To emerge from a wilderness period or biotech winter where generalist investors shun the sector, biotech’s good news needs to outweigh the bad and be attractively priced. We may not be there yet.

Public Company Edition: Discussions at the J.P. Morgan Healthcare Conference 8-11 January in San Francisco should offer some insight on industry’s and investors’ expectations about the financial markets in 2024. The year started with some big financings, but also some new job cuts.

Public Company Edition: Private Galderma raised $1bn but said its next likely financing will be an IPO. Also, Azitra went public while Turnstone, Apogee and Sagimet initiated the process; Sutro signed a royalty deal for up to $390m; and despite a follow-on offering mini-surge, cost cuts continue.

ElevateBio closed a series D venture capital round and revealed a potentially multibillion-dollar deal between its Life Edit subsidiary and Novo Nordisk as demand for its cell and gene therapy capabilities grow.