Contineum Therapeutics, Inc.

In the world of drug discovery, a lot can change in 20 years.Over the past two decades, biotechnology companies brought to market a wave of biologic medicines that changed how many autoimmune diseases are treated. Cancer immunotherapy extended lives to a degree that previously wasnt possible, and gene editing technology went from science fiction to marketed medicine.The amount of money flowing into young biotechs rose in tandem, increasing from an estimated $5 billion in 2004 to some $37 billion in 2021. But there have been pullbacks, most recently a yearslong downturn in the sectorthats only recently shown signs of evening out.Asish Xavier has had a good view of these ups and downs. As vice president of venture investments for JJDC, the venture capital arm of Johnson & Johnson for close to 20 years, hes led or co-led fundings in more than 25 biotech, diagnostic and medical device companies.In an interview at the BIO Investor Forum in San Francisco last week, Xavier said hes cautiously optimistic better times are ahead for biotech startups. Hes predicting an uptick in fundings and IPOs, as well as a rebound for some of the genetic medicine companies that have been under pressure lately.The following conversation has been edited and condensed for clarity.BIOPHARMA DIVE: What role do the venture arms of pharmaceutical companies play in the biotech ecosystem?ASISH XAVIER: There are published articles and academic research showing that if a corporate venture capital group is involved in an investment, on average, the returns are better.Biotech has always had these boom and bust cycles, and we are coming out of one of these low points. The financing environment is improving this year and into next year. But corporate venture capital tends to be long-term focused and, as a result. the dollars seem to be steady, versus the fluctuations of the financial world.In downturns, because the capital is always there, [corporate venture capital] tends to make up for some of the downfalls these companies go through. And you get pro bono input on a lot of things a big company knows about without going into anything confidential that could help refine your thinking and focus on what the next inflection point is for the business.What common threads do you see in the companies you want to work with?XAVIER: The first thing is, is the company solving a true unmet need? Because some companies out there are sort of confused on that point. Then the technology should match up to solve that problem in a reasonable period of time, to at least get to clinical data in two years. That has been a constant in this business.During the bubble, there was fair bit of irrationality. There were a lot of things being thrown around in business plans, which in the harsh light of the stock market didn't stand up to focus. And I think the focus has to be the unmet need, the technology or solution you're providing and whether that can be protected by IP or some aspect of trade secrets, Without those critical