All the fundraising deals in the biotechnology market (from Q1 2025 to Q1 2026)
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Between Q1 2025 and Q1 2026, over 129 biotechnology startups raised $50M+ in funding, totaling roughly $14.3 billion.
Below, we break down every major biotech deal from the last five quarters, along with key trends, top investors, and the categories attracting the most capital.
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Summary table of the funding deals in the biotechnology market (last 5 quarters)
We define the biotechnology market as products and services applying modern biological science to create or improve medical and life-science outcomes — including biopharma R&D, biologics, cell/gene therapies, vaccines, molecular diagnostics, and core research tools. We exclude routine healthcare delivery, conventional pharmaceuticals, and agriculture/industrial bioapplications.
Read our detailed analysis on how biotech funding has evolved over the last few years, or check our weekly-updated page with all the latest biotech fundraising deals.
| Name | What they do | Amount ($M) | Quarter |
|---|---|---|---|
| Isomorphic Labs | Uses AI to design new drugs by modeling molecular structures | $600.0 | Q1 2025 |
| Verdiva Bio | Next-gen oral and injectable therapies for obesity and cardiometabolic disorders | $410.0 | Q1 2025 |
| Eikon Therapeutics | Oncology drugs via live-cell single-molecule tracking microscopy | $350.7 | Q1 2025 |
| Kardigan | Cardiovascular therapeutics based on licensed near-clinical assets | $300.0 | Q1 2025 |
| Aviceda Therapeutics | Siglec-targeting nanoparticles for retinal diseases | $207.5 | Q1 2025 |
| Windward Bio | Next-gen immunology biologics for inflammatory and autoimmune diseases | $200.0 | Q1 2025 |
| Callio Therapeutics | Antibody-drug conjugates (ADCs) for hard-to-treat cancers | $187.0 | Q1 2025 |
| Tune Therapeutics | Epigenetic editing to program gene expression and treat diseases | $175.0 | Q1 2025 |
| Latigo Biotherapeutics | Non-opioid pain therapies targeting peripheral nerve pathways | $150.0 | Q1 2025 |
| Aspect Biosystems | Bioprinting technology to create living tissue therapeutics | $115.0 | Q1 2025 |
| Curevo | Next-gen vaccines with improved safety and immune profiles | $110.0 | Q1 2025 |
| Orbis Medicines | Oral macrocyclic drugs for previously undruggable targets | $93.4 | Q1 2025 |
| Be Bio | Engineered red blood cells to deliver therapeutic proteins | $50M+ | Q1 2025 |
| Umoja | In vivo CAR-T therapies that reprogram immune cells inside the body | $50M+ | Q1 2025 |
| Atalanta | Therapies targeting metabolic and endocrine pathways | $50M+ | Q1 2025 |
| Leyden Labs | Broad-spectrum antivirals to prevent future pandemics | $50M+ | Q1 2025 |
| Light Horse | AI-powered small-molecule drug discovery | $50M+ | Q1 2025 |
| Timberlyne | Clinical-stage therapeutics for rare liver diseases | $50M+ | Q1 2025 |
| Ouro | Therapeutics targeting novel oncology pathways | $50M+ | Q1 2025 |
| Numab | Multispecific antibodies for oncology and inflammation | $50M+ | Q1 2025 |
| Bambusa | Novel biologics for autoimmune and inflammatory diseases | $50M+ | Q1 2025 |
| Newleos | Therapies for rare metabolic diseases | $50M+ | Q1 2025 |
| Arbor | CRISPR-based genome editing tools for therapeutics | $50M+ | Q1 2025 |
| Character | AI and biological data for faster drug candidate discovery | $50M+ | Q1 2025 |
| Epicrispr | Epigenetic CRISPR therapies to silence disease-causing genes | $50M+ | Q1 2025 |
| Augustine | Targeted therapies for neurodegenerative diseases | $50M+ | Q1 2025 |
| Maxion | Miniprotein therapeutics for pain | $50M+ | Q1 2025 |
