By now, the story of last year’s dismal U.S. capital markets is hardly news. But when combined with increasing regulatory stresses, especially for biopharma and med-tech startups, there are elements of that story giving some Street-watchers pause, even as the market begins to show a few signs of recovery.

The BioWorld Cancer Index (BCI) closed out the first quarter of 2024 with a 4.66% increase, slightly down from its 11.07% rise at the end of February. This comes after an outstanding performance in 2023, when it finished the year up by 76.26%. Despite outperforming the Nasdaq Biotechnology Index, which rose by 1.36% in Q1, BCI lagged behind the Dow Jones Industrial Average, which saw a 5.62% increase in the first three months of the year. In contrast, BCI experienced a decline of 41.98% in 2022 and a 36.34% decrease in 1021.

After concluding 2023 up 11.62%, the BioWorld Biopharmaceutical Index (BBI) extended its upward trajectory into the first quarter (Q1), posting a 6.4% increase at the close of March. BBI outperformed both the Dow Jones Industrial Average (up 5.62%) and the Nasdaq Biotechnology Index (up 1.36%) by the end of Q1.