2023 saw a number of gene therapy companies go to the wall, but those that can combine clinical significance and commercial success can build sustainable businesses.

Private Company Edition: Quarter-over-quarter increases in venture capital have been bolstered by fewer but larger rounds, like the recent $245m series A for Aiolos. Also, OrbiMed raised $4.3bn across three new VC funds, Rampart completed an $85m series A and Atom Bioscience raised an $83m series D. 

Sans Sandoz, Novartis posts a beat-and-raise but its oncology franchise remains undistinguished.

With a platform of interesting preclinical assets and a Phase III-ready program from a collapsed biotech business, new company Beacon Therapeutics can claim unconventional origins.