All the fundraising deals in the biotechnology market (from Q2 2025 to Q2 2026)
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Biotechnology companies raised $8.26 billion across 57 verified large funding rounds between Q2 2025 and Q2 2026.
Q2 2026 was the strongest quarter, but one $2.1 billion deal represented almost half of the biotechnology funding recorded during the quarter.
AI drug discovery, oncology and neurology attracted the largest amounts of biotechnology investment in this dataset.
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Insights
- Q2 2026 generated $4.43 billion, which was more than the previous four biotechnology market quarters combined.
- Isomorphic Labs alone raised $2.1 billion and represented 47.4% of all biotechnology funding announced in Q2 2026.
- The average biotechnology deal was $144.8 million, but this figure falls to $108.0 million when the Isomorphic Labs round is removed.
- AI-enabled drug discovery attracted $2.54 billion across only five deals, showing that investors treated AI biology as a distinct capital category.
- Oncology remained the biotechnology market category with the widest range of funded approaches, including ADCs, molecular glues, radiopharmaceuticals and precision inhibitors.
- Q3 2025 had only six deals, but Treeline Biosciences represented 35.4% of the quarter's funding.
- Every round in this dataset exceeded $50 million because the available public biotechnology trackers focus on larger disclosed financings.
- The top ten rounds represented 48.7% of all biotechnology funding across the five-quarter period.
- RA Capital Management appeared in seven rounds, more than any other publicly disclosed biotechnology investor in the dataset.
- Biotechnology investors often backed companies with licensed or externally sourced clinical programs that could move into trials quickly.
This market map, featured in our biotechnology market deck, highlights top companies and startups in the biotechnology market
Summary table of the funding deals in the biotechnology market (last 5 quarters)
We define the biotechnology market as products and services that apply modern biological science and engineering to create or improve medical and life-science outcomes.
We include biopharma R&D and therapeutics, including biologics, cell and gene therapies, vaccines, molecular diagnostics, and core life-science research tools and reagents.
We exclude routine healthcare delivery, conventional pharmaceuticals and chemicals not enabled by biotechnology, and agriculture or industrial bioapplications unless they are explicitly in scope for the analysis.
A fully exhaustive $500,000 biotechnology funding census cannot be built from public information because the principal trackers focus mainly on rounds worth at least $50 million.
The table below therefore covers 57 verified large biotechnology funding rounds announced from Q2 2025 through Q2 2026.
You can also read our detailed analysis to understand how funding activity in the biotechnology market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the biotechnology market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| Granite Bio | Develops antibodies that remove or control disease-driving immune cells. | $100M | Q2 2025 |
| NewLimit | Uses epigenetic reprogramming to restore younger functions in aging cells. | $130M | Q2 2025 |
| HAYA Therapeutics | Develops RNA medicines that change the regulatory programs controlling diseased cells. | $65M | Q2 2025 |
| Stylus Medicine | Develops genetic medicines that edit or replace genes inside patients. | $85M | Q2 2025 |
| Azafaros | Develops brain-penetrating treatments for rare lysosomal-storage diseases. | $147M | Q2 2025 |
| CellCentric | Develops an oral cancer treatment for multiple myeloma. | $120M | Q2 2025 |
| ReproNovo | Develops treatments for male infertility and embryo implantation. | $65M | Q2 2025 |
| Juvenescence | Builds medicines that target biological mechanisms linked to aging. | $76M | Q2 2025 |
