Upfront Briefing
Risk was on mute at the U.S. close: XBI (2.5%), NBI (2.0%), and XLV (1.7%) all underperformed as hotter inflation, firmer oil and a hawkish hold from the Fed pushed investors out of higher-beta healthcare.
Capital still showed up anyway. Serina lined up up to $30M privately, Reviva priced a $10M public offering, Crossbow added a $77M Series B, and RenovoRx printed a $10M at-market private placement.
On the non-dilutive side, Spectral AI picked up $31.7M from BARDA to accelerate DeepView — grant math that improves execution without touching the share count.
Tape Action
| Instrument |
Last close |
1D % |
YTD % |
| S&P 500 |
6,624.7 |
(1.4%) |
(3.2%) |
| Nasdaq 100 |
24,425.1 |
(1.4%) |
(3.3%) |
| Russell 2000 |
2,478.6 |
(1.6%) |
(0.1%) |
| Healthcare (XLV) |
147.1 |
(1.7%) |
(4.9%) |
| Biotech (XBI) |
121.1 |
(2.5%) |
(0.7%) |
| Nasdaq Biotech (NBI) |
5,660.2 |
(2.0%) |
(0.8%) |
| Clinical Trials (BBC) |
39.9 |
(3.0%) |
+3.4% |
|
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Biotech beta underperformed the broader tape, with XBI down (2.5%) versus the S&P 500 down (1.4%), as hotter inflation signals, firmer oil, and a Fed that stayed on hold with a still-restrictive message pushed investors away from higher-duration risk.
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The weakness wasn’t just sector-specific: small caps also cracked, with the Russell 2000 off (1.6%), which matters for biotech because tighter macro and higher real-rate sensitivity tend to hit financing-dependent names first.
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BBC fell (3.0%), underlining that the highest-beta clinical-development bucket remains the first place investors de-gross when macro turns risk-off.
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Market data: U.S. close Wed 18-Mar-2026.
The Big 3
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1
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Serina lines up up to $30M private placement for SER-252
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- Serina Therapeutics secured up to $30 million in a private placement to advance the registrational trial of SER-252 in advanced Parkinson’s disease. The financing supports a key execution milestone.
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Why it matters:
A financing tied to a registrational Parkinson’s study does two things investors care about: it reduces the probability of a near-term rescue raise ahead of a binary catalyst, and it gives the market a cleaner benchmark for how management is pricing dilution versus clinical optionality.
- Source: PR
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2
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Crossbow raises $77M Series B behind TCR-mimetic platform
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Crossbow Therapeutics raised $77 million in a Series B financing to advance its TCR-mimetic antibody platform, including completion of the Phase 1 trial for CBX-250 and initiation of the CBX-663 clinical trial.
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Why it matters:
In a tape where risk appetite was weak, a $77M private round led by Taiho Ventures and Arkin Bio Capital reads as real specialist conviction. For investors, that matters less as a one-off financing print and more as evidence that differentiated oncology platforms can still attract blue-chip capital for multi-asset clinical execution.
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Source:
PR
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| 3 | Spectral AI wins $31.7M BARDA award for DeepView system |
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Spectral AI was awarded $31.7 million of BARDA funding to accelerate development of the DeepView system. The funding may reduce financing risk and support faster development.
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Why it matters:
Non-dilutive BARDA funding is high-quality capital: it extends runway without resetting the cap table, validates external interest in the platform, and can pull forward regulated development milestones that matter for both valuation and partnering credibility.
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Source:
PR
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Everything Else that broke
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Vaxcyte published positive VAX-31 Phase 1/2 adult data in The Lancet Infectious Diseases, reinforcing the immunogenicity package behind its ongoing Phase 3 adult program and keeping the Q4 2026 OPUS-1 readout in focus. — PR
- U.S. lawmakers signaled willingness to counter China’s biotech gains. — Endpoints
- Alvotech reported Q4 2025 and full-year 2025 financial results. — PR
- 4D Molecular Therapeutics reported full-year 2025 financial results along with operational highlights and expected upcoming milestones. — PR
- ProKidney reported full-year 2025 financial results and business highlights. — PR
- BioCentury said Icotyde may provide a clear test of demand for oral psoriasis drugs. — BioCentury
- An NIH-backed $25 million project seeks to coordinate data produced by human-based testing methods. — PR
- LUMA Vision said it expanded clinical use of VERAFEYE in guiding AF ablations and completed a key 510(k) submission. — PR
- SystImmune said it will present new iza-bren (izalontamab brengitecan) data in extensive-stage small cell lung cancer at ELCC 2026. — PR
Deal Flow
| BioBucks 2026 Deal Trackers • Updated weekly ⬇️
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M&A / BD&L
- No notable M&A / BD&L announced in the last 24 hours.
VC / Private Financings
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Crossbow Therapeutics raised $77 million in a Series B to advance its TCR-mimetic antibody platform; co-led by Taiho Ventures and Arkin Bio Capital, joined by Sixty Degree Capital, Hamilton Square Partners Management, LifeLink Ventures, Libbs Ventures, Blood Cancer United TAP, MPM BioImpact, Pfizer Ventures, BVF Partners, Polaris Partners, Eli Lilly and Mirae Asset Venture Investment. —
PR
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Serina Therapeutics secured up to $30 million in a private placement to advance the registrational trial of SER-252 in advanced Parkinson’s disease; investor syndicate was not disclosed in the company release. —
PR
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RenovoRx announced a $10 million at-market private placement priced at $0.938 per share with milestone-based warrants tied to commercial revenue; investor names were not disclosed. —
PR
IPOs / Follow-Ons
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Reviva Pharmaceuticals priced a $10 million public offering with healthcare-focused institutional investors at a combined $1.50 per share and accompanying warrants. —
PR
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