Biotech venture funding: Who's raising and where the money is going

Early-stage biotech funding has become a story of haves and have-nots. While megarounds continue to flow into hot areas like radiopharmaceuticals, obesity and AI-driven drug discovery, seed and Series A funding has slumped for several years running, and more startups are resorting to extensions and bridge rounds to avoid down valuations. Big pharma venture arms from Lilly, Pfizer and Sanofi are increasingly showing up on cap tables, blurring the line between investor and future acquirer.

Endpoints tracks biotech startup financing from first launches to late-stage private rounds and the venture trends that shape what gets built. Biotech venture funding: Who’s raising and where the money is going Feed Enveda raises its third megaround in as many years for I&I and weight maintenance drug candidates Basecamp raises $140M Series C, unveils six-program pipeline in test of its AI Nvidia-backed Iambic files for IPO, disclosing new clinic and dealmaking details ADARx targets $319M IPO as TRexBio, Retension join filing queue Reverse merger run extends as Marea, North Immunology line up deals with $405M in backing Lilly-backed Orbis does up to $1.4B macrocycle deal with Novo Roche turns to Dualitas to find new bispecific approaches for immunology Sling gets $123M for Phase 3 trial of ex-Astellas drug in thyroid eye disease Exclusive: RegCell gets $66M boost to take Nobel-winning Tregs into clinic Alzheon outlines plans for major fundraising round despite Phase 3 miss for Alzheimer's drug How past Endpoints 11 winners fared as the biotech industry rebounded Encoded closes $275M Series F for Dravet syndrome drug NodThera, a decade-old NLRP3 player, plans Phase 3 and a rebrand Exclusive: Cancer biotech TwoStep gets $62.5M to take twist on ADCs into clinic Kura Oncology spins out diabetes pipeline with $50M and Lilly's help Moonwalk raises $70M to test siRNA treatment for obesity BrainChild Bio gets