Lessons from a biotech downturn: Funding challenges, an IPO dry spell and what to expect in 2024

Despite optimism for a stronger investment climate this year, many of the hurdles that faced young biotechnology companies in late 2022 have endured through 2023.

Initial public offerings for drugmakers have remained slow, with only 18 biotechs making their public debut. Private financing rounds are taking longer to close for some, while other face a “Series A cliff” as they go back to investors for more money.