Technical challenges and lackluster investor sentiment about the near-term commercial potential of cell and gene therapies in neurological disorders may be holding the field back.

Public Company Edition: Denali, Crinetics and Ocular Therapeutix grossed $500m, $350m and $325m, respectively, in private placements ahead of data readouts. Also, Viking raised $550m after its positive Phase II obesity data and Abingworth invested $210m in Gilead’s Trodelvy NSCLC trials.

Public Company Edition: Syndax grossed $230m in a follow-on public offering based on positive results for its menin inhibitor in leukemia, but the FOPO was an outlier relative to other companies, which relied on private placements, debt and other options to raise cash in a tough market.

Deal snapshot: Viewing antibody-drug conjugates as a key to growing its cancer franchise beyond Keytruda, Merck & Co. will partner with C4 to develop protein degrader-antibody conjugates for cancer.