Week of July 25, 2025

The Week at a Glance:

• More Market Record Highs: The S&P 500 notched record highs last week, as major indices were lifted thanks to the US trade deal with Japan, continued indicators of a robust labor market and strong tech earnings

• Sarepta’s Drama Continues: Sarepta Therapeutics notified the FDA of its decision to voluntarily and temporarily pause all shipments of ELEVIDYS (delandistrogene moxeparvovec) for Duchenne muscular dystrophy in the United States

  • Roche also announced that they are pausing the shipment of ELEVIDYS in a handful of countries outside the US

  • On July 28, Sarepta announced that the FDA informed the company that it recommends Sarepta remove its pause and resume shipments

• The US and EU Strike a Deal: President Trump and EU Commission President Ursula von der Leyen announced a trade deal on Sunday where the European Union’s 27 countries will be charged a baseline tariff of 15% on most exports to the US, which still needs to be approved by both US and EU political bodies

  • While the deal does not explicitly include pharmaceuticals, senior US officials said a 15% tariff for EU pharma exports was agreed upon. However, von der Leyen notes that how Trump wishes to deal with pharmaceuticals in general globally is to be determined

Markets Overview

• The S&P 500, Nasdaq, and Dow finished with gains of 1.5%, 1.0%, and 1.3%, respectively

  • President Trump announced a trade deal with Japan that lowers the “reciprocal” tariff rate on Japanese imports from 25% to 15%, along with Japan investing $550B in the US

  • Jobless claims fell by 4,000 to a total of 217,000 (economists had predicted unemployment to increase by 6,000)

  • Alphabet (NASDAQ: GOOG) led the way for tech earnings, rising ~4% to finish the week thanks to beating Q2 revenue estimates

Healthcare indices had a strong performance last week, with the NBI and NYSE Arca Pharma Index finishing up 3.6% and 4.2%, respectively

Notable changes in share price:

• Medpace (NASDAQ: MEDP): Shares ended up 43.5% thanks to strong Q2 earnings that exceeded analyst expectations, the Company reported an EPS of $3.10 (compared to analyst estimates of $3.00) and updated their FY 2025 guidance

• Illumina (NASDAQ: ILMN): Stock finished up 13.7% thanks to a high amount of institutional and insider buying, led by ARK Invest purchasing $3.0M worth of shares

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

One company completed an IPO last week:

• Carlsmed (NASDAQ: CARL) completed its IPO, raising $100.0M to support development and commercialization of its AI-enabled personalized spine surgery solutions

  • Carlsmed reported $27.2M in revenue in 2024, nearly double its 2023 figure, underscoring the ongoing IPO trend towards commercial-stage companies with established sales momentum

No companies filed S-1s last week

20 companies in total remain in the queue, of which only two intend to raise more than $30.0M in proceeds

Year-to-date, companies that have gone public in 2025 have had a median gain of 1.1%

Follow-On Offering Markets:

There were five completed follow-on equity offerings last week totaling $20.9M.

PIPE/RDO Markets:

There were nine completed follow-on offerings raising an aggregate of $1.0B, including:

• Abivax (NASDAQ: ABVX) raised $747.5M to continue funding R&D activities, but also to begin commercial preparation following the positive Phase 3 data readout for its lead asset in moderate-to-severe UC

• Pharvaris N.V. (NASDAQ: PHVS) raised $191.3M to fund late-stage R&D activities for its hereditary angioedema asset, hire a sales and marketing team in the US, and support additional pre-commercialization expenses

• Absci (NASDAQ: ABSI) raised $50.0M to advance its AI-designed internal drug programs and to further develop its Integrated Drug Creation™ platform

Licensing

M & A

Venture Financing

CONNECT with the Authors >>

MEET THE DNB // BACK BAY TEAM >>