Forget Crypto Winter. In Biotech, It’s Been Freezing for Months

Biotech executives are bracing for more pain as global uncertainty hammers the already beaten-down industry.

The downturn in biotech started long before Russia invaded Ukraine and high inflation became a dinner-table conversation. In the biotech stock slide that accelerated last winter and that’s continued in recent weeks, few companies have been spared. That includes those that went public in 2021 – a record number – amid pandemic-induced euphoria in the sector.

Many of those same firms are now facing the possibility that the situation could deteriorate more. It was enough to create a notable sense of anxiety at the BIO International ...