What are the most valued startups in the biotechnology market?

Last updated: 9 June 2026

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The biotechnology market is one of the most capital-intensive startup markets, with leading companies spanning AI drug discovery, oncology, diagnostics, biosimilars, cell therapy, gene therapy, RNA medicines, and sequencing.

This ranking tracks the most valuable biotechnology startups based on the latest reported or estimated valuations, and we update this list every month.

The data shows a market where the biggest winners can reach multi-billion-dollar valuations, while many public biotech companies trade far below the amount of capital raised.

And if you want to better understand this new industry, you can download our pitch covering the biotechnology market.

A quick summary table

Metric Value
Most valuable biotechnology startup Isomorphic Labs, $14.0B–$26.3B
Second most valuable biotechnology startup Altos Labs, $5.0B–$9.0B
Median biotechnology startup valuation About $1.1B
Share of total biotechnology valuation captured by the top 10 About 37%
Top biotechnology startup valuation vs. median About 18x
Median valuation-to-capital-raised ratio About 2.7x
Biotechnology startups valued at $1B+ 57 startups
Market map chart showing top companies and startups in the biotechnology market

This market map, featured in our biotechnology market deck, highlights top companies and startups in the biotechnology market

Top startups in the biotechnology market ranked by valuation

Here is an updated table that ranks the top startups in the biotechnology market based on their latest reported or estimated valuations.

If you want more detaild about their fundraising activity, you can check our list of the startups who have raised the most funding in the biotechnology market.

