Public Company Edition: The IPO market in the US cooled in Q2, but a warm-up may come in Q3 alongside new SPAC merger opportunities; Artiva may be the next biopharma firm to go public. Also, IDEAYA and Recursion grossed $302.4m and $200m, respectively, in follow-on offerings.

Biotechs have had a difficult time raising cash through flotations over the past quarter, with one stepping away altogether.

Even after removing Xaira’s unusual $1bn seed financing, Evaluate’s data show that biopharma venture capital fundraising increased from the first to the second quarter and from Q2 of last year.

Public Company Edition: Alumis grosses $250m after it planned to raise up to $317.7m in its IPO. Also, Zealand adds $1bn in a post-data offering, Tectonic and Eliem close $130.7m and $120m private placements to support recent mergers, and Ginkgo cuts 35% of its workforce.