硅谷银行-医疗保健行业趋势-2024年中期报告（英）-2024-6正式版-WN8

ReportPreviewReachouttoyourSVBpointofcontacttogainaccesstothefullversionofthereport.PublishedAugust6,2024HEALTHCAREINVESTMENTSANDEXITS|MID-YEARREPORT2024ReportPreviewIf2023wastheyearofventuremarketshockandvolatility,2024maybetheyearofadjustmentandcautiousoptimism.Despiteahigher-for-longerinterestrateenvironment,challengingpublicmarketsandsubsequentdroughtofdistributionstopaid-incapital(DPI),wesawslowbutsteadyincreasesinhealthcareventurecapital(VC)investment,impressiveVCfundraisingandimprovedinitialpublicoffering(IPO)activityinbiotech.Eachsectorhasitsownstorytotellthisyear.Inbiopharma,theIPOwindowfinallyopenedwiderwith13IPOssofarandsixina15-dayspan.However,publicdebutsslowedinQ2andremainchallengingforpre-clinicalandearly-stagecompanies.Historicactivityinthepublicbiotechmarkets(includingrecord-highpublicM&A,follow-onandprivateinvestmentinpublicequity(PIPE)activity)catalyzedinvestorreturnsandreinvigoratedtheprivatemarkets.Investmentseemsbifurcatedintothe“haves”vs.the“havenots,”withVCsincreasinglyfocusedonqualityoverquantity.Formanydeals,investorscanbidetheirtimetoensureasolidsyndicateformsbeforemakingamove.Inbiopharma,VCscontinuetofocusonadvancedclinicalassetsandwell-characterizedmodalitieswhileeschewingearly-stageplatforms.Inhealthtech,heightenedexpectationsarerootedinstronguniteconomicsandhealthymarginsinsteadoftop-linerevenueandprojectedgrowthrates.Healthtechinvestmentoverthelastfouryearshasbeentumultuous.Thepandemicusheredinamassivewaveofinvestmentasalleyesturnedtodigitalhealthcare.Consequently,investmenthithigherhighs—anddroppedtolowerlows.However,thesectorisshowingsignsofrecovery,albeitslowly.Quarterlyinvestmentoverthelastthreequartersconsistentlyhoveredaround$3.2B—markedlyhigherthanaveragequarterlyinvestmentin2019($2.5B).HealthcareVCfundraisingremainedstrongdespitethehighestfederalfundsrateindecades.InH12024,$9Bclosed(comparedto$7BinH22023),and89%offundshittheirfundtargets.Manyfundraisesfollowedsuccessfulexits,pointingtocontinuedconfidenceinthesector.Andyet,thesuccesswasn’tdistributedequally.Emergingmanagersstruggledtoclosefunds,andtimebetweenfundraiseshitarecordhighatamedianthreeyearsbetweenfunds.Acrossallsectors,valuationsareunderunprecedentedscrutiny.Atleast28%ofreporteddealsaredownorflatrounds1,markingthehighestlevelinrecenthistory.What’smore,only14of29unicornsformedin2020and2021havecomebacktomarkettoraiseanotherround,meaningthe“markdownhammer”hasyettofullydrop.Astheventuremarketcorrectedin2022and2023,investorsallocatedresourcestosupporttheirmostpromisingcompanies.Thisstrategyextendedinto2024astheexitmarketremainedhistoricallychallenging,resultinginmoreinsiderandbridgerounds.Afteryearsofpainandpressure,wemaybeturningacorner.With2023’sshocktotheventuremarket,investorsquicklyturnedtheirattentiontosupportingtheirmostpromisingcompanies.Thisstrategycontinuedthisyearastheexitmarketremaininghistoricallychallenging,resultinginmoreinsiderandbridgerounds.Promisingly,we’veheardthatsomeinvestorsarespendinglesstimeonportfoliomanagementrationalizationin2024.Buildingon20yearsofresearchanddataanalysisofhealthcareVC,this14theditionofHealthcareInvestmentsandExitsleveragesourproprietarydataandstrongVCnetworktodeliverunmatchedindustryintelligence.Fromourresearch,it’sevidentthat2024activityshowsthathealthcareinvestmentisfindingapathforwarddespiteexperiencingstrongheadwinds.Inthemarket,wearenowseeinghealthyandsustainableinvestmentrevitalizeoptimismforasolid,albeitbumpy,secondhalfoftheyear.JackieSpencerHeadofRelationshipManagementforLifeScience&HealthcareBankingjspencer@Notes:1)Themethodologyforthisanalysishaschangedfrompriorreports.Downroundsaredefinedasdealswherethepre-moneyvaluationislowerthanthepriordeal’spost-moneyvaluation.Onlydealswithareporteddealsizeareconsideredforthisanalysis.Source:PitchBookData,Inc.andSVBproprietarydata.2ReportPreviewMacroOutlookInvestorSentimentTrending“TheFederalReservewantstoseeaconsistenttrendineconomicdata,namelyinflationheadingtowardits2.0%targetbeforejustifyingacutinthefedfundsrate.Employmenthasweakenedrecentlybutremainssolid,andcoreinflationcontinuedtomovetowardtheFed’s2%long-termtarget.TheFedwilllikelycutratesinSeptemberandborrowingcostsareexpectedtodecline.BroadmarketsanticipatetheFedwillreduceinterestratesfourtimesduringthisyear.AtSAM(SVBAssetManagement),ourforecastsuggeststheFedwilllowerratestwicein2024,andwethinkthereareincreasedoddsthattheycutratesbyasmuchas50basispoints(bps)attheirSeptembermeeting.”Asurgeinactivityputs2024onpacetoeclipse2021innumberofdeals,thoughinvestmentdollarsaretrackingwellshortofpandemic-eralevels(62%of2021investmentlevels1).Downandflatroundscontinuetoclimbasinvestorsrebalanceequitywhilemanagingtheneedforlargerreservesofdrypowdertosupporttheirwinners.1.Mega-Deals71mega-deals2closedinH12024,a50%increaseyearoveryear.2.AdministrativeAISolutions3$1.5BinvestedinH12024,growingmorethan3xyearoveryear.TravisDugan,CFAManagingDirectorPortfolioManagementtdugan@HealthtechBiopharmaDx/ToolsDevicePrivateinvestmentdollarsweredownslightlyinthefirsthalfof2024($7.8B)comparedtothesecondhalfof2023($8.1B).Despitemanycompaniesstillmanagingtheburdenofoutsizedvaluations,AIisabrightspot.Since2019,thenumberofhealthtechAIdealshasincreasedover4x,outpacingallothersectors.Inthepublicmarkets,healthtechisstillsearchingforthefirstIPO.2024startedasaverysolidyearforbiopharmawithall-time-highpublicfinancingactivity,aflurryofmega-deals,andabriefsprintforIPOs(sixin15days).Althoughsuccesseshavebeenconcentratedamongthestrongestfew,thebiopharmamarketisshakingofftherustandbuildingmomentum.DespitebeingtheonlysectorbesidesLikediagnostics,thedevicemarketisexperiencinganexitsdrought.DeviceM&Aistrackingtothelowestlevelsince2008.DespitenoIPOstodatein2024,thereispositivityintheprivatemarket.MedianSeriesAvaluationsareatanall-timehigh($24M),up20%fromthepreviouspeakin2022.biopharmatohaveIPOs(twoinQ22024),Dx/ToolsissufferingfromhistoricallylowM&Aactivity-onpaceforthelowestnumberofprivateDx/ToolsM&Asince2013.Ontheprivateinvestmentside,valuationsaretakingahit.SeriesAmedianvaluationsareattheirlowestpoint($20M)since2019andare38%