# Startup Name What They Do Current Valuation ($) Valuation Confidence Level Valuation Type Evidence Status Total Funding ($) Funding Confidence Level
1 Isomorphic Labs AI drug discovery platform $14.0B–$26.3B Strong Confidence Implied Valuation from Raise Implied $2.7B Full Confidence
2 Altos Labs Cellular rejuvenation therapeutics $5.0B–$9.0B Low Confidence Proxy-Based Estimate Estimated $3.0B Partial Confidence
3 Stemcentrx Cancer stem-cell ADC therapies $5.8B Full Confidence Acquisition Value Observed $500M Partial Confidence
4 Benchling Life-science R&D cloud software $5.3B–$6.1B Strong Confidence Proxy-Based Estimate Estimated $412M Strong Confidence
5 Everest Medicines Asia drug commercialization $5.4B Full Confidence Public Market Cap Observed $811M Strong Confidence
6 Harbour BioMed Antibody therapeutics for immunology $5.0B Full Confidence Public Market Cap Observed $534M Full Confidence
7 Caris Life Sciences AI precision oncology diagnostics $4.6B Full Confidence Public Market Cap Observed $1.7B Strong Confidence
8 CG Oncology Bladder cancer immunotherapy $4.6B Full Confidence Public Market Cap Observed $992M Partial Confidence
9 Samsung Bioepis Biosimilar drug developer $4.6B Strong Confidence Acquisition Value Implied $300M Low Confidence
10 Shanghai Henlius Biotech Biosimilars and oncology biologics $4.1B–$4.3B Full Confidence Public Market Cap Observed $757M Strong Confidence
11 RayzeBio Targeted radiopharmaceutical therapies $4.1B Full Confidence Acquisition Value Observed $755M Full Confidence
12 XtalPi AI drug discovery platform $3.9B Full Confidence Public Market Cap Observed $1.5B Partial Confidence
13 Insilico Medicine Generative AI drug discovery $3.5B Full Confidence Public Market Cap Observed $769M Partial Confidence
14 Formation Bio AI-native drug development $2.5B–$3.8B Partial Confidence Implied Valuation from Raise Estimated $608M Partial Confidence
15 ElevateBio Cell/gene therapy platform $2.5B–$3.8B Partial Confidence Implied Valuation from Raise Estimated $1.2B Full Confidence
16 MGI Tech Genetic sequencing instruments $3.0B–$3.2B Strong Confidence Public Market Cap Observed $1.2B Strong Confidence
17 Kriya Therapeutics Gene therapies for chronic diseases $2.1B–$4.0B Partial Confidence Implied Valuation from Raise Implied $930M Strong Confidence
18 GRAIL Multi-cancer early detection tests $2.9B Full Confidence Public Market Cap Observed $2.0B Strong Confidence
19 Carmot Therapeutics Metabolic disease drug discovery $2.7B Full Confidence Acquisition Value Observed $386M Strong Confidence
20 Xaira Therapeutics AI-native drug discovery $2.2B–$3.2B Partial Confidence Comparables-Based Estimate Estimated $1.0B Full Confidence
21 Kailera Therapeutics Obesity medicines pipeline $2.5B Full Confidence Public Market Cap Observed $1.6B Full Confidence
22 Insitro Machine-learning drug discovery $2.0B–$3.0B Partial Confidence Comparables-Based Estimate Estimated $643M Full Confidence
23 Cellares Automated cell therapy manufacturing $1.7B–$3.2B Partial Confidence Implied Valuation from Raise Implied $612M Full Confidence
24 Alumis Oral immune-disease therapies $2.4B Full Confidence Public Market Cap Observed $779M Strong Confidence
25 Orna Therapeutics Circular RNA cell therapies $2.4B Full Confidence Acquisition Value Observed $301M Strong Confidence
26 Mirador Therapeutics Precision immunology medicines $1.7B–$3.1B Partial Confidence Implied Valuation from Raise Implied $650M Strong Confidence
27 TauRx Pharmaceuticals Tau-targeting Alzheimer’s therapeutics $2.0B–$2.8B Partial Confidence Proxy-Based Estimate Estimated $434M Partial Confidence
28 Element Biosciences DNA sequencing instruments $1.9B–$2.8B Partial Confidence Implied Valuation from Raise Estimated $648M Full Confidence
29 Abogen Biosciences mRNA vaccines and therapeutics $1.6B–$2.8B Partial Confidence Implied Valuation from Raise Implied $1.1B Strong Confidence
30 Thrive Earlier Detection Multi-cancer blood testing $2.2B Full Confidence Acquisition Value Observed $367M Full Confidence
31 Capstan Therapeutics In vivo cell engineering $2.1B Full Confidence Acquisition Value Observed $340M Full Confidence
32 Voronoi Kinase inhibitor therapeutics $2.1B Full Confidence Public Market Cap Observed $56M Low Confidence
33 Freenome Blood cancer detection tests $1.7B–$2.4B Partial Confidence Implied Valuation from Raise Estimated $1.4B Strong Confidence
34 Odyssey Therapeutics Autoimmune precision therapeutics $1.4B–$2.7B Partial Confidence Implied Valuation from Raise Implied $700M Full Confidence