| Tempero | Precision medicines for temperature-sensitive inflammatory conditions | $50M+ | Q1 2025 |
| Ampersand | Combination biologics for complex diseases | $50M+ | Q1 2025 |
| Hillstar | Clinical-stage therapeutics for hematological diseases | $50M+ | Q1 2025 |
| Garuda | Next-gen gene therapies with improved delivery vectors | $50M+ | Q1 2025 |
| Antares | Precision oncology therapies spun out of a major acquisition | $177.0 | Q2 2025 |
| AIRNA | RNA editing therapeutics that correct mutations without changing DNA | $155.0 | Q2 2025 |
| Atsena | Gene therapies for inherited retinal diseases | $150.0 | Q2 2025 |
| Azafaros | Small molecules for rare neuro-metabolic lysosomal diseases | $147.0 | Q2 2025 |
| Draig | Small molecules for treatment-resistant depression | $140.0 | Q2 2025 |
| Grin Therapeutics | Precision therapies for rare genetic epilepsy | $140.0 | Q2 2025 |
| SpliceBio | Gene therapies using engineered AAV vectors for neurological diseases | $135.0 | Q2 2025 |
| NewLimit | mRNA-based cellular rejuvenation to reverse biological aging | $130.0 | Q2 2025 |
| Merida | Engineered Fc-based therapeutics for autoimmune diseases | $121.0 | Q2 2025 |
| CellCentric | Epigenetic cancer therapies targeting tumor metabolism | $120.0 | Q2 2025 |
| Glycomine | Oral replacement therapies for congenital disorders of glycosylation | $115.0 | Q2 2025 |
| Granite Bio | Next-gen antibody therapies for immunology and inflammation | $100.0 | Q2 2025 |
| Attovia | Targeted therapies for metabolic and fibrotic diseases | $50M+ | Q2 2025 |
| Haya | Precision medicines for women's health | $50M+ | Q2 2025 |
| Stylus | RNA medicines using novel delivery technologies | $50M+ | Q2 2025 |
| Syndeio | Immunology therapies targeting novel inflammatory pathways | $50M+ | Q2 2025 |
| SpyGlass | Precision therapeutics for immune-mediated diseases | $50M+ | Q2 2025 |
| Actio | Targeted RNA therapies for genetic diseases | $50M+ | Q2 2025 |
| Allay | Non-addictive pain therapeutics | $50M+ | Q2 2025 |
| Vima | Therapies for neurovascular diseases | $50M+ | Q2 2025 |
| Juvenescence | Longevity therapeutics using AI and biological insights | $50M+ | Q2 2025 |
| Etiome | Precision medicines for metabolic dysfunction | $50M+ | Q2 2025 |
| AusperBio | Novel biotherapeutics for oncology and immune disorders | $50M+ | Q2 2025 |
| Crystalys Therapeutics | Disease-modifying treatments for chronic gout | $205.0 | Q3 2025 |
| Star Therapeutics | Novel therapies for rare bleeding disorders | $125.0 | Q3 2025 |
| Avalyn Pharma | Inhaled therapies for serious pulmonary diseases like IPF | $100.0 | Q3 2025 |
| Nuclidium | Radiotheranostics combining diagnostics with targeted radiotherapy | $99.0 | Q3 2025 |
| Sparrow | Therapies targeting metabolic and endocrine pathways | $95.0 | Q3 2025 |
| Actithera | Next-gen radioconjugates for targeted cancer treatment | $75.5 | Q3 2025 |
| NRG | Neuroprotective therapies for neurodegenerative diseases | $67.0 | Q3 2025 |
| Avenzo | Precision oncology for solid tumors | $60.0 | Q3 2025 |
| Renasant Bio | Regenerative therapies for tissue repair and organ function | $50M+ | Q3 2025 |
| Corsera Health | Diagnostics and therapeutics for cardiovascular diseases | $50M+ | Q3 2025 |
| Braveheart Bio | Gene-based therapies for hypertrophic cardiomyopathy | $185.0 | Q4 2025 |
| Expedition Therapeutics | Targeted therapies for COPD | $165.0 | Q4 2025 |
| Syremis | Precision medicines for neuropsychiatric conditions | $165.0 | Q4 2025 |
| AAVantgarde | AAV-based gene therapies for inherited retinal diseases | $141.0 | Q4 2025 |
| Chai Discovery | AI models for molecular structure prediction in drug discovery | $130.0 | Q4 2025 |
