All the fundraising deals in the cell therapy market (from Q1 2025 to Q1 2026)
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The cell therapy market saw 38 funding deals between Q1 2025 and Q1 2026, with total capital raised exceeding $2.17 billion across five quarters.
Q1 2026 was the strongest quarter on record in this dataset, with 10 deals and $792.5 million raised, driven by large rounds from Orca Bio, MEDIPOST, and Century Therapeutics.
CAR-T and engineered immune cell therapies still dominated the money, but non-oncology regenerative therapies are now a clear second pillar of investor interest in the cell therapy market.
And if you want to better understand this new industry, you can download our pitch covering the cell therapy market.
Insights
- Q1 2026 alone accounted for about 36% of all capital raised in the full five-quarter period, making it by far the strongest single quarter for cell therapy market funding in this dataset.
- CAR-T and engineered immune cell programs captured roughly $1.19 billion across 18 deals, confirming that engineered immune cells remain the dominant investment thesis in the cell therapy market.
- Non-oncology regenerative and stem-cell therapies raised about $681.5 million across 13 deals, showing that the cell therapy market is no longer just an oncology story for investors.
- The top 3 rounds in any given quarter still account for 66% to 86% of all capital raised that quarter, meaning a handful of mega-deals continue to set the pace in the cell therapy market.
- In vivo cell engineering attracted $153 million across only 3 deals, suggesting that checks are large when investors back this approach, even though few companies in this space raised publicly.
- Europe contributed companies like Captain T Cell, T-CURX, Anocca, StemSight, and ONGeno, but the largest checks in the cell therapy market still went to U.S. and Asia-based names.
- Public cell therapy companies including Century Therapeutics, Longeveron, and Orca Bio all used private placements rather than traditional equity raises, showing that specialist private capital still shapes which programs reach the clinic.
- The average deal size in the cell therapy market grew from $33.4 million in Q1 2025 to $79.3 million in Q1 2026, a more than 2x increase over four quarters.
- Only one deal in the entire five-quarter period fell below $2 million, pointing to a market where even early-stage cell therapy companies are raising meaningful rounds.
- RA Capital Management, The Column Group, and Cormorant Asset Management each backed two deals, making them the most consistent institutional repeat investors in the cell therapy market across this period.
- China-based cell therapy companies raised across at least 6 deals in this period, with programs spanning CAR-T, CAR-NK, TCR-T, and iPSC-derived therapies, reinforcing Asia as a second major hub for the cell therapy market.
In our cell therapy market deck, we will give you useful market maps and grids
Summary table of the funding deals in the cell therapy market (last 5 quarters)
We define the cell therapy market as the market for cell-based medicinal products used as drugs to treat disease, including both approved products and major late-stage pipeline therapies.
We include living-cell products such as CAR-T, other engineered immune cells, and non-oncology cell-based drugs, along with their direct clinical use and revenue.
We exclude procedures like standard stem-cell transplants, simple minimally manipulated cell preparations used in surgery, and generic tools or equipment that are not specific to these therapies.
You can also read our detailed analysis to understand how funding activity in the cell therapy 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 cell therapy market.
| Name | What they do | Amount | Quarter | Source(s) |
|---|---|---|---|---|
| A2 Biotherapeutics | Develops logic-gated CAR-T therapies that target tumor cells while protecting healthy tissue. | $80.0M | Q1 2025 | Source |
| Umoja Biopharma | Builds in vivo CAR-T therapies that generate engineered immune cells directly inside the patient. | $100.0M | Q1 2025 | Source |
| Garuda / Stratus | Develops off-the-shelf allogeneic hematopoietic stem-cell therapies for severe blood disorders. | $50.0M | Q1 2025 | Source |
| Inceptor Bio | Develops metabolically enhanced CAR-T therapies designed to work better in solid tumors. | $21.0M | Q1 2025 | Source |
| Optieum Biotechnologies | Develops next-generation CAR-T therapies for solid tumors using a proprietary cell engineering platform. | $8.6M | Q1 2025 | Source |
| ONGeno | Develops an autologous bone-marrow stem-cell therapy for multiple sclerosis patients. | $3.6M | Q1 2025 | Source |
