Biotech IPOs on the Chinese mainland have dried up since June 2023 due to regulatory tightening, but Hong Kong is still open to listings of pre-revenue ventures and has seen its first offering of this year.

Restructuring Edition: Kronos restructured and cut 19% of its workforce in November and now will cut 21% of its remaining jobs. Also, Gritstone cut 40% of its workforce after missing out on an expected external funding payment and Kineta implemented a 64% workforce reduction.

Public Company Edition: Arvinas grossed $350m in a private placement, while Xenon brought in $345m and Pharvaris raised $300m in follow-on public offerings. Fundraising remains challenging, however, so IGM Biosciences, Hansa Biopharma and other companies cut costs to save money.

Company contends US FDA gave the committee ‘materially false and misleading information’ about ITCA 650 exenatide implant and did not focus on GLP-1 comparative claims as it seeks a hearing before the commissioner following the panel’s unanimous vote against the application.