Week of June 27, 2025

The Week at a Glance:

• Markets Finish with Gains: The three major US indices ended the week with gains propelled by the announcement of a ceasefire between Israel and Iran

• Licensing Finally Sees Some Activity: Despite this quarter being the second worst quarter for licensing deal volume over the past two years, Q2 is ending on a high note with six deals announced last week with an average deal value of $1.2B

• Venture Continues to Struggle: Venture financings in Q2 hit their lowest amount in volume and aggregate proceeds over the past two years, with seed financings faring the worst

Markets Overview

• The S&P 500, Nasdaq, and Dow ended the week up 3.4%, 4.2%, and 3.8%, respectively

  • The S&P 500 and Nasdaq hit all-time highs on Friday

  • The US revealed details of its trade deal with China, while Commerce Secretary Howard Lutnick promised up to 10 deals before the July 9 tariff-pause deadline

  • The Personal Consumption Expenditures (PCE) index rose 0.1% in June, making the annual inflation rate 2.3%, slightly above the Fed’s goal of 2% NYSE Pharma % Change

  • Markets reacted positively to the US announcing that a ceasefire was agreed to between Isreal and Iran

Healthcare indices underperformed the broader market last week with the NBI and NYSE Pharma Index up 0.6% and 0.2%, respectively

Notable changes in share price:

• Altimmune (NASDAQ: ALT): Shares plummeted 49.2% by the end of the week after the Company reported a mixed readout on its Phase 2b study targeting serious fatty liver disease

• Nektar Therapeutics (NASDAQ: NKTR): Stock skyrocketed 208.1% to finish the week driven by the announcement that its eczema therapy showed substantial symptom improvement in a Phase 2b study

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

IPO Markets:

No companies completed IPOs last week

Four companies announced plans to file IPOs last week, two of which intend to raise $100.0M or more:

• Brainlab AG intends to raise $538.1M aiming to expand its digital surgery and radiotherapy portfolio, including intraoperative imaging platforms for global neurosurgery and oncology markets

• Carlsmed intends to raise $100.0M to accelerate development and commercial adoption of its AI-driven personalized spinal implants

25 companies in total remain in the queue, of which only one intends to raise more than $30.0M in proceeds:

• Of these 25 companies, 12 companies filed between Q4 2024 and today

 Year-to-date, companies that have gone public in 2025 have had a median loss of -7.3%

Follow-On Offering Markets:

There were nine follow-on offerings last week totaling $838.2M, with five notable deals being:

• Cidara Therapeutics (NASDAQ: CDTX) raised $402.5M to advance its Cloudbreak antiviral conjugate platform and support late-stage development of its oncology and infectious disease programs

• Kymera Therapeutics (NASDAQ: KYMR) raised $221.9M to fund ongoing clinical trials of its targeted protein degraders across oncology and immunology indications

• CorMedix Inc. (NASDAQ: CRMD) raised $85.0M to support the commercial launch of DefenCath, a catheter lock solution for preventing infection in patients with end-stage renal disease

• Forte Biosciences (NASDAQ: FBRX) raised $67.6M to continue development of its autoimmune pipeline, targeting diseases such as celiac disease, vitiligo, type 1 diabetes, and alopecia areata

• Achieve Life Sciences (NASDAQ: ACHV) raised $45.0M to support commercialization and further studies of cytisinicline for smoking cessation and nicotine addiction

PIPE/RDO Markets:

• There were six PIPEs/RDOs last week totaling $243.2M

  • Vor Bio, a clinical-stage biotech company developing therapies for autoimmune diseases, grossed $175.0M through a PIPE that consisted of RA Capital, Mingxin Capital, Forbion, Venrock Healthcare Capital, Caligan Partners, and NEXTBio

Licensing

M & A

Venture Financing

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