elements, it's really hard to make it work.How have you advised your portfolio of startups to help them survive?XAVIER: The reality in biotech is, there are up and down cycles in financing, and a lot of that is related to macro flows of money and things beyond anybody's control.A company should really focus on the critical milestones within 12 to 24 months in an environment like this. There's a lot of noise in the system, a lot of advice. Why dont you try this target, or this technology? Now AI is a buzzword. Those are distractions that are easy to mention. Whats hard is being focused.The other thing I tell companies is to leverage your boards. Companies dont come to boards as often as they can, and a lot of us have really good contacts. This is a well-known fact: A warm introduction to a venture or crossover fund from one of your board members, or someone who knows them well, is much more effective than meeting them at a conference or just emailing folks. Especially in a downturn. The board is aligned with you. Theres no reason to hesitate to reach out.How much do pharmaceutical company partnerships factor into the investment a biotech receives today?XAVIER: Pharma partnerships are a signal to the ecosystem that somebody has gone through your data and trusts it enough to write a check.There's a lot of academic research from various sources showing pharma partnerships, especially the first and second partnerships, really change the valuation trend in a company. After the second one, its questionable how much value there is in terms of signaling to the market, but there is still value if you can bring in cash and other things.The public markets have been quite willing to take partnerships as significant. I did a deal at a company called Contineum [Therapeutics] in San Diego, where J&J had a partnership on their lead program and they had a second program which was at clinical stage by the end of last year. The company went public in spring of this year. That has been an evolution. A similar profile company three years ago probably would have gone public without a partnership and the market would've been OK with that.Biotech investors have been cautiously optimistic the sector is moving past the recent downturn. What do you think lies ahead over the next year?XAVIER: Most venture funds have raised new funds in the last two years, so financings are going to get easier. And interest rates are coming down, which decreases the cost of capital for everybody.The IPO markets are going to be better next year. Maybe we get to 20 to 25 IPOs, maybe even more. Except for the period between 2018 and 2022, a typical good IPO year was like 30 IPOs in the U.S. market. We may get there by 2026, if not next year. I am very positive that the momentum is upwards.On the technology side, cell therapy, gene editing, gene therapy, and RNA therapeutics a second wave of these companies has re-focused. Some are going to have success in the clinic, and that's going to provide a tailwind to the sector. '

