$ImmunityBio, Inc.(IBRX)$ As shovel mentioned SVB could be part of reason biotech is down. Prob leading to asset sales by other banks impacting $S&P Biotech Bull 3X Shares(LABU)$ and$Spdr S&P Biotech Etf(XBI)$ . Bad news just never stops.

A crucial lender for early-stage businesses, SVB is the banking partner for nearly half of U.S. venture-backed technology and healthcare companies that listed on stock markets in 2022.

"While VC (venture capital) deployment has tracked our expectations, client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted," Becker said in a letter to investors seen by Reuters.

BROADER RISKS?
The funding winter is a fallout of a relentless increase in borrowing costs by the Federal Reserve over the last year as well as elevated inflation.

The SVB turmoil raised investors' concerns about broader risks in the sector.
SVB said that funds raised from the stock sale will be re-invested in shorter-term debt and the bank will double its term borrowing to $30 billion.