Although 2024 showed signs of recovery, 2025 is once again reflecting an IPO slowdown, with global biopharma IPO proceeds in the first seven months of the year falling to their lowest level since 2016.

Positive phase I results in small-cell lung cancer (SCLC) from Ideaya Biosciences Inc. and partner Hengrui Pharmaceuticals Co. Ltd. with IDE-849, a potentially first-in-class antibody-drug conjugate targeting delta-like ligand 3 (DLL3) and topoisomerase 1, sharpened interest in the DLL3 mechanism, which gave Zai Lab Ltd. a phase Ia/Ib win this year in extensive-stage (ES) SCLC.

The top 10 med-tech stock gainers and losers for the week.

Biopharma financing activity has continued to remain low compared to the highs seen in recent years, with a total of $39.83 billion raised across IPOs, follow-on offerings, public/other and private financings in the first eight months of 2025.

A recent paper in the Journal of Clinical Medicine quantified some of the potential bodily ravages ahead for patients with hypoparathyroidism (hypoPT), specifically the loss of kidney function, with the risk of chronic kidney disease going up every year by 11%. A handful of drug developers continue to advance prospects in hypoPT, where Ascendis Pharma A/S’ hormone replacement therapy Yorvipath (palopegteriparatide) – the first and only treatment for adults with the rare endocrine disease – has set the bar for efficacy.