35 Apollo Therapeutics Portfolio-based drug development $1.5B–$2.5B Partial Confidence Implied Valuation from Raise Implied $455M Strong Confidence
36 Tessera Therapeutics Gene writing genetic medicines $1.5B–$2.5B Partial Confidence Implied Valuation from Raise Estimated $610M Full Confidence
37 ADARx Pharmaceuticals RNA-targeted genetic medicines $1.3B–$2.3B Partial Confidence Implied Valuation from Raise Implied $353M Partial Confidence
38 ReCode Therapeutics Tissue-targeted genetic medicines $1.4B–$2.2B Partial Confidence Implied Valuation from Raise Estimated $340M Strong Confidence
39 ArsenalBio Programmable CAR-T cell therapies $1.3B–$2.2B Partial Confidence Implied Valuation from Raise Implied $630M Strong Confidence
40 Vividion Therapeutics Undruggable target therapeutics $1.5B–$2.0B Strong Confidence Acquisition Value Observed $271M Strong Confidence
41 eGenesis Gene-edited transplant organs $1.3B–$2.0B Partial Confidence Implied Valuation from Raise Estimated $454M Full Confidence
42 Generate Biomedicines AI-designed protein therapeutics $1.6B Full Confidence Public Market Cap Observed $1.1B Strong Confidence
43 AltruBio Immune-modulating antibody therapies $1.0B–$2.0B Partial Confidence Implied Valuation from Raise Implied $340M Partial Confidence
44 Treeline Biosciences Precision oncology drug discovery $1.2B–$1.7B Partial Confidence Implied Valuation from Raise Implied $1.1B Strong Confidence
45 MapLight Therapeutics CNS disorder medicines $1.3B Full Confidence Public Market Cap Observed $698M Strong Confidence
46 Maze Therapeutics Genetic precision medicines $1.3B Full Confidence Public Market Cap Observed $496M Strong Confidence
47 FogPharma Helicon peptide therapeutics $1.0B–$1.5B Partial Confidence Implied Valuation from Raise Estimated $507M Strong Confidence
48 Thousand Oaks Biopharmaceuticals Biologics CDMO and media $900M–$1.6B Low Confidence Implied Valuation from Raise Estimated $405M Partial Confidence
49 Bicara Therapeutics Bifunctional solid-tumor antibodies $1.2B Full Confidence Public Market Cap Observed $675M Full Confidence
50 Ultima Genomics Low-cost genome sequencing $900M–$1.4B Low Confidence Revenue or ARR Multiple Estimate Estimated $600M Partial Confidence
51 Avistone Pharmaceuticals Precision oncology therapeutics $800M–$1.4B Partial Confidence Implied Valuation from Raise Implied $340M Strong Confidence
52 DELFI Diagnostics Fragmentomics cancer blood tests $800M–$1.4B Partial Confidence Comparables-Based Estimate Estimated $331M Strong Confidence
53 AvenCell Switchable CAR-T cell therapies $800M–$1.3B Partial Confidence Implied Valuation from Raise Implied $362M Full Confidence
54 Neurona Therapeutics Cell therapies for epilepsy $900M–$1.2B Partial Confidence Proxy-Based Estimate Estimated $418M Partial Confidence
55 ArriVent Biopharma EGFR lung-cancer therapeutics $1.0B Full Confidence Public Market Cap Observed $495M Strong Confidence
56 Owkin AI biomedical research platform $900M–$1.1B Partial Confidence Comparables-Based Estimate Estimated $304M Partial Confidence
57 Rakuten Medical Photoimmunotherapy cancer treatments $700M–$1.3B Partial Confidence Implied Valuation from Raise Implied $869M Partial Confidence
58 Zenas BioPharma Autoimmune disease therapeutics $980M Full Confidence Public Market Cap Observed $577M Partial Confidence
59 Amolyt Pharma Rare endocrine peptide therapeutics $800M–$1.05B Full Confidence Acquisition Value Observed $292M Full Confidence
60 Karius Infectious disease liquid biopsy $700M–$1.1B Partial Confidence Implied Valuation from Raise Implied $320M Strong Confidence
61 Obsidian Therapeutics Engineered TIL cell therapies $700M–$1.1B Partial Confidence IPO or Listing Range Valuation Estimated $325M Strong Confidence
62 Shanghai Cell Therapy Group Cell therapy and storage $700M–$1.1B Partial Confidence IPO or Listing Range Valuation Estimated $293M Partial Confidence
63 Valo Health AI drug development platform $700M–$1.1B Low Confidence Proxy-Based Estimate Estimated $450M Partial Confidence
64 Chime Biologics Biologics CDMO manufacturing $600M–$1.0B Low Confidence Implied Valuation from Raise Implied $315M Strong Confidence
65 Laronde Endless RNA therapeutics $600M–$1.0B Partial Confidence Proxy-Based Estimate Estimated $490M Strong Confidence
66 Genor Biopharma Antibody cancer drugs $760M–$790M Strong Confidence Public Market Cap Observed $588M Strong Confidence
