Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.

Privately held Avidity’s platform creates antibody-oligonucleotide conjugate therapies, which build on RNAi approaches. Basilea/Forge collaboration seeks to create novel antibiotics using metalloenzyme chemistry.