药时代全程直播官宣实况，欢迎预约观看！ 正文共：7659字 23图 预计阅读时间：20分钟 一家临床前、老靶点biotech初创公司要IPO了！原来创始人是诺贝尔奖得主 前天药时代发表文章《一家临床前、老靶点biotech初创公司要IPO了！原来创始人是诺贝尔奖得主》，受到广大朋友们的关注。这篇文章吸引人的亮点比较多，比如：资本寒冬里纳斯达克IPO、诺贝尔奖得主连续创业、临床前资产、老靶点、GPCR。这篇文章提出了一个很现实的问题，那就是： “ 临床前biotech公司IPO的可能性有多大？ ” 现在，我们就用数据说话，来聊聊这个相信很多biotech公司都感兴趣的话题。 2024年biotech在纳斯达克IPO数据汇总 2024年1月1日至今（2024年10月7日），在这280天里，共有15家biotech公司登陆纳斯达克，敲响IPO的钟声。 2024年1月24日，CG Oncology 在纳斯达克IPO，募集资金3.8亿美元。之前该公司有产品在临床试验中。该公司的主要候选药物是 Cretostimogene Grenadenorepvec（之前的代号为CG0070），这是一种溶瘤病毒免疫疗法，用于治疗对卡介苗（BCG）无反应的高危非肌层浸润性膀胱癌（NMIBC）患者。Cretostimogene Grenadenorepvec 在3期临床试验 BOND-003 中显示出积极的结果，其中75.5%的患者在任何时候达到完全缓解。此外，该药物还获得了美国FDA的快速通道指定和突破疗法认定。 预言：全球biotech龙年复苏！中国企业和华人精英功不可没！ 2024年1月25日，ArriVent BioPharma 在纳斯达克IPO，募集资金1.75亿美元。公司引进的产品已经在临床试验中。该公司的主要候选药物是 furmonertinib，这是一种针对非小细胞肺癌（NSCLC）中 EGFR 突变的口服、高穿透大脑、广泛活性、选择性的表皮生长因子受体（EGFR）抑制剂。Furmonertinib 正在一项关键的全球3期临床试验中进行评估，用于治疗携带 EGFR 外显子 20 插入突变的局部晚期或转移性非鳞状非小细胞肺癌患者。此外，该公司还在进行1b期临床试验，评估 furmonertinib 在携带 EGFR PACC 突变的非小细胞肺癌患者中的安全性、药代动力学和初步抗肿瘤活性。 Biotech复苏的信号越来越多了！祝愿龙年里中国药企快速跟进，龙行龘龘，前程朤朤！ 2024年2月1日这一天，两家biotech公司登陆纳斯达克。 Alto Neuroscience募集到资金1.29亿美元。在纳斯达克IPO之前已经有产品在临床试验中。该公司的主要候选药物ALTO-100和ALTO-300正在进行临床试验。其中，ALTO-100用于治疗以神经认知生物标志物为特征的重度抑郁症（MDD）患者，而ALTO-300则用于治疗以脑电生物标志物为特征的MDD患者。ALTO-300的2a期临床试验结果积极，显示了明显的临床改善和更高的缓解率，特别是通过脑电图（EEG）生物标志物识别出的部分患者。此外，该公司计划在2024年上半年启动ALTO-101和ALTO-203的2期疗效验证临床试验，分别用于治疗有认知障碍的精神分裂症患者，以及具有快感缺失的MDD患者。 Fractyl Health 在纳斯达克IPO，募集资金1.10亿美元。公司已有产品获批上市和正在进行临床试验。该公司的主要候选产品是 Revita DMR 系统，这是一种门诊程序治疗，旨在持久改善十二指肠功能障碍。目前，Revita 已获得欧洲批准，用于治疗控制不良的2型糖尿病患者。此外，该公司正在对控制不良的2型糖尿病患者进行 Revita 的关键性研究，预计将在2024年第四季度公布顶线数据，并计划在体重维持的临床研究中评估 Revita，预计将在2024年上半年向美国食品药品管理局(FDA)提交器械临床实验豁免(IDE)和相关文件。同时，该公司还在开发 Rejuva，这是一种新型的局部应用、腺相关病毒传递的胰腺基因治疗平台，计划在2024年第一季度提名其首个候选产品。 2024年2月7日，Kyverna Therapeutics 在纳斯达克IPO，募集资金3.19亿美元。公司已经有产品在临床试验中。该公司的主要候选药物 KYV-101 是一种用于治疗B细胞驱动的自身免疫性疾病的CAR-T细胞疗法，包括系统性红斑狼疮（SLE）、狼疮性肾炎、多发性硬化症等。KYV-101 在美国启动了针对狼疮性肾炎的1期临床试验，并在德国启动了1/2期临床试验。此外，Kyverna 还与吉利德科学（Gilead Sciences）达成合作，开发用于治疗自身免疫性疾病的工程化T细胞疗法。 2024年2月8日，Metagenomi 在纳斯达克IPO，募集到资金9400万美元。彼时，所有候选产品均处于临床前阶段。 2024年3月27日，Boundless Bio 在纳斯达克IPO，募集到资金1亿美元。已经有产品正在进行临床试验。该公司的主要候选药物 BBI-355 正在进行1/2期临床试验，用于治疗携带癌基因扩增的局部晚期或转移性实体瘤患者。此外，该公司的另一款药物 BBI-825 也已进入1/2期临床试验，针对的是耐药基因扩增的癌症患者。 2024年4月4日，Contineum Therapeutics 在纳斯达克IPO，募集到资金1.1亿美元。已有产品在临床试验中，该公司的主要候选药物 PIPE-307 正在进行复发/缓解型多发性硬化症（RRMS）的2期临床试验。此外，该公司的另一款药物 PIPE-791 也正在进行1期临床试验，用于治疗特发性肺纤维化（IPF）和进行性多发性硬化症。 2024年6月6日，Rapport Therapeutics 在纳斯达克IPO，募集到资金1.36亿美元。公司已有产品在临床试验中。该公司的主要候选药物 RAP-219 正在进行临床试验，用于治疗局灶性癫痫、外周神经性疼痛和双相情感障碍。RAP-219 已经完成了健康成人群体中的1期临床试验，并预计将于2024年中期进入耐药局灶性癫痫的2a期概念验证试验。 2024年6月13日，Tempus AI 在纳斯达克IPO，募集到资金4.107亿美元。公司基于AI研发的产品在临床试验中。该公司专注于利用人工智能（AI）解读医疗测试，以帮助医生为患者提供更准确的治疗方案。Tempus AI 的平台结合了尖端软件和专用数据管道，连接了2000多个医疗机构，积累了大量临床和分子肿瘤学数据。此外，Tempus AI 与多家制药公司有合作关系，包括与GSK的合作，使用其人工智能平台改进临床试验设计、加快临床注册并确定药物靶点。Tempus AI 还与辉瑞建立了新的战略合作，推进肿瘤疗法的开发。 2024年6月27日，Alumis Biotherapeutics 在纳斯达克IPO，募集到资金2.1亿美元。有产品在临床试验中。该公司的主要候选药物 ESK-001 是一种高度选择性的口服TYK2抑制剂，用于治疗中度至重度斑块状银屑病，系统性红斑狼疮（SLE）和非感染性葡萄膜炎。ESK-001 在2期临床试验中表现出良好的疗效和安全性，并且Alumis计划在2024年下半年推进ESK-001的3期临床试验。