| HemaCell | Develops iPSC-derived platelet therapies for hematology and blood transfusion applications. | $2.8M | Q1 2025 | Source |
| StemSight | Develops iPSC-derived corneal stem-cell therapies to restore vision in patients with corneal blindness. | $1.1M | Q1 2025 | Source |
| Neurona Therapeutics | Develops iPSC-derived neural cell therapies, with a lead program targeting drug-resistant epilepsy. | $102.0M | Q2 2025 | Source |
| Stylus Medicine | Develops in vivo genetic medicines that reprogram immune cells directly inside the patient's body. | $85.0M | Q2 2025 | Source |
| Dispatch Bio | Develops universal solid-tumor immunotherapies combining CAR-T with a tumor-tagging delivery platform. | $216.0M | Q3 2025 | Source |
| Wugen | Develops allogeneic off-the-shelf CAR-T cell therapies, with a focus on T-cell blood cancers. | $115.0M | Q3 2025 | Source |
| Innovacell | Develops autologous expanded muscle-cell therapies for conditions including urinary incontinence. | $52.0M | Q3 2025 | Source |
| Anocca | Develops gene-edited TCR-T cell therapies targeting KRAS mutations and other solid tumor antigens. | ~$46.0M | Q3 2025 | Source |
| iRegene Therapeutics | Develops iPSC-derived cell therapies targeting neurodegenerative diseases like Parkinson's and ALS. | ~$40.0M | Q3 2025 | Source |
| Rui Therapeutics | Develops CAR-NK and universal CAR-T programs with an autoimmune disease application angle. | $28.0M | Q3 2025 | Source |
| A-Seeds | Develops non-viral PiggyBac-based CAR-T therapies designed to work in solid tumor environments. | ~$15.0M | Q3 2025 | Source |
| MagicRNA Biotech | Develops in vivo CAR-T therapies delivered by mRNA-loaded nanoparticles, targeting autoimmune diseases. | $14.0M | Q3 2025 | Source |
| NK CellTech | Develops engineered natural killer (NK) cell therapies for cancer treatment. | ~$14.0M | Q3 2025 | Source |
| Azalea Therapeutics | Develops in vivo CRISPR-based programs including an in vivo CAR-T therapy for cancer and autoimmune disease. | $82.0M | Q4 2025 | Source |
| DeliNova Therapeutics | Develops in vivo CAR-T approaches that program immune cells inside the patient rather than manufacturing them externally. | ~$8.3M | Q4 2025 | Source |
| Captain T Cell | Develops next-generation TCR-T therapies for solid tumors, including an allogeneic platform. | ~$21.7M | Q4 2025 | Source |
| Aspen Neuroscience | Develops autologous iPSC-derived neuron replacement therapies for Parkinson's disease patients. | $115.0M | Q4 2025 | Source |
| Link Cell Therapies | Develops logic-gated CAR-T therapies designed to attack solid and liquid tumors more precisely. | $60.0M | Q4 2025 | Source |
| T-CURX | Develops non-viral transposon-based CAR-T therapies for AML and solid tumors. | $20.0M | Q4 2025 | Source |
| Vyriad | Develops in vivo CAR-T therapies for cancer, with a lead program targeting multiple myeloma. | $25.0M | Q4 2025 | Source |
| Tr1X | Develops allogeneic Treg and CAR-Treg cell therapies for autoimmune and inflammatory diseases. | $50.0M | Q4 2025 | Source |
| Pan Cancer T | Develops TCR-T cell therapies targeting novel tumor antigens in solid cancers. | $5.25M | Q4 2025 | Source |
| STRM.BIO | Builds a non-viral delivery platform for in vivo cell engineering, including in vivo CAR-T concepts. | $8.0M | Q1 2026 | Source |
| Century Therapeutics | Develops iPSC-derived allogeneic cell therapies for autoimmune disease and cancer. | $135.0M | Q1 2026 | Source |
| MEDIPOST | Develops stem-cell drugs for regenerative indications including knee osteoarthritis, with a U.S. Phase III push. | $140.0M | Q1 2026 | Source |
| Orca Bio | Develops high-precision cell therapies for blood cancers and transplant settings. | $250.0M | Q1 2026 | Source |
| Oricell Therapeutics | Develops CAR-T and oncology cell immunotherapies with a strong focus on solid tumors. | $70.0M | Q1 2026 | Source |
| Cytotheryx | Develops liver-cell therapies including transplant-oriented and bioartificial-liver approaches. | $60.0M | Q1 2026 | Source |
| Neowise Biotechnology | Develops TCR-T cell therapies targeting solid tumors, with international clinical ambitions. | >$27.0M | Q1 2026 | Source |
| Altido Therapeutics | Develops a CAR-T therapy for glioblastoma based on technology originally developed at Massachusetts General Hospital. | $12.5M | Q1 2026 | Source |
| BreezeBio | Develops targeted nanoparticle systems for in vivo immune-cell reprogramming and in vivo CAR delivery. | $60.0M | Q1 2026 | Source |
| Longeveron | Develops MSC-based cell therapies for rare pediatric conditions and aging-related diseases. | up to $30.0M | Q1 2026 | Source |
In our cell therapy market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the cell therapy market changed over time?
