As a reminder, Q1 2024 got off to a roaring start, with a small crop of substantial rounds such as Lykos Therapeutics’ $100m+ Series A as well as both Cybin and MindMed’s significant public offerings.
To be sure, valuations for these rounds were markedly more modest than those seen a few years ago, but the return of significant investment to the space was seen as a welcome signal for investors and operators alike.
The momentum from Q1 2024 was not quite sustained in Q2, however, with aggregate investment dropping to just over $175m. That’s nothing to be sniffed at, however, as the last time we saw a quarter with this level of investment—aside from Q1—was Q4 2022.
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