What happened to all the biotech IPOs?

Just last month, biotech was on pace for yet another record-adjacent year for IPOs, with 29 in the first seven months of the year.

And then the offerings just stopped. Biotech has been silent on that front since July 18, and most of the IPO filings since then have been micro-cap proposals to raise small amounts of money.

It’s worth noting that these things tend to come in fits and starts, and a pair of companies — SpringWorks and Satsuma Pharmaceuticals — could come through with nine-digit Wall Street debuts in the coming weeks. It is also worth noting that daily headlines about a trade war and a looming recession haven’t exactly heartened investors, and it’s not impossible bankers are preaching patience to their biotech clients.