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: Cancer-focused Adlai Nortye launched a concurrent initial public offering and private placement, while four other drug developers announced or completed SPAC mergers. Also, Sobi grossed $540m in a rights issue and Immunovant followed early data with a $450m FOPO.

Plus deals involving SK Biopharmaceuticals, Hikma and Proteovant, Day One/Sprint, Eyenovia/Formosa, Clinigen/CNX, Ikena/Pionyr and more.

On the first day of the BIO International Convention, our reporters hear from industry leaders about tough financing, when to go public, and why ‘there shouldn't be 700 listed biotechs in the US.’