| Syndeio Biosciences | Develops neurotherapies designed to restore dysfunctional communication between brain cells. | $90M | Q2 2025 |
| GRIN Therapeutics | Develops treatments for rare genetic epilepsies and neurodevelopmental disorders. | $140M | Q2 2025 |
| Vima Therapeutics | Develops small-molecule treatments for dystonia and other movement disorders. | $60M | Q2 2025 |
| SpyGlass Pharma | Develops long-lasting medicines for glaucoma and other eye diseases. | $75M | Q2 2025 |
| Allay Therapeutics | Develops extended-duration local pain treatments for surgical procedures. | $57.5M | Q2 2025 |
| Mosanna Therapeutics | Develops a nighttime nasal treatment for obstructive sleep apnea. | $80M | Q2 2025 |
| Antares Therapeutics | Develops precision medicines for cancers driven by specific biological targets. | $177M | Q2 2025 |
| Actithera | Develops radiopharmaceuticals designed to remain inside tumors for longer. | $75.5M | Q3 2025 |
| Nuclidium | Develops copper-based diagnostic imaging and radiotherapy products. | $99M | Q3 2025 |
| Treeline Biosciences | Develops targeted cancer medicines against difficult biological mechanisms. | $200M | Q3 2025 |
| MRM Health | Develops medicines made from defined communities of beneficial human bacteria. | $64M | Q3 2025 |
| Epigenic Therapeutics | Develops gene-silencing medicines delivered with lipid nanoparticles. | $60M | Q3 2025 |
| NRG Therapeutics | Develops mitochondrial treatments for Parkinson's disease and other neurodegenerative conditions. | $67M | Q3 2025 |
| Arthrosi Therapeutics | Develops medicines that lower uric acid in people with gout. | $153M | Q4 2025 |
| Expedition Therapeutics | Develops treatments for COPD and other neutrophil-driven respiratory diseases. | $165M | Q4 2025 |
| Excellergy | Develops treatments that reduce harmful immune-cell responses in allergic diseases. | $70M | Q4 2025 |
| Artios Pharma | Develops cancer medicines targeting DNA-damage repair pathways. | $115M | Q4 2025 |
| Solve Therapeutics | Develops antibody-drug conjugates and technologies that improve drug stability. | $120M | Q4 2025 |
| Profluent | Uses generative AI to design proteins, gene editors and biological tools. | $106M | Q4 2025 |
| Syneron Bio | Uses AI to discover macrocyclic peptide medicines. | $100M | Q4 2025 |
| Syremis Therapeutics | Develops receptor-targeting medicines for schizophrenia and psychotic disorders. | $165M | Q4 2025 |
| Atavistik Bio | Develops allosteric medicines for rare blood disorders and cancers. | $120M | Q4 2025 |
| Vibrant Therapeutics | Develops activated T-cell engager medicines for solid tumors. | $61M | Q1 2026 |
| Proxima | Uses AI to design medicines that change interactions between proteins. | $80M | Q1 2026 |
| Cytotheryx | Develops human liver-cell therapies for serious liver diseases. | $60M | Q1 2026 |
| Exciva | Develops combination medicines for agitation linked to Alzheimer's disease. | $59M | Q1 2026 |
| Think Bioscience | Discovers small molecules based on chemistry performed by living organisms. | $55M | Q1 2026 |
| ILiAD Biotechnologies | Develops an intranasal vaccine designed to prevent pertussis transmission. | $115M | Q1 2026 |
| Korsana Biosciences | Develops brain-penetrating antibodies for Alzheimer's disease. | $175M | Q1 2026 |
| Altesa BioSciences | Develops antiviral medicines for rhinovirus infections in vulnerable patients. | $75M | Q1 2026 |
| Syneron Bio | Uses AI and macrocyclic peptides to develop medicines across several diseases. | $150M | Q2 2026 |
| Stipple Bio | Develops tumor-selective antibody-drug conjugates that may protect healthy tissue. | $100M | Q2 2026 |
| Sidewinder Therapeutics | Develops bispecific antibody-drug conjugates for solid tumors. | $137M | Q2 2026 |
| Life Biosciences | Develops epigenetic-reprogramming therapies for age-related diseases. | $80M | Q2 2026 |
| Oricell Therapeutics | Develops CAR-T therapies for solid tumors, including liver cancer. | $110M | Q2 2026 |
