Mandy Jackson

Public Company Edition: Syndax received all $350m from its royalty financing up front, while KalVista got $100m initially out of up to $179m. Also, Vera, EyePoint and Eledon grossed $300m, $161m and $85m in follow-on offerings, while Neurogene raised $200m in a private placement.

Q3 sales of DMD gene therapy Elevidys beat forecasts, but the company declined to raise Q4 and 2025 guidance. It plans to file a second gene therapy with the US FDA next year.

Eisai/Biogen's Alzheimer's disease medicine Leqembi has been a challenge to launch, but while access to pre-treatment testing has improved, infusion center capacity is impacting US sales.

Trace Neuroscience will take its antisense oligonucleotide that restores UNC13A protein production through proper mRNA splicing into the clinic in early 2026.

After emerging with $290m in April and announcing Phase I data for its lead asset in September, Metsera raised another $215m to fund clinical trials for three obesity drug candidates.

Private Company Edition: TRexBio’s series B venture capital round will fund initial clinical trials for TRB-061, a TNFR2 agonist. And in addition to mega-rounds from Trace, Alentis and Metsera, Evommune and Axonis raised $115m each, while Elektrofi completed a $112.5m series C.

Public Company Edition: President-elect Donald Trump's nomination of Robert F. Kennedy Jr. to lead the US Department of Health and Human Services is seen as raising the potential for regulatory risk. Also, Geron revealed up to $375m in royalty and debt financings, while Zai Lab grossed $200m in a FOPO.

Detailed results for CD40L inhibitor dapirolizumab pegol showed consistent improvements over time with meaningful gains over placebo across all endpoints in its first Phase III study.

Sage will end development for dalzanemdor after it failed in a Phase II Huntington's disease trial, leaving the company with one commercial drug and three early-stage assets.

With a US FDA determination that sotagliflozin cannot be approved for type 1 diabetes at this time, Lexicon is shutting down its commercial organization to focus on its R&D pipeline.