Public Company Edition: Neumora grossed $250m and RayzeBio raised $311m in the first initial public offerings since early August. Also, ImmunityBio completes $470m in equity and debt financings, Bausch + Lomb sells $1.4bn worth of notes and Arbutus is among firms making cuts to conserve cash.

A mix of mega-rounds and smaller seed financings show investment happening at both ends of the venture capital spectrum. In public company financings, Gilead prices $2bn note offering, Biogen secures $1.5bn for Reata deal, Inhibrx completes a $200m PIPE and the IPO market shows new signs of life.

Neumora’s once-daily oral kappa opioid receptor (KOR) antagonist navacaprant succeeded in a Phase II trial and will move into the first of three Phase III studies soon, with a US filing targeted for 2025.

The advisory committee convened to consider a traditional approval for Eisai/Biogen’s Alzheimer’s antibody Leqembi was the smallest in recent memory, with just six voting members. Yet, it worked surprisingly well. Is it time to rethink the size of FDA’s expert panels?