Week of March 6, 2026

The Week at a Glance:

• Markets Dip: The US-Iran conflict, which caused oil prices to soar, and a disappointing jobs report (~92K lost vs. a gain of ~50K expected) resulted in major indices sliding 1-3%

• Déjà Vinay: Dr. Vinay Prasad will step down as head of the FDA’s Center for Biologics Evaluation and Research (CBER) following renewed controversy around several regulatory decisions, marking his second departure in under a year after previously stepping down in July 2025 amid backlash tied to the agency’s handling of Sarepta’s Duchenne muscular dystrophy therapy

• uniQure Huntington’s Program Faces Regulatory Setback: Despite prior FDA interactions that uniQure had framed as supportive of an accelerated approval path, the FDA’s latest feedback rejected reliance on Phase 1/2 data versus external controls and instead pushed for a prospective, randomized, double-blind, sham-controlled trial for AMT-130, materially delaying the program’s path to approval

Markets Overview

The S&P 500, Nasdaq, and Dow were down (2.0%), (1.2%), and (3.0%) respectively

• Higher oil prices and a disappointing jobs report drove negative market sentiment for the week

The NBI and NYSE Pharma Index were down (4.2%) and (4.6%), respectively

Notable changes in share price:

• Day One Biopharmaceuticals (NASDAQ: DAWN): Shares jumped 65.9% after the company announced it was being acquired by Servier for $2.5B

• Rallybio (NASDAQ: RLYB): Shares rose 44.7% after the company announced it was raising $505M in conjunction to a reverse merger with privately held Candid Therapeutics, a company developing TCEs for autoimmune diseases

Sources: Pitchbook, Biomedtracker, and CapIQ

Equity Markets

No companies completed an IPO or filed an S1 last week

All 24 additional companies in the IPO queue are pursuing raises below $40M

IPOs priced in 2025 and 2026 have generated a median and average return of (11.5%) and 14.0% YTD, respectively. Half of newly public companies are trading above their offer price

After-Market Performance by Stage

• Clinical-stage after-market performance (N=15): 30.7% (average), 6.7% (median)

• Commercial-stage after-market performance (N=24): 8.7% (average), (12.4%) (median)

After-Market Performance by Sector

• Biopharma (N=17): 17.0% (average), (5.2%) (median)

• MedTech (N=23): 12.0% (average), (11.5%) (median)

Follow-On Offering Markets:

There were 2 follow-on equity offerings totaling $37.0M last week, including:

• MAIA Biotechnology, Inc. (NYSE American: MAIA) raised $30.0M to fund clinical development of ateganosine (THIO), a first-in-class telomere-targeting immunotherapy for NSCLC, including the pivotal Phase 3 THIO-104 trial in third-line checkpoint inhibitor-resistant patients and continued enrollment in the Phase 2 THIO-101 trial supporting a planned 2026 accelerated approval filing

PIPE/RDO Markets:

There were two PIPEs / RDOs last week raising an aggregate of $522.5M, including:

• Concurrent with its merger with Rallybio, Candid Therapeutics raised $505.0M to support the advancement of Candid's diversified pipeline of TCE programs through multiple clinical milestones, including the initiation and clinical readouts of Phase 2 studies for cizutamig, a B-cell maturation antigen (BCMA) targeting TCE, in myasthenia gravis and interstitial lung disease (ILD). Investors included venBio Partners, Viking Global Investors, Cormorant Asset Management, Foresite Capital, Soleus Capital, TCGX, Vivo Capital.

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