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The failure adds to a series of mixed or negative readouts and leaves in doubt the future of a therapy Sanofi has viewed as a potential blockbuster.

The largest-ever new stock sale for a venture-backed biotech company extends a streak of large IPOs in 2026 that’s now resulted in 12 drug startups securing more than $4.1 billion combined.

Newly published data convinced AstraZeneca to conduct a sprawling late-stage program for its GLP-1 pill. Elsewhere, Bausch + Lomb will lay off 119 employees and Cartesian boosted its ‘in vivo’ cell…