Investors, advisors and CEOs at the J.P. Morgan Healthcare Conference and Biotech Showcase were somewhat optimistic about fundraising this year, but noted certain companies may have to call it quits.

Timing big M&A transactions to coincide with the biggest investor conference of the year is difficult. But getting it right can boost stocks across the sector.

Public Company Edition: Also, Johnson & Johnson’s consumer health spin-out Kenvue filed paperwork to get the ball rolling on an initial public offering. In addition, Geron raised $198m and Madrigal accessed more than $300m after positive trial readouts, but layoffs were revealed by Editas, Elevation, Nabriva and others.

Private Company Edition: Acelyrin will use its latest funding for Phase III development of izokibep in inflammatory diseases. Also, ArsenalBio raised $220m to take its programmable cell therapies into the clinic and RayzeBio’s $160m series D round will fund clinical trials for its radiopharmaceuticals.