In what looks like a disappointing downturn, the FDA only approved six new molecular entities in the last quarter (Table 1). Although the underlying reasons for the decline are unclear, this will only add to the malaise of the current biotech bear market, which has resulted in falling company valuations and a shrinking number of initial public offerings. Whatever the reason for the slowdown, if approvals continue at this rate for the rest of the year, the overall number for 2022 could be one of the lowest in at least 5 years.

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