California’s AN2 Therapeutics has been on a roll recently.

The lung disease biotech raised $80 million in a Series B back in January, announcing it in the company’s first press release since its series A round in 2019. At the time, big backers included RA Capital Management, a VC firm that’s shown a penchant for helping biotechs make quick jumps to the public market.

Two biotechs are braving the roiling financial markets to raise money for clinical trials. AN2 Therapeutics is preparing for a pivotal test of its boron-based drug candidate for a rare, chronic lung disease. Okyo Pharma also filed IPO paperwork as it looks to advance to the clinic with its dry eye disease drug.

Bayer, Brigham and Women's Hospital (BWH) and Massachusetts General Hospital have teamed up to work on treatments for chronic lung diseases. They will work out of a joint lab in Boston that will receive more than $30 million over the next five years.

Under the terms of the deal with Yale University, Yale researchers led by Geoff Chupp will conduct discovery research on targets associated with pulmonary diseases, then turn over the candidates to CureVac for preclinical and clinical development.