While the M&A boom in biotech that lawyers longed for in early 2023 hasn’t quite materialized, venture funding is slowing, nontraditional investors are withdrawing from the scene, companies planning to go public are in limbo, and many public companies’ stock is down—all of which contrasts sharply with the vast amounts of capital that biotechs require to reach proof of concept. “It’s a bit of a hodgepodge,” said Life Sciences partner Sam Zucker to The Recorder. “The capital markets haven’t recovered and traditional IPOs are immensely difficult.” Meanwhile, private financings are taking twice as long, from raise to close, even as companies boil the ocean to find venture investors, public grants and other funding options. Deepa Rich, a fellow Life Sciences partner, said that while money is still out there for the companies that have the science to back up their business, companies are planning for about two quarters to get a term sheet, and another four to six weeks to close.