PublishedAugust6,2024JDJ:ReplacephotoReportPreviewReachouttoyourSVBpointofcontacttogainaccesstothefullversionofthereport.If2023wastheyearofventuremarketshockandvolatility,2024maybetheyearofadjustmentandcautiousoptimism.Despiteahigher-for-longerinterestrateenvironment,challengingpublicmarketsandsubsequentdroughtofdistributionstopaid-incapital(DPI),wesawslowbutsteadyincreasesinhealthcareventurecapital(VC)investment,impressiveVCfundraisingandimprovedinitialpublicoffering(IPO)activityinbiotech.Investmentseemsbifurcatedintothe“haves”vs.the“havenots,”withVCsincreasinglyfocusedonqualityoverquantity.Formanydeals,investorscanbidetheirtimetoensureasolidsyndicateformsbeforemakingamove.Inbiopharma,VCscontinuetofocusonadvancedclinicalassetsandwell-characterizedmodalitieswhileeschewingearly-stageplatforms.Inhealthtech,heightenedexpectationsarerootedinstronguniteconomicsandhealthymarginsinsteadoftop-linerevenueandprojectedgrowthrates.Acrossallsectors,valuationsareunderunprecedentedscrutiny.Atleast28%ofreporteddealsaredownorflatrounds1,markingthehighestlevelinrecenthistory.What’smore,only14of29unicornsformedin2020and2021havecomebacktomarkettoraiseanotherround,meaningthe“markdownhammer”hasyettofullydrop.Astheventuremarketcorrectedin2022and2023,investorsallocatedresourcestosupporttheirmostpromisingcompanies.Thisstrategy...
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