All the fundraising deals in the cell therapy market (from Q2 2025 to Q2 2026)
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In our cell therapy market deck, you will find everything you need to understand the market
Cell therapy companies announced 40 funding rounds worth $2.69 billion between Q2 2025 and Q2 2026.
Quarterly cell therapy funding increased from $187 million in Q2 2025 to $752.8 million in Q2 2026.
CAR-T, engineered immune cells and scalable allogeneic products attracted most of the disclosed investment.
And if you want to better understand this new industry, you can download our pitch covering the cell therapy market.
Insights
- Cell therapy market funding reached $2.69 billion across 40 rounds, but the ten largest deals alone captured 63.1% of all disclosed capital.
- Q2 2026 produced $752.8 million in cell therapy funding, which was more than four times the $187 million raised one year earlier.
- Artiva Biotherapeutics, Orca Bio and Dispatch Bio raised a combined $766 million, equal to 28.5% of funding across the full five-quarter period.
- Allogeneic cell therapy companies completed only six rounds but raised $810.9 million, resulting in an average round of approximately $135 million.
- CAR-T and engineered immune-cell companies captured $1.02 billion, making this the largest product category in the cell therapy market.
- In-vivo CAR-T financing moved beyond early experiments, with Stylus Medicine, Azalea Therapeutics, CREATE Medicines and other specialists raising substantial institutional rounds.
- Cell therapy investment expanded beyond cancer, with neurological, metabolic, cardiovascular, orthopedic and liver programs attracting more than $600 million.
- Public and late-stage companies received several of the largest financings, showing that investors increasingly supported trials, manufacturing and commercial preparation.
- No qualifying cell therapy deal was below $2 million, which suggests that disclosed financings were concentrated among companies with meaningful development plans.
This market map, featured in our cell therapy market deck, highlights top companies and startups in the cell therapy market
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 in $ | Quarter |
|---|---|---|---|
| Neurona Therapeutics | Develops regenerative neural-cell medicines for drug-resistant epilepsy and other neurological diseases. | $102.0M | Q2 2025 |
| Stylus Medicine | Creates engineered immune cells inside patients to treat cancer and immune diseases. | $85.0M | Q2 2025 |
| A-SEEDS | Develops non-viral piggyBac CAR-T medicines for solid tumors in Japan. | $15.0M | Q3 2025 |
| NK CellTech | Develops engineered NK-cell medicines for cancer, autoimmune and degenerative diseases. | $14.0M | Q3 2025 |
| Dispatch Bio | Tags solid-tumor cells so engineered immune cells can identify and destroy them. | $216.0M | Q3 2025 |
| Lyell Immunopharma | Develops CAR-T medicines designed to remain active inside difficult solid tumors. | $50.0M | Q3 2025 |
| Anocca | Develops gene-edited TCR-T medicines targeting KRAS and other solid-tumor antigens. | $46.0M | Q3 2025 |
| Wugen | Develops ready-made CAR-T medicines for blood cancers and other serious diseases. | $115.0M | Q3 2025 |
| MagicRNA Biotech | Uses mRNA nanoparticles to generate therapeutic CAR-T cells inside patients. | $14.0M | Q3 2025 |
| Innovacell | Develops expanded muscle-cell medicines for fecal and urinary incontinence. | $48.0M | Q3 2025 |
| Rui Therapeutics | Develops CAR-NK and universal CAR-T medicines for immune and inflammatory diseases. | $28.0M | Q3 2025 |
| iRegene Therapeutics | Develops iPSC-derived cells for Parkinson's disease and retinal degeneration. | $40.0M | Q3 2025 |
| Tr1X | Develops ready-made regulatory T-cell medicines for autoimmune and inflammatory diseases. | $50.0M | Q4 2025 |
| Azalea Therapeutics | Uses genome editing to create therapeutic immune cells directly inside patients. | $82.0M | Q4 2025 |
| Aspen Neuroscience | Develops patient-specific neuron-replacement medicines for Parkinson's disease. | $115.0M | Q4 2025 |
| Captain T Cell | Develops engineered TCR-T medicines for difficult solid tumors. | $21.7M | Q4 2025 |
| DeliNova Therapeutics | Develops lentiviral delivery systems that generate CAR-T cells inside patients. | $8.3M | Q4 2025 |
| Pan Cancer T | Develops personalized TCR-T medicines targeting newly identified solid-tumor antigens. | $5.3M | Q4 2025 |
