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That's an impressive nosedive in fig 1 of this Nature Biotech piece (# of IPOs).
'To attract funding in 2023, biotechs need strong data (ideally clinical data), a differentiated asset or technology, disciplined spending, sensible time frames and realistic valuation expectations. Such basics were forgotten during the upturn, and inflated private valuations persisted beyond it — partly explaining the lower investment and merger and acquisition activity during 2022.'
