Four public biotech companies — Nuvalent, Olema, Invivyd and Inhibikase — completed follow‑on offerings that collectively raised nearly $950 million. Companies used the market window to shore up balance sheets or advance development programs, a pattern observers say reflects selective investor appetite and opportunistic capital raises tied to company‑specific catalysts. The financings signal that despite broader market volatility, capital remains available for differentiated stories, especially where near‑term data or commercial potential is clear.