| Link Cell Therapies | Develops logic-gated CAR-T medicines that distinguish tumors from healthy tissue. | $60.0M | Q4 2025 |
| T-CURX | Develops non-viral CAR-T medicines for leukemia and solid tumors. | $20.0M | Q4 2025 |
| Vyriad | Uses engineered viruses to generate therapeutic CAR-T cells inside patients. | $25.0M | Q4 2025 |
| Century Therapeutics | Develops ready-made iPSC-derived cells for autoimmune disease, cancer and diabetes. | $135.0M | Q1 2026 |
| MEDIPOST | Develops cord-blood-derived stem-cell medicines for osteoarthritis and other diseases. | $140.0M | Q1 2026 |
| Orca Bio | Develops precisely composed donor-cell medicines for blood cancers and autoimmune diseases. | $250.0M | Q1 2026 |
| OriCell Therapeutics | Develops CAR-T medicines for solid tumors, blood cancers and immune diseases. | $70.0M | Q1 2026 |
| Cytotheryx | Produces scalable human liver cells to treat liver failure and metabolic disease. | $60.0M | Q1 2026 |
| Ernexa Therapeutics | Develops engineered iPSC-derived cell medicines for cancer and autoimmune disease. | $10.5M | Q1 2026 |
| Regend Therapeutics | Develops stem- and progenitor-cell medicines that regenerate damaged lungs and organs. | $50.3M | Q1 2026 |
| BioRestorative Therapies | Develops stem-cell medicines for chronic back pain and metabolic disease. | $5.0M | Q1 2026 |
| BrainStorm Cell Therapeutics | Develops autologous stem-cell medicines for ALS and other neurological diseases. | $2.0M | Q1 2026 |
| Lyell Immunopharma | Develops next-generation CAR-T medicines for solid tumors. | $50.0M | Q1 2026 |
| BioCardia | Develops cell medicines for cardiovascular and pulmonary diseases. | $4.4M | Q2 2026 |
| Syntax Bio | Programs stem cells to produce insulin-making cells for diabetes treatment. | $14.4M | Q2 2026 |
| Immuneel Therapeutics | Develops more affordable CAR-T medicines for India and other emerging markets. | $12.0M | Q2 2026 |
| iRegene Therapeutics | Develops iPSC-derived regenerative medicines for Parkinson's disease and neurological conditions. | $29.6M | Q2 2026 |
| Waypoint Bio | Uses spatial biology and machine learning to design solid-tumor CAR-T medicines. | $20.0M | Q2 2026 |
| CREATE Medicines | Develops repeat-dose in-vivo CAR medicines for autoimmune disease and cancer. | $122.0M | Q2 2026 |
| Artiva Biotherapeutics | Develops ready-made NK-cell medicines for autoimmune disease and cancer. | $300.0M | Q2 2026 |
| Vivacta Bio | Develops in-vivo CAR-T medicines for cancer and autoimmune disease. | $50.0M | Q2 2026 |
| Allogene Therapeutics | Develops off-the-shelf CAR-T medicines for cancer and autoimmune diseases. | $200.4M | Q2 2026 |
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 the most active quarter by deal count, while Q2 2026 raised nearly as much capital because Artiva Biotherapeutics and Allogene Therapeutics completed two very large financings.
Q2 2025 was the least active quarter because only Neurona Therapeutics and Stylus Medicine announced qualifying cell therapy rounds.
Cell therapy funding decreased by 2.6% from Q1 2026 to Q2 2026, but Q2 2026 funding was 302.6% higher than in Q2 2025.
Without the largest deal in each quarter, funding still increased from $85 million in Q2 2025 to $452.8 million in Q2 2026. The wider cell therapy market therefore expanded even after removing the largest outliers.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 2 | $187M | Only two rounds were disclosed, but both exceeded $80 million. |
| Q3 2025 | 10 | $586M | Dispatch Bio supplied more than one-third of the quarter's cell therapy funding. |
| Q4 2025 | 9 | $387M | Funding became more evenly distributed across clinical and early-stage companies. |
| Q1 2026 | 10 | $773M | Orca Bio, MEDIPOST and Century Therapeutics drove a strong late-stage quarter. |
| Q2 2026 | 9 | $753M | Artiva Biotherapeutics and Allogene Therapeutics represented most of the quarter's capital. |
| All quarters | 40 | $2.69B | Cell therapy companies attracted substantial capital across both private and public financings. |
This chart, featured in our cell therapy market deck, shows how Legend Biotech is winning in cell therapy
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:
- Artiva Biotherapeutics raised $300 million to advance AlloNK, expand autoimmune programs and support manufacturing for a ready-made NK-cell platform.