Q1 2026 was by far the most active quarter, with $792.5 million raised across 10 deals, boosted in large part by Orca Bio's $250 million aggregate financing and MEDIPOST's $140 million round.
Q2 2025 was the quietest quarter in this dataset, with only 2 deals totaling $187 million, though both were large rounds from Neurona Therapeutics and Stylus Medicine.
Between Q4 2025 and Q1 2026, total capital raised jumped by about 105%, and compared to Q1 2025 one year earlier, Q1 2026 was nearly three times larger in dollar terms.
Even if you strip out the top two rounds per quarter, funding activity in the cell therapy market still shows a clear upward trend, with the remaining deals in Q1 2026 averaging larger checks than those in Q1 2025, suggesting broad-based momentum rather than a few outliers pulling the numbers up.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q1 2025 | 8 | $267M | Solid start with two large rounds; smaller deals pulled the average down. |
| Q2 2025 | 2 | $187M | Fewest deals of any quarter; both rounds were large and high-quality. |
| Q3 2025 | 9 | $540M | Busiest quarter in deal count; Dispatch Bio's $216M raised the total significantly. |
| Q4 2025 | 9 | $387M | Active but more balanced, with no single deal above $120M. |
| Q1 2026 | 10 | $793M | Strongest quarter by far; driven by multiple large rounds across diverse cell therapy categories. |
| All quarters | 38 | $2,174M | Clear growth trend over the five-quarter period, with Q1 2026 setting a new high. |
In our cell therapy market deck, we identify repeatable patterns you can use if you’re building in this market
Which startups in the cell therapy market raised the largest rounds over the last months?
These startups raised the most recently in the cell therapy market:
- Orca Bio raised $250 million to prepare for the potential commercial launch of Orca-T, its high-precision cell therapy for blood cancers, with Lightspeed Venture Partners leading the round.
- MEDIPOST raised $140 million to fund a U.S. Phase III clinical trial for its stem-cell therapy targeting knee osteoarthritis, a major non-oncology cell therapy bet.
- Century Therapeutics raised $135 million via an oversubscribed private placement to advance CNTY-813, its iPSC-derived beta-islet cell therapy for type 1 diabetes.
- Dispatch Bio raised $216 million to build a universal solid-tumor cell therapy platform combining CAR-T with a proprietary tumor-tagging delivery system.
- Aspen Neuroscience raised $115 million to move its autologous iPSC-derived neuron replacement therapy for Parkinson's disease forward, co-led by OrbiMed and ARCH Venture Partners.
- Wugen raised $115 million to push its allogeneic off-the-shelf CAR-T pipeline ahead, with a particular focus on T-cell malignancies.
- Neurona Therapeutics raised $102 million to fund the pivotal Phase 3 EPIC trial of NRTX-1001, its neural cell therapy for drug-resistant epilepsy.
- Umoja Biopharma raised $100 million to advance its in vivo CAR-T pipeline toward key oncology clinical milestones, co-led by Double Point Ventures and DCVC Bio.
- Stylus Medicine raised $85 million in a Series A to develop in vivo immune-cell engineering medicines that generate therapeutic cells directly inside the patient.
- Azalea Therapeutics raised $82 million to get its in vivo CRISPR-based CAR-T program into the clinic within 12 to 18 months, backed by Third Rock Ventures and RA Capital.
And, yes, we do cover most of them in our beautiful pitch about the cell therapy market.
You may also want to check our ranking of the most funded startups in the cell therapy market as well as our list of the most valued startups.
In our cell therapy market deck, we answer all the common questions from investors and entrepreneurs
Is the cell therapy market shifting toward smaller or bigger deals?
Across all 38 deals in this five-quarter period, the average deal size in the cell therapy market was about $57 million, already a high bar compared to most biotech subsectors.
The average deal size grew from $33 million in Q1 2025 to $79 million in Q1 2026, a more than twofold increase in just one year; this shift reflects both more late-stage companies entering fundraising mode and growing conviction among investors backing large cell therapy platforms.
Even if you remove the top two deals per quarter, the remaining rounds in the cell therapy market still trend larger over time, pointing to a broad shift toward bigger checks rather than a dynamic driven purely by a few outlier raises.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 8 | $33M | 1 | 2 |
| Q2 2025 | 2 | $94M | 0 | 2 |
| Q3 2025 | 9 | $60M | 0 | 3 |
| Q4 2025 | 9 | $43M | 0 | 3 |
| Q1 2026 | 10 | $79M | 0 | 6 |
| All quarters | 38 | $57M | 1 | 16 |
In our cell therapy market deck, we help you understand how the market is structured
How concentrated was funding activity in the cell therapy market?
