A breakdown of 2023’s smaller series A class by development stage

So far this year, 54 biotechs have disclosed series A financings, putting 2023 on a trajectory to have the lowest series A activity in the past five years, although not far off from 2019.

Fewer series A financings by preclinical companies account for this decrease, with series A activity by Phase I and II companies similar to past years — partly due to an increase in series A extension rounds. ...