A top Wall Street analyst warns that more biotech cuts are coming as funding tumbles to start 2023
After some signs of growth in late 2022, funding is down in 2023.It's a not so happy new year. At least for the biotech sector.
Last month, companies in the sector raised just $3 billion from investors — down 22% from the $3.9 billion that they raised in the same period a year ago. This comes after some"glimpses of strength" in the second half of last year.They added that many biotech companies have pulled back their ambitions and cut their spending to preserve cash.
Amid the difficult market, the analysts said that they were seeing companies try to save on cash in three ways: by shrinking programs to have fewer data points or target fewer illnesses, pausing research on potential molecules for development, and cutting staff.
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