67 Frontier Medicines Chemoproteomics drug discovery $600M–$900M Partial Confidence Implied Valuation from Raise Estimated $236M Full Confidence
68 Senda Biosciences Programmable medicine delivery platform $500M–$1.0B Low Confidence Comparables-Based Estimate Estimated $266M Strong Confidence
69 TORL BioTherapeutics Antibody cancer therapeutics $550M–$800M Partial Confidence Implied Valuation from Raise Implied $412M Strong Confidence
70 Haihe Biopharma Oncology drug development $510M–$830M Strong Confidence Implied Valuation from Raise Implied $375M Strong Confidence
71 Avenzo Therapeutics Next-generation oncology candidates $500M–$800M Strong Confidence Implied Valuation from Raise Implied $446M Strong Confidence
72 DNAnexus Biomedical data cloud platform $550M–$750M Partial Confidence Revenue or ARR Multiple Estimate Estimated $473M Partial Confidence
73 Helix Population genomics platform $450M–$800M Low Confidence Comparables-Based Estimate Estimated $350M Partial Confidence
74 Forge Biologics AAV gene therapy CDMO $620M Full Confidence Acquisition Value Observed $330M Strong Confidence
75 DNA Script Enzymatic DNA synthesis instruments $520M–$700M Partial Confidence Proxy-Based Estimate Estimated $315M Strong Confidence
76 ReNAgade Therapeutics All-RNA therapeutic platform $400M–$800M Low Confidence Acquisition Value Estimated $300M Full Confidence
77 SOTIO Cancer immuno-oncology pipeline $250M–$600M Low Confidence Proxy-Based Estimate Estimated $316M Partial Confidence
78 Upstream Bio Inflammatory disease antibodies $350M Full Confidence Public Market Cap Observed $655M Full Confidence
79 Invivyd Antibodies for viral threats $330M Full Confidence Public Market Cap Observed $833M Full Confidence
80 Eikon Therapeutics Protein-motion drug discovery $303M Full Confidence Public Market Cap Observed $1.5B Full Confidence
81 Human Longevity Longevity precision health platform $250M–$350M Partial Confidence Proxy-Based Estimate Estimated $370M Partial Confidence
82 Normax Biomed mRNA vaccine manufacturing platform $150M–$450M Low Confidence Proxy-Based Estimate Estimated $303M Partial Confidence
83 Neumora Therapeutics Precision neuroscience medicines $291M Full Confidence Public Market Cap Observed $612M Strong Confidence
84 Lyell Immunopharma CAR-T cancer therapies $269M Full Confidence Public Market Cap Observed $493M Strong Confidence
85 ACELYRIN Immunology drug development $250M Strong Confidence Acquisition Value Observed $1.2B Strong Confidence
86 Castle Creek Biosciences Rare disease gene therapies $120M–$250M Low Confidence Implied Valuation from Raise Estimated $168M Partial Confidence
87 Biostar Technologies Synthetic-biology oncology drugs $178M Full Confidence Public Market Cap Observed $165M Partial Confidence
88 Botamedi Algae-derived phytochemical therapeutics $60M–$180M Low Confidence Proxy-Based Estimate Estimated $159M Partial Confidence
89 Genuity Science Genomics multi-omics analytics $100M–$120M Partial Confidence Acquisition Value Estimated $470M Partial Confidence
90 Brii Biosciences HBV and infectious-disease therapies $107M Full Confidence Public Market Cap Observed $735M Strong Confidence
91 Synthego CRISPR genome engineering tools $85M–$120M Strong Confidence Acquisition Value Observed $460M Partial Confidence
92 3D Medicines Oncology immunotherapy and diagnostics $94M Full Confidence Public Market Cap Observed $282M Strong Confidence
93 Inscripta Genome engineering tools $85M Partial Confidence Acquisition Value Estimated $495M Partial Confidence
94 Intarcia Therapeutics Implantable diabetes drug delivery $25M–$75M Low Confidence Proxy-Based Estimate Estimated $1.6B Partial Confidence
95 Metagenomi Gene-editing therapeutics $48M Full Confidence Public Market Cap Observed $376M Strong Confidence
96 Genapsys Electronic DNA sequencing $42M Strong Confidence Acquisition Value Observed $206M Partial Confidence
97 LianBio China-focused drug licensing $13M–$35M Partial Confidence Public Market Cap Observed $313M Partial Confidence
98 Areteia Therapeutics Oral eosinophilic asthma therapy $0M–$25M Low Confidence Proxy-Based Estimate Estimated $425M Strong Confidence
99 Mojave Pharma Neuropsychiatric drug developer $0M–$10M Low Confidence Proxy-Based Estimate Estimated $525M Low Confidence
100 CardioDx Cardiovascular genomic diagnostics $0M–$5M Partial Confidence Proxy-Based Estimate Estimated $282M Partial Confidence
Chart comparing the 2026 size of the biotechnology market with other markets of similar size

