This week in charts: a small-cap rebound and a record month for licensing

Three numbers framed the week for drug developers and the people who fund them.

14%

That is how far an equal-weighted basket of small-cap biotechnology stocks climbed over the past four weeks, its strongest run in more than two years. The move was broad: roughly seven in ten constituents finished higher. Analysts at two banks attributed the rally to falling interest-rate expectations and a pair of late-stage trial successes that reminded generalist investors the sector can still produce them.

$4.1 billion

Upfront cash committed in licensing agreements during September, the highest monthly total in our records. Three transactions accounted for more than half of it, and all three involved drugs first developed in Asia.

11

The number of biotechs that have gone public in the U.S. this year. That is already more than in all of 2025, though it remains well short of the 2021 peak. Seven of the eleven are trading above their offering price.

Our charts series returns next Sunday.