此外，Alumis还在开发另一款TYK2抑制剂 A-005，用于治疗神经炎症和神经退行性疾病，预计将在2024年上半年进入1期临床试验。 2024年7月18日，Artiva Biotherapeutics 在纳斯达克IPO，募集到资金1.67亿美元。公司研发的产品在临床试验中。该公司的主要候选药物 AlloNK（也称为 AB-101）是一种非转基因、同种异体、冷冻保存的自然杀伤（NK）细胞疗法，正在开发中，以增强B细胞靶向单克隆抗体的活性，从而驱动B细胞耗竭。AlloNK 目前正在进行狼疮肾炎的1/1b期临床试验，以及一项针对多种自身免疫性适应症的一揽子研究人员启动的临床试验。此外，Artiva 还在进行与利妥昔单抗联合治疗复发/难治性B细胞非霍奇金淋巴瘤（B-NHL）的1/2期临床试验。 接下来就是火热的2024年9月12日，这一天三家biotech公司同日IPO。 同一天，三家美国biotech公司纳斯达克IPO，股价涨幅高达~50% Bicara Therapeutics 在纳斯达克IPO，募集到资金3.15亿美元。之前确实有产品在临床试验中。该公司的主要候选药物是 ficerafusp alfa（BCA101），这是一种针对实体肿瘤的双功能抗体，正在开发用于治疗头颈部鳞状细胞癌（HNSCC）。在IPO之前，Bicara Therapeutics 已经完成了该候选药物的1/1b期临床试验，并计划进行2/3期临床试验。此外，该公司在IPO前已经完成了超过2.7亿美元的融资，包括由Braidwell LP和TPG共同领投的C轮融资。IPO所得资金将用于推进 ficerafusp alfa 的临床开发。 Zenas BioPharma 在纳斯达克IPO，募集到资金2.25亿美元。之前确实有产品在临床试验中。该公司的主要候选产品 obexelimab 是一种双功能单克隆抗体，正在开发用于治疗多种自身免疫性疾病，包括IgG4相关疾病（IgG4-RD）、多发性硬化症、系统性红斑狼疮和温热型自身免疫性溶血性贫血（wAIHA）。特别是，obexelimab 对于IgG4-RD的3期临床试验INDIGO研究中的首例患者已经接受了给药。此外，Zenas BioPharma 还在推进其他临床项目，包括处于I期的抗TNFα抗体ZB002和临床前CTLA4-Ig融合蛋白ZB004。 MBX Biosciences 在纳斯达克IPO，募集到资金1.63亿美元。之前确实有产品处于临床试验阶段。该公司的主要候选产品MBX 2109正在开发中，用于治疗慢性甲状旁腺功能减退症（Hypoparathyroidism，HP），并且已经在第2期临床试验中为首位患者进行了给药。此外，MBX 1416也在开发中，旨在成为减肥后低血糖症（Post-Bariatric Hypoglycemia，PBH）的潜在治疗方法，目前处于1期临床研究阶段。 15家biotech中只有一家临床前 这15家成功IPO的biotech中，只有一家届时处于临床前阶段，其余14家均为临床阶段，其中有一家已有上市产品。 处于临床前阶段的这家公司就是Metagenomi。 Metagenomi是一家致力于开发新型基因编辑工具的生物技术公司，成立于2018年，由加州大学伯克利分校的宏基因组研究人员Brian Thomas和Jillian Banfield共同创立。该公司利用宏基因组学的力量，通过机器学习技术挖掘微生物基因组，寻找并开发新的核酸酶用于基因编辑Metagenomi的目标是开发出能够精确修正人类基因组中任何类型遗传突变的工具，以治疗各种遗传疾病。 Metagenomi的技术平台不仅包括基于CRISPR的基因编辑系统，还涉及超小型碱基编辑系统和CRISPR相关的转座酶（CAST）系统，这些工具在基因编辑效率上优于现有的CRISPR-Cas9系统，编辑效率超过90%，有些甚至超过95%。公司已经与多家生物医药公司建立合作关系，包括与Moderna合作开发体内基因编辑疗法，以及与Ionis Pharmaceuticals合作开发针对严重遗传疾病和肿瘤的疗法。 Metagenomi的成立和快速发展展示了宏基因组学在生物技术领域的应用潜力，尤其是在基因编辑和遗传疾病治疗方面。 已有上市产品的biotech公司就是Fractyl Health。 处于临床1、1/2期的公司包括：Kyverna Therapeutics、Boundless Bio、Rapport Therapeutics、Artiva Biotherapeutics, Inc.、Bicara Therapeutics。 处于临床2期的公司包括：Alto Neuroscience、Contineum Therapeutics、Alumis, Inc.、MBX Biosciences。 处于临床3期的公司包括：CG Oncology、ArriVent BioPharma、Zenas BioPharma。 此外，作为一家AI制药公司，Tempus AI, Inc.与多家药企开展合作，产品处于不同的临床试验阶段。 如此看来，当今的资本市场对临床前公司是不友好的，Septerna希望在这个大环境下IPO，实属不易，可谓是明知山有虎，偏向虎山行，勇气可嘉。 从9400万到4.107亿美元。AI制药受欢迎 融资金额方面，最少的是Metagenomi的9400万美元，最多的是Tempus AI, Inc.的4.107亿美元。 这么看，AI制药在华尔街还是蛮受欢迎的。 融资额超过3亿美元的还有3家，分别是CG Oncology（3.8亿美元））、Kyverna Therapeutics（3.19亿美元）、Bicara Therapeutics（3.15亿美元）。 融资额超过2亿美元的还有2家，分别是Zenas BioPharma（2.25亿美元）、Alumis, Inc.（2.1亿美元）。 融资额超过1亿美元的还有7家，分别是ArriVent BioPharma（1.75亿美元）、Artiva Biotherapeutics, Inc.（1.67亿美元）、MBX Biosciences（1.63亿美元）、Rapport Therapeutics（1.36亿美元）、Alto Neuroscience（1.29亿美元）、Fractyl Health（1.10亿美元）、Contineum Therapeutics（1.10亿美元）、Boundless Bio（1.0亿美元）。 发行价分析 公司准备上市时都会制定一个价格区间，IPO当天的发行价可以是这个区间的高端、可以是低端，可以是一个中间值，当然也可以低于这个区间，或者高于这个区间。这反映了当时公司的实力/潜力、投资人的信心、大环境是否积极等多个方面的情况。 2024年的情况如何呢？ 区间高端：4家，分别是：Alto Neuroscience（14-16元，16元）、Tempus AI, Inc.（35-37元，37元）、Bicara Therapeutics（16-18元，18元）、MBX Biosciences（14-16元，16元）。 