On Nov. 21, four biotech companies—Nuvalent, Olema, Invivyd and Inhibikase—priced follow‑on equity offerings that collectively approached $950 million, according to BioCentury’s public equity report. The transactions show pockets of capital remain accessible to development‑stage biotech despite broader market caution. The placements followed company‑specific news and appear to reflect investor appetite for differentiated assets and visible near‑term catalysts. Biotechnology finance teams will note the continued viability of follow‑ons as a tool to extend runways when supported by clinical or partnering milestones.