Companies that successfully raised money in their Series A funding rounds a couple of years ago are now facing challenges in securing fresh capital. According to Silicon Valley Bank, of the more than 350 biotech companies raised Series A financings between July 2020 only 102 achieved successful Series B rounds last year.

Initial public offerings (IPOs) followed a similar trend, with an impressive 182 companies collectively raising nearly $30 billion in 2020 and 2021, according to BioPharma Dive, while 2022 saw just 47 biotech IPOs raised a total of about $4 billion and the first half of 2023 saw fewer than a dozen. READ MORE