- Orca Bio raised $250 million to prepare Orca-T for a possible commercial launch and expand manufacturing, regulatory and clinical operations.
- Dispatch Bio raised $216 million to move its tumor-tagging and CAR-T platform toward clinical development for difficult solid tumors.
- Allogene Therapeutics raised $200.4 million to support pivotal studies, manufacturing and general development of off-the-shelf CAR-T medicines.
- MEDIPOST raised $140 million to fund a US Phase III trial, manufacturing and international commercialization of its regenerative cell medicines.
- Century Therapeutics raised $135 million to advance an iPSC-derived beta-islet program and other ready-made cell therapy candidates.
- CREATE Medicines raised $122 million to move its CD19 program into clinical development and expand its autoimmune and oncology pipeline.
- Wugen raised $115 million to advance WU-CART-007 and scale its ready-made CAR-T pipeline.
- Aspen Neuroscience raised $115 million to support its Parkinson's disease trial, manufacturing work and later-stage development.
- Neurona Therapeutics raised $102 million to fund a pivotal epilepsy trial and prepare NRTX-1001 for manufacturing and regulatory review.
And, yes, we do cover most of them in our our beautiful pitch about the cell therapy market.
You may also want to check our ranking of the most funded startups in the cell therapy market as well as our list of the most valued startups.
| Rank | Deal size ($) | Round type | Quarter | Startup |
|---|---|---|---|---|
| 1 | $300.0M | Private placement | Q2 2026 | Artiva Biotherapeutics |
| 2 | $250.0M | Series D and related financing | Q1 2026 | Orca Bio |
| 3 | $216.0M | Series A | Q3 2025 | Dispatch Bio |
| 4 | $200.4M | Public offering | Q2 2026 | Allogene Therapeutics |
| 5 | $140.0M | Growth financing | Q1 2026 | MEDIPOST |
| 6 | $135.0M | Private placement | Q1 2026 | Century Therapeutics |
| 7 | $122.0M | Series B | Q2 2026 | CREATE Medicines |
| 8 | $115.0M | Series C | Q3 2025 | Wugen |
| 9 | $115.0M | Series C | Q4 2025 | Aspen Neuroscience |
| 10 | $102.0M | Series C | Q2 2025 | Neurona Therapeutics |
This chart, featured in our cell therapy market deck, shows annual funding in cell therapy startups
Is the cell therapy market shifting toward smaller or bigger deals?
The average cell therapy funding round was approximately $67.2 million across the five quarters.
The quarterly average moved from $93.5 million in Q2 2025 to $43 million in Q4 2025, before rising above $77 million in both 2026 quarters. Large clinical and public-company financings caused most of this change.
Without the largest rounds, the cell therapy market still shows stronger funding in 2026, but the increase becomes more gradual and less dependent on a few companies.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 2 | $93.5M | 0 | 2 |
| Q3 2025 | 10 | $58.6M | 0 | 3 |
| Q4 2025 | 9 | $43.0M | 0 | 3 |
| Q1 2026 | 10 | $77.3M | 0 | 6 |
| Q2 2026 | 9 | $83.6M | 0 | 3 |
| All quarters | 40 | $67.2M | 0 | 17 |
This chart, featured in our cell therapy market deck, compares the main business model options for cell therapy biotech companies
How concentrated was funding activity in the cell therapy market?
The largest deal represented between 29.7% and 54.5% of quarterly cell therapy funding. The three largest deals represented at least 65% in every quarter with nine or more transactions.
This concentration means that quarterly cell therapy market totals can change sharply when one late-stage company completes a large financing.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 2 | 54.5% | 100.0% | 100.0% |
| Q3 2025 | 10 | 36.9% | 65.0% | 100.0% |
| Q4 2025 | 9 | 29.7% | 66.4% | 100.0% |
| Q1 2026 | 10 | 32.3% | 67.9% | 100.0% |
| Q2 2026 | 9 | 39.9% | 82.7% | 100.0% |
| All quarters | 40 | 11.2% | 28.5% | 63.1% |
This chart, featured in our cell therapy market deck, shows how market revenue is split across customer segments in the cell therapy market
Which categories in the cell therapy market received the most funding?