区间中间：5家，分别是：ArriVent BioPharma（17-19元，18元）、Fractyl Health（14-16元，15元）、Boundless Bio（15-17元，16元）、Rapport Therapeutics（16-18元，17元）、Zenas BioPharma（16-18元，17元）。 区间低端：3家，分别是：Metagenomi（15-17元，15元）、Contineum Therapeutics（16-18元，16元）、Alumis, Inc.（16-18元，16元）。 低于区间：1家，Artiva Biotherapeutics, Inc.（14-16元，12元）。 高于区间：2家，分别是CG Oncology（16-18元，19元）、Kyverna Therapeutics（20-21元，22元）。 疾病领域分析 疾病领域方面，15家公司中聚焦/覆盖肿瘤的有5家、CNS有3家、自免/免疫有4家、内分泌/代谢2家、遗传疾病1家。 肿瘤：CG Oncology、ArriVent BioPharma、Boundless Bio、Tempus AI, Inc.、Bicara Therapeutics。 CNS：Alto Neuroscience、Contineum Therapeutics、Rapport Therapeutics。 自免/免疫：Kyverna Therapeutics、Contineum Therapeutics、Alumis, Inc.、Artiva Biotherapeutics, Inc.、Zenas BioPharma。 内分泌/代谢：Fractyl Health、MBX Biosciences。 遗传疾病：Metagenomi。 分子实体分析 分子实体方面，15家公司中聚焦小分子的有7家、细胞疗法2家、抗体2家、溶瘤病毒1家、基因疗法1家、核酸酶和相关蛋白1家、多肽1家。 小分子：ArriVent BioPharma、Alto Neuroscience、Boundless Bio、Contineum Therapeutics、Rapport Therapeutics、Tempus AI, Inc.、Alumis, Inc.。 细胞疗法：Kyverna Therapeutics、Artiva Biotherapeutics, Inc.。 抗体：Bicara Therapeutics、Zenas BioPharma。 溶瘤病毒：CG Oncology。 基因疗法：Fractyl Health。 核酸酶和相关蛋白：Metagenomi。 多肽：MBX Biosciences。 结语 对于一家biotech公司而言，登陆资本市场进行IPO无疑是公司发展的主要途径之一，充满了吸引力，但是当下这个充满挑战的大环境下，IPO的可能性、必要性和汇报是否和从前一样？这是一个值得思考的问题。 药时代将继续对IPO趋势进行跟踪报道，与此同时，也将报道未上市的biotech公司的其它发展之路，欢迎广大朋友们关注！ 参考资料：公司官网一家临床前、老靶点biotech初创公司要IPO了！原来创始人是诺贝尔奖得主同一天，三家美国biotech公司纳斯达克IPO，股价涨幅高达~50%IPO市场严重分化，6月Biotech上市有哪些看点？2024年H1医药股上市盘点，下半年港股或迎IPO热潮这家核药biotech很霸气！敲钟前一刻叫停IPO药时代文章、视频 其它公开资料 封面图来源：123rf 版权声明/免责声明 本文为原创文章。 本文仅作信息交流之目的，不提供任何商用、医用、投资用建议。 文中图片、视频、字体、音乐等素材或为药时代购买的授权正版作品，或来自微信公共图片库，或取自公司官网/网络，部分素材根据CC0协议使用，版权归拥有者，药时代尽力注明来源。 如有任何问题，请与我们联系。 衷心感谢! 药时代官方网站:www.drugtimes.cn 联系方式: 电话:13651980212 微信:27674131 邮箱:contact@drugtimes.cn 这些诺奖得主，竟然也是成功的连续创业家！ 123年里诺贝尔生理学或医学奖得主汇总 | 附往届官宣视频 一家临床前、老靶点biotech初创公司要IPO了！原来创始人是诺贝尔奖得主 原来诺贝尔奖就在我们身边，从未走远！（投票预测2024年诺贝尔生理学或医学奖） 十年上市20款重磅创新药！169页罗氏制药研发日PPT展望十年雄心壮志（可下载） 点击这里，发现与众不同的商机！

In what’s shaping up to be another slow year for biotech IPOs — better, however, than the 2022 and 2023 doldrums — Jim Healy is somewhat of an outlier. Only four biotechs from this year’s IPO class are trading above their debut pricings: CG Oncology, ArriVent BioPharma, Rapport Therapeutics and Contineum Therapeutics. Healy is on the boards of two of those: cancer drugmaker ArriVent, which is in late-stage testing with a drug out of a China-based partner; and neuroscience startup Rapport, which spun out of Johnson & Johnson and quickly raised successive megarounds before landing on the Nasdaq. The Sofinnova Investments managing partner, a self-described venture capitalist of about 25 years, is also on the board of BioAge Labs, an anti-aging and clinical-stage obesity startup that is also in the process of an IPO. He’s also on the Seaport Therapeutics board, alongside many other Karuna Therapeutics veterans, and sees potential for a quick run to the public markets at that neuropsychiatric biotech as well. “I’ve never really seen the markets close for high-quality companies that have good clinical data and a good development plan that they can execute,” Healy said in an interview