Paul Rennert was surprisingly energized after deplaning a transatlantic flight in Boston Thursday evening. He had just wrapped up weeks of international travel and investor meetings, and was pleased that even though the biotech industry was in the midst of one of the worst financing environments in years, venture capitalists had seemed receptive to the idea of investing in his startup, Aleta Biotherapeutics. The chief executive was even planning to write to his team, congratulating them on a successful 2022 and offering bonuses.
But then he began to get a flurry of text messages.
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