CAR-T and engineered immune cells raised $1.02 billion, equal to 37.8% of all cell therapy market funding. Investors supported both established CAR-T formats and newer in-vivo approaches.
Allogeneic cell therapies raised $810.9 million, equal to 30.2% of funding. The category attracted large rounds because ready-made cells may support broader and more scalable treatment delivery.
Regenerative cell therapies raised $610.7 million, equal to 22.7% of funding. Neurological, orthopedic, liver, metabolic and cardiovascular programs gave the cell therapy market a wider clinical base.
| Category | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| CAR-T and engineered immune cells | 21 | $1,015.1M | Stylus Medicine ($85M), A-SEEDS ($15M), NK CellTech ($14M), Dispatch Bio ($216M), Lyell Immunopharma ($100M across two rounds), Anocca ($46M), MagicRNA Biotech ($14M), Rui Therapeutics ($28M), Azalea Therapeutics ($82M), Captain T Cell ($21.7M), DeliNova Therapeutics ($8.3M), Pan Cancer T ($5.25M), Link Cell Therapies ($60M), T-CURX ($20M), Vyriad ($25M), OriCell Therapeutics ($70M), Immuneel Therapeutics ($12M), Waypoint Bio ($20M), CREATE Medicines ($122M) and Vivacta Bio ($50M). |
| Allogeneic cell therapies | 6 | $810.9M | Wugen ($115M), Tr1X ($50M), Century Therapeutics ($135M), Ernexa Therapeutics ($10.5M), Artiva Biotherapeutics ($300M) and Allogene Therapeutics ($200.4M). |
| Regenerative cell therapies | 12 | $610.7M | Neurona Therapeutics ($102M), Innovacell ($48M), iRegene Therapeutics ($69.6M across two rounds), Aspen Neuroscience ($115M), MEDIPOST ($140M), Cytotheryx ($60M), Regend Therapeutics ($50.3M), BioRestorative Therapies ($5M), BrainStorm Cell Therapeutics ($2M), Syntax Bio ($14.4M) and BioCardia ($4.4M). |
This chart, featured in our cell therapy market deck, shows how CAR-T cell therapy technology has evolved over time
Who are the biggest investors in the cell therapy market?
ARCH Venture Partners was the most active disclosed cell therapy investor by associated capital, with three deals involving Dispatch Bio, Aspen Neuroscience and CREATE Medicines.
RA Capital Management also appeared in three rounds, supporting Stylus Medicine, Azalea Therapeutics and Century Therapeutics across in-vivo and allogeneic cell therapy programs.
OrbiMed appeared in two rounds associated with $230 million of total financing, including Aspen Neuroscience and Wugen.
Cormorant Asset Management appeared in two rounds associated with $217 million of total financing, including Neurona Therapeutics and Wugen.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| ARCH Venture Partners | 3 | $453M | Dispatch Bio, Aspen Neuroscience, CREATE Medicines |
| RA Capital Management | 3 | $302M | Stylus Medicine, Azalea Therapeutics, Century Therapeutics |
| OrbiMed | 2 | $230M | Aspen Neuroscience, Wugen |
| Cormorant Asset Management | 2 | $217M | Neurona Therapeutics, Wugen |
This chart, featured in our cell therapy market deck, shows how CAR-T approvals have driven growth in the cell therapy market over time
What can we learn from recent cell therapy fundraising?
Cell therapy funding accelerated sharply. Quarterly investment increased from $187 million in Q2 2025 to $752.8 million in Q2 2026.
Cell therapy funding remained concentrated. The three largest deals represented between 65% and 83% of capital in every quarter with at least nine deals.
Scalable cell supply attracted larger rounds. Allogeneic cell therapy companies averaged approximately $135.2 million per financing, despite completing only six deals.
In-vivo CAR-T became a credible investment category. CREATE Medicines, Stylus Medicine, Azalea Therapeutics and other specialists attracted large institutional financings.
The cell therapy market expanded beyond oncology. Neurological, orthopedic, liver, cardiovascular and metabolic cell medicines collectively attracted more than $600 million.
Investors increasingly financed clinical execution. Orca Bio, MEDIPOST, Century Therapeutics, Artiva Biotherapeutics and Allogene Therapeutics raised major rounds for trials, manufacturing, regulatory work and commercial preparation.
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?
- How strong is fundraising in the cell therapy market right now?