offthehighsetin2022.Notes:1)USandEuropeandealsthatincludeaninstitutionalventureinvestor,corporateventureinvestor,orisequaltoorgreaterthan$2M,regardlessofinvestor.2)Deals$100Mandaboveareconsideredmega-deals.3)Non-exhaustiveexamplesofadministrativeartificialintelligence(AI)solutionsincludevirtualassistant,notetaking/EHRdocumentationandrevenuecycleoperationssolutionsleveragingAI.HEALTHCAREINVESTMENTS&EXITS|MID-YEARREPORT20243Source:PitchBookData,Inc.andSVBproprietarydata.ReportPreviewTogetthefullreport,reachouttoyourSVBpointofcontactWhat’sinside:4ReportPreviewMiloBissinKaleFrankJackieSpencerRaysaBousleimanVicePresidentHealthcareVentureCapitalRelationshipManagementrbousleiman@MarketManagerLifeSciencesmbissin@ManagingDirectorBiopharma,Dx/ToolsHeadofRelationshipManagementforLifeScience&HealthcareBankingjspencer@kfrank@JulieEbertJackieSpencerleadstheUSRelationshipManagementteamforLifeScienceandHealthcareAcceleratorandGrowth.Jackieandherteamarefocusedonprovidingbankingandfinancingsolutionstoinnovativecompaniesinthesector.SincejoiningSVBin2007,Jackiehasworkedacrossboththetechnologyandhealthcarepracticesfromemergingmarkettolate-stagecorporatefinance.RaysaBousleimanmanagesrelationshipswithKaleFrankleadstheBiopharmaandDx/ToolspracticefortheBayAreaandPacificNorthwest.Heandthelifescienceteamprovideinsights,advice,venturefinancingandbankingsolutionstohelpcompaniesscalefromSeriesAandbeyond.ManagingDirectorLifeSciencesjebert@traditionalVCfirmsfocusedonhealthcareandlifescienceinvestments.Sheisalsoresponsibleforconductingdata-drivenanalysesontheglobalhealthcareinnovationeconomythatSVBserves.PriortoSVB,Raysaworkedasahealthcareconsultantfocusingonhealthsystemsrevenuecyclemanagementandoperations.DennisHeKalehasbeenatSVBfornineyearsandhasworkedinbankingfor13.ManagingDirectorLifeSciencesdhe@HegraduatedfromtheUniversityofNotreDamewithhonors.JackiegraduatedfromSt.Mary’sCollegeofCaliforniawithhonors,receivingabachelor’sinfinance.RaysagraduatedfromtheUniversityofSouthernCaliforniawithhonors,receivingabachelor’sinhumanbiology.BenJohnsonHeadofEarlyStageLifeScienceandHealthcarebjohnson@Thankyoutothefollowingforlendingtheirsubject-matterexpertisetothisreport:TimotLamarreResearcherMarketInsightsAlexanderLennox-MillerSeniorResearcherMarketInsightsPeterSlettelandManagingDirectorCreditSolutionstlamarre@alennoxmille@psletteland@Allnon-SVBnamedcompaniesareindependentthirdpartiesandarenotaffiliatedwithSiliconValleyBank,adivisionofFirst-CitizensBank&TrustCompany.HEALTHCAREINVESTMENTS&EXITS|MID-YEARREPORT20245ReportPreviewTheviewsexpressedinthisreportaresolelythoseoftheauthorsanddonotnecessarilyreflecttheviewsofSVB.Thismaterial,includingwithoutlimitationtothestatisticalinformationherein,isprovidedforinformationalpurposesonly.Thematerialisbasedinpartoninformationfromthird-partysourcesthatwebelievetobereliablebutwhichhasnotbeenindependentlyverifiedbyus,and,assuch,wedonotrepresenttheinformationisaccurateorcomplete.Theinformationshouldnotbeviewedastax,accounting,investment,legalorotheradvice,norisittobereliedoninmakinganinvestme