Big biopharma is struggling to find the next generation of cancer immunotherapies, but the sector’s smallest companies might just have the platforms of the future.

The company is on a roll thanks to its challenge to Pfizer’s Padcev and competition with a potential obesity market gamechanger from Novo Nordisk.

Corbus has presence in both antibody drug conjugates and obesity, and was the stand-out small-cap target for investors with a fivefold increase in its share price in Q1.

Public Company Edition: Alto Neuroscience and Fractyl Health grossed $128.6m and $110m, respectively, while FibroBiologics went public in a direct listing. Also, Vaxcyte grossed $862.5m in a follow-on offering, Immunocore grossed $350m in a note sale and Vera raised $287.5m.