Public Company Edition: Insmed grossed $650m, Structure raised $476m and Merus brought in $400.2m after positive clinical trial results. But while CARGO raised $110m in a private placement and Day One sold a priority review voucher for $108m, Ikena, Takeda and others cut jobs.

Private Company Edition: First quarter data again confirm fewer but larger VC rounds in Q1. Big Q2 rounds include a $132.5m series C round for Endeavor Biomedicines, a $103m series A round for Reunion Neuroscience and Enlaza’s $100m series A.

Deal snapshot: Akari, which has stayed afloat through small financings in recent years, and Peak Bio, after going public via the SPAC route in 2022, will merge as equals and then prioritize their pipeline.

Private Company Edition: In the first week of April, Cure Ventures launched with a $350m fund, the Alzheimer’s Drug Discovery Fund received $200m for its venture philanthropy strategy and Canaan revealed $850m in new funds. Also, OnKure raised $53.7m and Phlow closed a $36m series B round.