| Ambros | RNA-based therapeutics for genetic and rare diseases | $125.0 | Q4 2025 |
| Solve Therapeutics | Next-gen ADCs with novel linker technology | $120.0 | Q4 2025 |
| Atavistik | Small-molecule drugs via evolutionary biology-inspired approaches | $120.0 | Q4 2025 |
| Artios | DNA damage response therapies for cancer | $115.0 | Q4 2025 |
| Lila Sciences | AI to discover new molecules and materials for life sciences | $115.0 | Q4 2025 |
| SanegeneBio | Gene therapies for neurological diseases, focused on China | $110.0 | Q4 2025 |
| D3 Bio | Data-driven precision oncology | $108.0 | Q4 2025 |
| Syneron Bio | Novel biologics for oncology and immunology | ~$100.0 | Q4 2025 |
| Cartography | Maps disease biology to find new drug targets | $50M+ | Q4 2025 |
| Excellergy | Metabolic therapies for obesity | $50M+ | Q4 2025 |
| Gate | Cell therapies for autoimmune and inflammatory diseases | $50M+ | Q4 2025 |
| Neok | Oncology therapeutics for solid tumors | $50M+ | Q4 2025 |
| Azalea | Precision therapies for hematological cancers | $50M+ | Q4 2025 |
| Link Cell | Engineered cell therapies for solid tumors | $50M+ | Q4 2025 |
| Prolynx | Long-acting biotherapeutics via controlled-release linkers | $50M+ | Q4 2025 |
| Addition | Precision oncology for genetically defined cancers | $50M+ | Q4 2025 |
| Aeovian | mTOR-targeting therapies for aging | $50M+ | Q4 2025 |
| BlossomHill | Therapies for autoimmune diseases and cancer | $50M+ | Q4 2025 |
| Tr1X | Engineered regulatory T cell therapies for autoimmune diseases | $50M+ | Q4 2025 |
| Atrium Therapeutics | RNA therapies delivered to the heart for rare genetic cardiomyopathies | $270.0 | Q1 2026 |
| AirNexis | Inhaled therapies for COPD | $200.0 | Q1 2026 |
| Korsana | Blood-brain barrier-crossing antibodies for Alzheimer's | $175.0 | Q1 2026 |
| Slate Medicines | Small molecules for migraine and pain | $130.0 | Q1 2026 |
| Angitia | Cardiovascular therapies for serious vascular diseases | $130.0 | Q1 2026 |
| ILiAD | Next-gen pertussis vaccine with improved immune protection | $115.0 | Q1 2026 |
| Kinaset | Inhaled kinase inhibitors for respiratory diseases | $103.0 | Q1 2026 |
| Ambrosia Biosciences | Oral GLP-1 therapies for obesity | $100.0 | Q1 2026 |
| Immutrin | Immune-modulating therapies for autoimmune diseases | $87.0 | Q1 2026 |
| QuantX | Quantitative biology-driven therapies for complex diseases | $85.0 | Q1 2026 |
| Mendra | AI and computational biology for novel therapeutics | $82.0 | Q1 2026 |
| Proxima | AI-powered drug discovery tools | $80.0 | Q1 2026 |
| R1 Therapeutics | Targeted therapies for genetically defined rare diseases | $77.5 | Q1 2026 |
| Crossbow | Targeted oncology via novel drug delivery | $77.0 | Q1 2026 |
| Cytotheryx | Stem cell-derived therapies for degenerative diseases | $50M+ | Q1 2026 |
| BreezeBio | Inhaled biologics for respiratory diseases | $50M+ | Q1 2026 |
| Altesa | Biologics for inflammatory diseases | $50M+ | Q1 2026 |
| Gilgamesh | Psychedelic-inspired therapies for mental health | $50M+ | Q1 2026 |
| QL Biopharm | Oral peptide therapies for metabolic diseases | $50M+ | Q1 2026 |
| Prolium | Biologics for rare protein deficiency diseases | $50M+ | Q1 2026 |
| Vibrant | Therapeutics for CNS disorders | $50M+ | Q1 2026 |
| Corsera | Diagnostics and therapeutics for cardiovascular diseases | $50M+ | Q1 2026 |
| Poplar | Therapeutics for fibrotic lung diseases | $50M+ | Q1 2026 |
| TRexBio | Regulatory T cell therapies to restore immune tolerance | $50M+ | Q1 2026 |
In our biotechnology market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the biotechnology market changed over time?
