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Good morning, folks. And how are you today? We are in fine spirits, thanks to a sunny sky and a delightful breeze that are enveloping the Pharmalot campus. Of course, there is little time to enjoy the moment since there is so much to be done. No doubt, you can relate. So time to get cracking. Let’s grab that cup of stimulation — our choice today is cinnamon hazelnut — and attack the to-do list. Meanwhile, here are some items of interest. Hope you conquer the world today and keep us in mind if you hear anything interesting. …

Biosplice, once the world’s most valuable biotech startup, is laying off nearly a quarter of its workforce and has stopped internal development of one of its late-stage medicines, a treatment for hair loss in men, with hopes of licensing that program to another drug company, STAT explains. The layoffs, which took effect Tuesday, could be seen as yet another reality check for the outsized bets made by some investors on privately held biotechnology firms. In 2016, Biosplice, then known as Samumed, made headlines by raising $220 million at a $6 billion valuation; two years later, it raised another $438 million at a $12.8 billion valuation.

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