For people I talk, it is the end of ZIRP that caused it. ZIRP ended in April 2022. Even as interest rates went up the VCs still had committed funds to distribu

For people I talk, it is the end of ZIRP that caused it. ZIRP ended in April 2022. Even as interest rates went up the VCs still had committed funds to distribute for a year to 18 months. Then the biotechs had runway for 1-2 years from that. Now that’s all gone, and they can’t raise their next series. In the meantime, C&GT plus synbio is recently having a lower win rate than hoped for. That plus all the money that is there is all going to AI companies due to the shorter time to return / higher potential roic / hype.