties in immunotherapy, but multiple setbacks have tempered enthusiasm for targeting the ‘don’t eat me’ cell surface protein. I-Mab and Gilead are just two casualties.

Gilead’s novel immune checkpoint inhibitor candidate, magrolimab, has been placed on a partial clinical hold by the US Food and Drug Administration in acute myeloid leukemia, adding to a spate of recent setbacks for the therapy that are chipping away at investor confidence.

Investment bank analysts, VC funds and biopharma companies all sought to calm investors’ nerves as a go-to financial institution for tech and biotech collapsed.