In Q1 2025, the top 3 cell therapy deals alone captured 86% of all capital raised that quarter, and even in the more active Q1 2026, the top 3 still accounted for 66%, showing that a small number of large rounds consistently drive the headline numbers in the cell therapy market.
Despite more deals being funded in recent quarters, the concentration pattern has not fully broken: the cell therapy market remains one where a few high-conviction bets from specialist investors set the pace, and the majority of companies raise comparatively modest rounds.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 8 | 37.4% | 86.1% | 100.0% |
| Q2 2025 | 2 | 54.5% | 100.0% | 100.0% |
| Q3 2025 | 9 | 40.0% | 70.9% | 100.0% |
| Q4 2025 | 9 | 29.7% | 66.4% | 100.0% |
| Q1 2026 | 10 | 31.5% | 66.2% | 100.0% |
| All quarters | 38 | 11.5% | 26.3% | 62.1% |
In our cell therapy market deck, we have designed useful charts to give you full market clarity
Which categories in the cell therapy market received the most funding?
CAR-T and engineered immune cells captured roughly $1.19 billion across 18 deals, about 55% of all capital raised in this period, because the bulk of late-stage and well-capitalized cell therapy companies still sit in the immune oncology space, where clinical proof of concept is strongest.
Non-oncology regenerative and stem-cell therapies raised about $681.5 million across 13 deals, driven by large rounds at Orca Bio, MEDIPOST, Aspen Neuroscience, Century Therapeutics, and Neurona Therapeutics, showing that investors are increasingly willing to fund cell therapy beyond cancer.
In vivo cell engineering attracted $153 million across just 3 deals (Stylus Medicine, STRM.BIO, and BreezeBio), a relatively small share in deal count but an average check size of over $50 million per deal, signaling that when investors do back this emerging approach, they back it with conviction.
| Category | Number of deals | Total raised | Startups and amounts |
|---|---|---|---|
| CAR-T and other engineered immune cells | 18 | $1,189.4M | Umoja Biopharma ($100M), A2 Biotherapeutics ($80M), Inceptor Bio ($21M), Optieum ($8.6M), Dispatch Bio ($216M), Wugen ($115M), Rui Therapeutics ($28M), NK CellTech (~$14M), Link Cell Therapies ($60M), Vyriad ($25M), Azalea Therapeutics ($82M), Tr1X ($50M), Orca Bio ($250M), Oricell ($70M), Altido Therapeutics ($12.5M), MagicRNA Biotech ($14M), DeliNova (~$8.3M), A-Seeds (~$15M) |
| Non-oncology regenerative and stem-cell therapies | 13 | $681.5M | Garuda / Stratus ($50M), ONGeno ($3.6M), HemaCell ($2.8M), StemSight ($1.1M), Neurona Therapeutics ($102M), Innovacell ($52M), iRegene Therapeutics (~$40M), Aspen Neuroscience ($115M), MEDIPOST ($140M), Cytotheryx ($60M), Century Therapeutics ($135M), Longeveron (up to $30M), TCR-T names including Anocca (~$46M) |
| In vivo cell engineering | 3 | $153.0M | Stylus Medicine ($85M), STRM.BIO ($8M), BreezeBio ($60M) |
In our cell therapy market deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the cell therapy market?
RA Capital Management is the most active repeat investor in the cell therapy market in this period, having backed both Azalea Therapeutics and Century Therapeutics, two of the larger and more strategically significant rounds, reflecting the firm's long-standing focus on advanced therapeutics.
The Column Group participated in two high-profile cell therapy rounds, backing A2 Biotherapeutics and Neurona Therapeutics, both of which are advancing living-cell drugs through clinical-stage programs.
Cormorant Asset Management backed both Neurona Therapeutics and Aspen Neuroscience, two of the largest non-oncology cell therapy raises in this period, showing a particular focus on iPSC-derived regenerative neurology.
Janus Henderson Investors participated in two deals, backing Azalea Therapeutics and Longeveron, a combination that spans in vivo CAR-T and MSC-based regenerative approaches.
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 | 2 | $217M | Azalea Therapeutics ($82M); Century Therapeutics ($135M) |
| The Column Group | 2 | $182M | A2 Biotherapeutics ($80M); Neurona Therapeutics ($102M) |
| Cormorant Asset Management | 2 | $217M | Neurona Therapeutics ($102M); Aspen Neuroscience ($115M) |
| Janus Henderson Investors | 2 | $112M | Azalea Therapeutics ($82M); Longeveron (up to $30M) |
In our cell therapy market deck, we track adoption trends and shifts in consumer behavior
Related blog posts
- A complete list of funding deals in the cell therapy market
- Which companies have raised the most funding in the cell therapy market?
