Public Company Edition: Kyverna and Alto Neuroscience, which may go public in the US this year, have drug candidates in or nearing mid-stage trials. Also, Zealand’s private placement raises $211.4m, Praxis prices a $150m offering and Solid grosses $108.9m in stock sale.

The US precision medicine company hopes its drug response predictor technology will enhance responses to the chemotherapy Ixempra on the basis of promising data from a handful of breast cancer patients in a Phase II trial, marking a positive turn in its journey to date.

Raising money will be difficult for the foreseeable future, so every part of the ecosystem from start-ups to public companies to VC firms is figuring out how to survive until cash is easily accessible again.

Almost 80% of novel agent submissions from the biggest companies were approved in recent years, compared with a 60% approval rate for the rest of the industry, according to a recent analysis of FDA approval decisions since 2021.