This chart, featured in our biotechnology market deck, compares the 2026 size of the biotechnology market with other markets of similar size

Key valuation trends in the biotechnology market

Insights

  • Biotechnology valuation is highly concentrated. The top 10 startups represent about 37% of the full ranking’s aggregate value, and Isomorphic Labs alone is worth far more than the median company.
  • AI drug discovery has become one of the main valuation engines in biotechnology. Isomorphic Labs, XtalPi, Insilico Medicine, Formation Bio, Xaira Therapeutics, Insitro, and Generate Biomedicines together show how platform stories can command very large valuations.
  • Oncology remains the deepest commercial theme in the biotechnology startup market. Companies such as Caris Life Sciences, CG Oncology, RayzeBio, GRAIL, Thrive, Bicara, and ArriVent show continued investor and buyer demand.
  • Acquisition outcomes are still a major source of value creation. RayzeBio, Carmot Therapeutics, Orna Therapeutics, Thrive Earlier Detection, Capstan Therapeutics, and Vividion Therapeutics show that strategic buyers still pay for differentiated biotech assets.
  • Public biotech valuations can fall sharply after heavy fundraising. Eikon Therapeutics, Invivyd, Brii Biosciences, Metagenomi, Lyell Immunopharma, Neumora Therapeutics, and Upstream Bio all sit below the amount of capital raised.
  • Benchling stands out as a rare software-like biotechnology business. Benchling’s valuation is much larger than its total funding, which gives the company one of the strongest capital efficiency profiles in the list.
  • Sequencing, diagnostics, and cancer detection remain large but capital hungry. Caris, GRAIL, Thrive, Element Biosciences, MGI Tech, and Ultima Genomics show how expensive it can be to scale life-science data infrastructure.
Chart showing Vertex’s strategy in the biotechnology market

This chart, featured in our biotechnology market deck, looks at Vertex’s strategy in biotechnology

A few word about our methodology

As you can see, we built a database that ranks startups in the biotechnology market based on their current valuation.

Estimating biotechnology startup valuations is not always straightforward. Many companies do not publicly disclose their valuation, and the available information can vary widely depending on the company and its stage.

To build this ranking, we applied a structured valuation methodology and cross-checked information across multiple reliable sources.

Whenever possible, we relied on direct disclosures. These include announced valuations from completed funding rounds, public filings for listed biotechnology companies, or official acquisition prices.

When a biotechnology company is publicly listed, we use its current market capitalization as the reference valuation.

If a biotechnology startup was acquired and no independent valuation can reasonably be estimated today, we use the acquisition price as the main reference point.

When a biotechnology startup recently raised capital but the valuation was not disclosed, we estimate the implied valuation using typical dilution levels for that stage of fundraising.

In some cases, we also estimate valuations using operating metrics such as revenue, ARR, clinical progress, platform traction, or customer adoption, combined with valuation multiples from comparable companies in the same market.

When direct financial data is not available, we may rely on carefully selected comparable biotechnology startups and other signals such as hiring growth, investor quality, product traction, clinical progress, partnerships, or acquisition interest.

All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by public market capitalization, acquisition prices, strong operating metrics, and comparable company analysis.

We also carefully evaluate the age of every data point. Recent information carries more weight, while older data is treated cautiously and adjusted conservatively when necessary.

Whenever information is uncertain or incomplete, we clearly distinguish between confirmed facts and reasonable inferences.

Because biotechnology valuation data is not always fully public, each startup in the ranking is assigned a confidence level based on the reliability, recency, and consistency of the available evidence.

Full confidence means the valuation is supported by strong and recent evidence. Strong confidence means the estimate is well supported but includes minor inference. Partial confidence means the estimate relies more heavily on indirect signals. Low confidence means available information is limited or inconsistent.

When confidence is lower, we take a more conservative approach by widening the valuation range. This helps reflect the uncertainty and increases the probability that the true valuation falls within the estimated range.

This reflects how we conduct all our research, including the work behind our report covering the biotechnology market.

In a world where LLMs hallucinate and unreliable information is everywhere, our goal is simple: provide data you can trust.

If you want the full detail on a specific valuation estimate, feel free to contact us and we will gladly explain.

Finally, know that we update the dataset once per month, so come back here if you need fresh information.

Chart showing the projected CAGR of the biotechnology market

This chart, featured in our biotechnology market deck, illustrates yearly funding for biotechnology startups

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- What are the key fundraising trends in the biotechnology market?

- What is the true size of the biotechnology market?

- The full range of business models in the biotechnology market

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