on Wednesday. BioAge is one of four biotechs lined up for Wall Street entries in the coming days and weeks, including Bicara Therapeutics , Zenas BioPharma and MBX Biosciences . The market reaction to their debuts could set the tone on investor appetite for the backlog of biotechs looking for their shining moment in New York. “This current market feels like it’s much more selective in terms of the profile of companies that go public,” Healy said. All but one of this year’s class was clinical-stage when it rang the opening bell, he noted. “And if I look over a longer time frame, clinical-stage companies have outperformed their preclinical peers significantly over the past eight to nine years, so it feels like it’s a migration to quality.” For biotech companies to go public in this environment, Healy said it’s important they hone in on a lead asset, which is where private and public investors will place “a majority of the value.” “You can get incremental benefit for a second or third indication, or a second drug in the pipeline and the potential of a platform, but the vast majority of the value is assigned to the lead program or lead product,” he said. Biotech startups have reeled in large financings this year to ensure they get clinical data on their lead programs, rather than raise multiple smaller rounds at various checkpoints prior to the big readout. That has led the industry to go on a tear with megarounds this year, with F2G’s $100 million Series H Thursday morning marking the 71st such round of 2024, according to an Endpoints News tally. Access to capital is a big risk in biotech, Healy said, and investors want to decrease the refinancing risk, so they’ll raise larger rounds now with crossover investors who can help carry them to a public offering. One of the megarounds Sofinnova participated in this year, neuropsychiatric biotech Seaport, could be one such example. The clinical-stage startup derives from PureTech Health, the company that also launched Karuna, a schizophrenia drugmaker that Bristol Myers Squibb acquired for $14 billion. “If I look over our current funds, over the past two funds in particular or past five years, our average time to IPO is less than a year,” Healy said. “I would hope that Seaport would fit within our investment [strategy], and it would be outstanding if it could follow the trajectory that Karuna had. But of course, no guarantees.” Biotechs shouldn’t get over their skis. Median pre-money valuations have been about $475 million to $500 million this year and last. “I think companies that are doing private financings that put them well north of that create a challenge for themselves,” Healy said. “If you look at the current class of IPOs that have gone public, most have a step-up from their last private financing of around 1.2x, so one needs to consider that in the valuation as well.” Healy said the current market environment feels “much more rational.” “There’s a correlation between the stage of development and the enterprise value of companies,” he said.