Public Company Edition: This year’s newly public companies are trading an average of 9.7% below their IPO prices, including the two most recent debuts, Boundless Bio and Contineum. Also, Nkarta, Praxis and Nurix grossed $240m, $200m and $175m, respectively, in follow-on offerings.

Restructuring Edition: The industry emerged from the J.P. Morgan Healthcare Conference feeling renewed confidence about deal-making and financing, but drug developers continue to run short on cash or cut programs and jobs before the money runs out, including Cara, PMV and Ikena.

Durect thinks its epigenetic modulator shows promise with data showing reduction in 90-day mortality despite missing the primary endpoint of mortality and liver transplant rate.

German pharma takes global rights to preclinical bispecific antibody, while Surrozen will focus on Phase I candidates for inflammatory bowel disease and alcoholic hepatitis.