Emerging Company Profile: Backed by strong academic talent and a recent $80m fundraising, the US biotech is on a mission to address the unmet medical need in PD-L1 negative cancer by targeting the HHLA2 pathway.

Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.