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.

Early signs of improved safety and efficacy should set up PARP1 inhibitor for potential combinations and future broader use, but the true extent of its benefits remain to be seen.

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.

The privately held company announced data at AAD showing high PASI 75 rates in both a randomized Phase II trial and an open-label extension study.