Private Company Edition: Capstan and Engrail raised $175m and $157m, respectively, in series B venture capital rounds in addition to Madrigal’s $400m-plus launch and Clasp’s $150m series A. 

Nouscom, with one major partner and strong confidence, is building research and manufacturing foundations to address significant market needs with its neoantigen cancer vaccine platform. 

The group will take a $770m impairment charge thanks to the Phase III failure of AVP-786 – but further trials continue.

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.