Q1 2025 was by far the most active quarter: 41 deals raising $5.6B, driven by mega-rounds (Isomorphic Labs $600M, Verdiva Bio $410M) and broad investor confidence. Q3 2025 was the weakest, with only 10 deals totaling $931M during a summer pause.
Between Q4 2025 and Q1 2026, funding stayed nearly flat ($2.5B vs $2.5B). Compared to Q1 2025, Q1 2026 saw 39% fewer deals and 56% less capital — reflecting that reopening quarter's outsized strength.
Stripping out the top two deals per quarter, the trend evens out. The underlying pace of $50M–$200M rounds was consistent throughout.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q1 2025 | 41 | $5.6B | Strongest quarter by a wide margin across oncology, obesity, gene therapy, and AI drug discovery. |
| Q2 2025 | 28 | $2.8B | Cooled from Q1 but solid, with notable rounds in RNA editing, autoimmune, and rare diseases. |
| Q3 2025 | 10 | $931M | Sharp summer slowdown; Crystalys ($205M) was one of the few mega-rounds. |
| Q4 2025 | 25 | $2.5B | Clear recovery in cardiology, AI discovery, and respiratory biotech. |
| Q1 2026 | 25 | $2.5B | Steady quarter led by Atrium Therapeutics ($270M) and AirNexis ($200M). |
| All quarters | 129 | $14.3B | Five quarters of verified $50M+ biotech funding deals. |
In our biotechnology market deck, we identify repeatable patterns you can use if you’re building in this market
Which startups raised the largest rounds?
- Isomorphic Labs raised $600M in Q1 2025 to scale its AlphaFold-based AI drug design engine.
- Verdiva Bio raised $410M in Q1 2025 to advance its oral GLP-1 obesity drug into Phase 2.
- Eikon Therapeutics raised $350.7M in Q1 2025 for late-stage oncology trials via single-molecule microscopy.
- Kardigan raised $300M in Q1 2025, launching with licensed near-clinical cardiovascular assets.
- Atrium Therapeutics raised $270M in Q1 2026, a Novartis/Avidity spinout taking RNA cardiology programs independent.
- Aviceda Therapeutics raised $207.5M in Q1 2025 for siglec-targeting nanoparticles in retinal diseases.
- Crystalys Therapeutics raised $205M in Q3 2025 for disease-modifying gout treatment.
- Windward Bio raised $200M in Q1 2025 for its immunology biologics pipeline.
- AirNexis raised $200M in Q1 2026 for inhaled COPD therapies.
- Callio Therapeutics raised $187M in Q1 2025 for next-gen ADCs.
We cover most of them in our pitch about the biotechnology market.
Also check our ranking of the most funded biotech startups and our list of the most valued startups.
In our biotechnology market deck, we answer all the common questions from investors and entrepreneurs
Is the biotechnology market shifting toward smaller or bigger deals?
The five-quarter average deal size was ~$111M. It peaked at $136M in Q1 2025 (driven by several $300M+ rounds) then settled at $93M–$101M for the remaining quarters. Excluding the top outliers, the average falls to $85–$95M across the board — stable and disciplined.
| Quarter | Deals | Avg deal size | Below $2M | Above $50M |
|---|---|---|---|---|
| Q1 2025 | 41 | $136M | 0 | 39 |
| Q2 2025 | 28 | $100M | 0 | 26 |
| Q3 2025 | 10 | $93M | 0 | 9 |
| Q4 2025 | 25 | $101M | 0 | 23 |
| Q1 2026 | 25 | $99M | 0 | 23 |
| All quarters | 129 | $111M | 0 | 120 |
In our biotechnology market deck, we help you understand how the market is structured
How concentrated was funding activity in the biotechnology market?