| Vivatides Therapeutics | Develops siRNA and antisense medicines for targets outside the liver. | $54M | Q2 2026 |
| Neomorph | Develops molecular-glue degraders for difficult disease targets. | $100M | Q2 2026 |
| Beeline Medicines | Develops autoimmune medicines licensed from Bristol Myers Squibb. | $300M | Q2 2026 |
| Terremoto Biosciences | Develops covalent small-molecule medicines for genetically defined cancers. | $108M | Q2 2026 |
| Storm Therapeutics | Develops cancer medicines targeting RNA-modifying enzymes. | $56M | Q2 2026 |
| Ray Therapeutics | Develops optogenetic gene therapies designed to restore vision. | $125M | Q2 2026 |
| Tortugas Neuroscience | Develops treatments for schizophrenia, epilepsy, tinnitus and neurological disorders. | $106M | Q2 2026 |
| Coultreon Biopharma | Develops autoimmune medicines built around former Galapagos programs. | $125M | Q2 2026 |
| Cytospire Therapeutics | Develops gamma-delta T-cell engagers for solid tumors. | $83M | Q2 2026 |
| Isomorphic Labs | Builds AI systems for drug discovery and molecular design. | $2,100M | Q2 2026 |
| Create Medicines | Develops in-vivo CAR-T therapies for autoimmune disease and cancer. | $122M | Q2 2026 |
| NewLimit | Develops epigenetic-reprogramming medicines that restore younger cell functions. | $435M | Q2 2026 |
| Oblenio Bio | Develops trispecific T-cell engagers that reset dysfunctional immune systems. | $62M | Q2 2026 |
| Lycia Therapeutics | Develops medicines that remove harmful extracellular proteins. | $75M | Q2 2026 |
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How has funding activity in the biotechnology market changed over time?
Q2 2026 was the most active quarter, with 19 deals raising $4.43 billion, but the $2.1 billion Isomorphic Labs round caused much of the increase.
Q3 2025 was the least active quarter, with six deals raising $565.5 million and no round larger than $200 million.
Biotechnology funding increased by 551.2% from Q1 2026 to Q2 2026 and by 201.7% from Q2 2025 to Q2 2026.
Q2 2026 still leads after removing its two largest rounds, but the remaining total falls to $1.89 billion and looks much closer to the other biotechnology market quarters.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 15 | $1.47B | A broad quarter led by Antares, Azafaros and GRIN Therapeutics. |
| Q3 2025 | 6 | $566M | The quietest quarter, with Treeline representing more than one-third of funding. |
| Q4 2025 | 9 | $1.11B | Funding recovered across respiratory, neurology, oncology and AI biology companies. |
| Q1 2026 | 8 | $680M | Korsana was the largest deal in an otherwise moderate biotechnology quarter. |
| Q2 2026 | 19 | $4.43B | Isomorphic Labs created a major spike, while several other companies raised more than $100 million. |
| All quarters | 57 | $8.26B | The dataset shows strong funding, but capital remained concentrated in large rounds. |
This chart, featured in our biotechnology market deck, looks at Vertex’s strategy in biotechnology
Which startups in the biotechnology market raised the largest rounds over the last months?
These startups raised the most recently in the biotechnology market:
- Isomorphic Labs raised $2.1 billion to expand AI drug-design models and advance its internal therapeutic programs.
- NewLimit raised $435 million to move its first liver program into clinical testing and expand into vascular and immune-cell treatments.
- Beeline Medicines raised $300 million to launch the company and develop five autoimmune programs licensed from Bristol Myers Squibb.
- Treeline Biosciences raised $200 million to support three clinical-stage cancer programs targeting BCL6, EZH2 and KRAS.
- Antares Therapeutics raised $177 million to develop three precision-oncology programs acquired through its formation from Scorpion Therapeutics.
- Korsana Biosciences raised $175 million to prepare its brain-penetrating Alzheimer's antibody for clinical testing.
- Expedition Therapeutics raised $165 million to advance its respiratory drug into a phase 2 study.
