Biopharma firms raised $6bn in the first quarter of 2024, the most of any quarter since Q2 2022. But without an increase in the number of companies raising funds, the rebound remains uneven.

Private Company Edition: After US-based Alumis and Sionna raised $259m and $182m, respectively, in series C rounds, Tubulis in Munich, Germany brought in €128m ($138.8m) in series B2 cash, while Rakuten – with offices in the US, Europe and Asia – closed a $119m series E round.

On the new company creation front, using Series A financings as a proxy, start-ups have not escaped the challenging funding environment. Here we update trends in those first-time rounds for 2023.

Leaders from the companies explain how they navigated to success with the world’s first CRISPR-based medicine – and avoided the pitfalls that claimed other programs.