Funding was consistently concentrated. The top 3 deals captured 17–26% of quarterly capital; the top 10, 50–59%. In Q3 2025, Crystalys alone represented 22% because the deal count was so small. Even in Q1 2025, the top 10 captured over half the total, with the remaining 31 companies splitting the rest.
| Quarter | Deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 41 | 10.8% | 24.4% | 51.2% |
| Q2 2025 | 28 | 6.3% | 17.2% | 50.4% |
| Q3 2025 | 10 | 22.0% | 46.2% | 100.0% |
| Q4 2025 | 25 | 7.3% | 20.4% | 54.6% |
| Q1 2026 | 25 | 11.0% | 26.2% | 58.8% |
| All quarters | 129 | 4.2% | 9.5% | ~28% |
In our biotechnology market deck, we have designed useful charts to give you full market clarity
Which categories received the most funding?
Therapeutics and biopharma R&D dominated: ~$10.3B across ~90 deals, led by clinical-stage companies in oncology, cardiometabolic, and autoimmune spaces.
Gene and cell therapy was second: ~$2.4B across ~20 deals. AIRNA, Atsena, Tune Therapeutics, and AAVantgarde attracted capital with focused disease targets and strong delivery platforms.
AI-powered discovery was third: ~$2B across ~10 deals, concentrated in Isomorphic Labs ($600M), Chai Discovery ($130M), and Lila Sciences ($115M).
| Category | Deals | Total raised | Startups and amount |
|---|---|---|---|
| Therapeutics / biopharma R&D | ~90 | ~$10.3B | Verdiva Bio ($410M), Kardigan ($300M), Eikon ($350.7M), Atrium ($270M), Crystalys ($205M), Braveheart Bio ($185M), AirNexis ($200M), Korsana ($175M), Slate ($130M), Angitia ($130M), Syremis ($165M), Draig ($140M), Azafaros ($147M), Expedition ($165M), Antares ($177M), and many more |
| Gene / cell therapy | ~20 | ~$2.4B | Tune ($175M), Umoja, Be Bio, AIRNA ($155M), Atsena ($150M), SpliceBio ($135M), AAVantgarde ($141M), Cytotheryx, Aspect ($115M), Garuda, Arbor, Epicrispr |
| AI / discovery platforms | ~10 | ~$2B | Isomorphic Labs ($600M), Lila Sciences ($115M), Chai Discovery ($130M), Proxima ($80M), Mendra ($82M), Character, Orbis ($93.4M), Light Horse |
In our biotechnology market deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the biotechnology market?
| Investor | Deals | Total funded | Startups |
|---|---|---|---|
| OrbiMed | ~10 | ~$1.8B | Verdiva Bio, Windward Bio, Sparrow, AirNexis, Mendra, Expedition, Avenzo, and others |
| RA Capital | ~10 | ~$1.6B | Verdiva Bio, Curevo, CellCentric, Stylus, QuantX, ILiAD, Kinaset, Atavistik, and others |
| Sanofi Ventures | ~9 | ~$1.1B | Curevo, Draig, SpliceBio, Granite Bio, Attovia, QuantX, Angitia, Artios, and others |
| Forbion | ~8 | ~$1.4B | Verdiva Bio, AIRNA, Azafaros, Braveheart Bio, Gate, Merida, and others |
| Frazier Life Sciences | ~8 | ~$1.3B | Verdiva Bio, Hillstar, Angitia, AirNexis, Immutrin, Braveheart Bio, Syremis, and others |
| Novo Holdings | ~7 | ~$1B | Windward Bio, Augustine, Callio, Crystalys, Maxion, and others |
| NEA | ~6 | ~$600M | Orbis Medicines, Ouro, SpyGlass, and others |
| Abingworth | ~6 | ~$700M | Timberlyne, R1 Therapeutics, Atsena, Syremis, Antares, Glycomine |
| Versant Ventures | ~6 | ~$600M | Granite Bio, Light Horse, and other company-creation deals |
| Cormorant | ~5 | ~$500M | Numab, Attovia, and growth-stage syndicates |
Disclaimer: this list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors. "Total funded" refers to aggregate capital raised across rounds in which the investor participated.
In our biotechnology market deck, we track adoption trends and shifts in consumer behavior
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
