Public Company Edition: Prometheus brought in $500m from a follow-on offering after reporting positive mid-stage results for its TL1A inhibitor. Even Novavax, struggling to make money from its COVID-19 vaccine, raised cash in dual offerings, but its valuation dropped significantly afterward.

The year to date has been a depressing period for initial public offerings, especially in Europe, but the Madrid-based epigenetics specialist is evaluating whether to head west and list in the US.

Venture capital funding for biotechs remains aplenty even as listed companies’ stock prices drop. Biogen’s Papadopoulos, Fidelity’s Kaul and Gurnet’s and ex-Sanofi Viehbacher deliberate on whether there is a valuation disconnect and if this is the next "tulip mania."

The 14 biopharma firms that went public during the first half of the year generated a 25% average return, helped by an outlier whose value rose 585%. Excluding Belite Bio, the -18% return for the IPO class of 2022 is more representative of current market realities.