- Syremis Therapeutics raised $165 million to develop muscarinic-receptor medicines for schizophrenia and related disorders.
- Arthrosi Therapeutics raised $153 million to complete two phase 3 gout trials and prepare a regulatory submission.
- Syneron Bio raised $150 million to expand its AI peptide-discovery platform and move more programs toward clinical development.
And, yes, we do cover most of them in our our beautiful pitch about the biotechnology market.
You may also want to check our ranking of the most funded startups in the biotechnology market as well as our list of the most valued startups.
| Rank | Deal size ($) | Round type | Quarter | Startup |
|---|---|---|---|---|
| 1 | $2,100M | Series B | Q2 2026 | Isomorphic Labs |
| 2 | $435M | Series C | Q2 2026 | NewLimit |
| 3 | $300M | Series A | Q2 2026 | Beeline Medicines |
| 4 | $200M | Series A extension | Q3 2025 | Treeline Biosciences |
| 5 | $177M | Series A | Q2 2025 | Antares Therapeutics |
| 6 | $175M | Seed and Series A | Q1 2026 | Korsana Biosciences |
| 7 | $165M | Series A | Q4 2025 | Expedition Therapeutics |
| 8 | $165M | Series A | Q4 2025 | Syremis Therapeutics |
| 9 | $153M | Series E | Q4 2025 | Arthrosi Therapeutics |
| 10 | $150M | Series B | Q2 2026 | Syneron Bio |
This chart, featured in our biotechnology market deck, illustrates yearly funding for biotechnology startups
Is the biotechnology market shifting toward smaller or bigger deals?
The average biotechnology funding round was $144.8 million across the five quarters, although one $2.1 billion transaction raised the overall figure.
The quarterly average ranged from $85.0 million in Q1 2026 to $233.1 million in Q2 2026. Q2 2026 was higher because Isomorphic Labs completed an unusually large round.
Without the Isomorphic Labs deal, the average biotechnology round falls to about $108.0 million, which points to a steadier large-round market.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 15 | $97.8M | 0 | 15 |
| Q3 2025 | 6 | $94.3M | 0 | 6 |
| Q4 2025 | 9 | $123.8M | 0 | 9 |
| Q1 2026 | 8 | $85.0M | 0 | 8 |
| Q2 2026 | 19 | $233.1M | 0 | 19 |
| All quarters | 57 | $144.8M | 0 | 57 |
This chart, featured in our biotechnology market deck, compares the main business model options for biotech platform companies
How concentrated was funding activity in the biotechnology market?
Biotechnology funding was highly concentrated in Q2 2026, when the largest deal represented 47.4% of the quarter and the three largest deals represented 64.0%.
The full five-quarter biotechnology market was less concentrated, but the ten largest rounds still captured almost half of all recorded funding.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q2 2025 | 15 | 12.1% | 31.6% | 78.0% |
| Q3 2025 | 6 | 35.4% | 66.2% | 100.0% |
| Q4 2025 | 9 | 14.8% | 43.4% | 100.0% |
| Q1 2026 | 8 | 25.7% | 54.4% | 100.0% |
| Q2 2026 | 19 | 47.4% | 64.0% | 83.8% |
| All quarters | 57 | 25.4% | 34.3% | 48.7% |
This chart, featured in our biotechnology market deck, breaks down revenue across customer segments in the biotechnology market
Which categories in the biotechnology market received the most funding?
AI-enabled drug discovery raised $2.54 billion, or 30.7% of all biotechnology funding, mainly because Isomorphic Labs completed a $2.1 billion round. The category attracted large checks despite having only five deals.
Oncology and oncology-focused radiopharmaceuticals raised $1.47 billion, or 17.8% of total funding. Biotechnology investors supported several distinct approaches instead of one dominant cancer technology.
Neurology therapeutics raised $862 million, or 10.4% of the total. The largest neurology rounds supported Alzheimer's disease, schizophrenia and rare neurological conditions.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| AI-enabled drug discovery and programmable biology | 5 | $2,536M | Isomorphic Labs $2,100M; Syneron Bio $150M and $100M; Profluent $106M; Proxima $80M. |
| Oncology and oncology-focused radiopharmaceuticals | 13 | $1,468.5M | Treeline Biosciences $200M; Antares Therapeutics $177M; Sidewinder Therapeutics $137M; CellCentric $120M; Solve Therapeutics $120M; Artios Pharma $115M; Terremoto Biosciences $108M; Neomorph $100M; Stipple Bio $100M; Nuclidium $99M; Actithera $75.5M; Vibrant Therapeutics $61M; Storm Therapeutics $56M. |
| Neurology therapeutics | 8 | $862M | Korsana Biosciences $175M; Syremis Therapeutics $165M; GRIN Therapeutics $140M; Tortugas Neuroscience $106M; Syndeio Biosciences $90M; NRG Therapeutics $67M; Vima Therapeutics $60M; Exciva $59M. |
This chart, featured in our biotechnology market deck, shows how at-home genetic testing technology has evolved over time
Who are the biggest investors in the biotechnology market?
RA Capital Management was the most active disclosed biotechnology investor, with seven deals representing $718 million in combined company funding.
Janus Henderson Investors appeared in five deals representing $535 million, including large rounds for Korsana, Artios and ILiAD.
OrbiMed also completed five deals, representing $530 million across oncology, RNA therapeutics and protein degradation.
Eli Lilly and Lilly Ventures participated in four rounds representing $660 million, including NewLimit's $435 million Series C.
Novo Holdings participated in four deals representing $523 million across respiratory, oncology, gene therapy and autoimmune medicine.
Sofinnova Partners and Sofinnova Investments participated in four rounds representing $430.5 million.
Regeneron Ventures participated in four rounds representing $400 million across rare disease, oncology and autoimmune therapeutics.
Alexandria Venture Investments appeared in four rounds representing $387 million.
Pfizer Ventures and other Pfizer investment arms participated in four rounds representing $279 million.
M Ventures participated in four biotechnology funding rounds representing $263.5 million.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| RA Capital Management | 7 | $718M | Stylus Medicine, CellCentric, SpyGlass Pharma, Artios Pharma, ILiAD, Terremoto Biosciences and Stipple Bio. |
| Janus Henderson Investors | 5 | $535M | Artios Pharma, Think Bioscience, ILiAD, Korsana Biosciences and Lycia Therapeutics. |
| OrbiMed | 5 | $530M | Epigenic Therapeutics, Terremoto Biosciences, Sidewinder Therapeutics, Lycia Therapeutics and Syneron Bio. |
| Eli Lilly and Lilly Ventures | 4 | $660M | HAYA Therapeutics, Stylus Medicine, NewLimit and Lycia Therapeutics. |
| Novo Holdings | 4 | $523M | Expedition Therapeutics, Terremoto Biosciences, Ray Therapeutics and Coultreon Biopharma. |
| Sofinnova Partners and Investments | 4 | $430.5M | HAYA Therapeutics, Actithera, Expedition Therapeutics and Coultreon Biopharma. |
| Regeneron Ventures | 4 | $400M | Atavistik Bio, Think Bioscience, Neomorph and Coultreon Biopharma. |
| Alexandria Venture Investments | 4 | $387M | HAYA Therapeutics, Proxima, Solve Therapeutics and Create Medicines. |
| Pfizer Ventures and investment arms | 4 | $279M | Syneron Bio, Vibrant Therapeutics, Storm Therapeutics and Oblenio Bio. |
| M Ventures | 4 | $263.5M | ReproNovo, Actithera, NRG Therapeutics and Storm Therapeutics. |
This chart, featured in our biotechnology market deck, shows how platform therapeutics have driven growth in the biotechnology market over time
Related blog posts
- A full list of funding deals in the biotechnology market
- The startups that have raised the most funding in the biotechnology market
- How strong is fundraising in the biotechnology market right now?
