A new year brings a fresh Fierce Biotech Fundraising Tracker designed to record the significant amount of venture capital that flows into biopharma.
We’re keeping the same guidelines used for last year’s tracker and will only include financing rounds of $50 million and above.
March
March 24—Immutrin
Series: A
Amount: $87M
Investors: Frazier Life Sciences, F-Prime, Qiming Venture Partners, SR One, Cambridge Innovation Capital and Cambridge Enterprise Ventures.
The British biotech will use the funds to take its lead antibody asset through a clinical proof of concept study for ATTR cardiomyopathy, a serious and progressive form of amyloidosis. Immutrin's tech is based on research by amyloidosis pioneer Mark Pepys, M.D., Ph.D., and the company hopes their antibody has potential to treat other amyloidosis types, including rare forms. Release
March 18—Crossbow Therapeutics
Series: B
Amount: $77M
Investors: Taiho Ventures, Arkin Bio Capital, Sixty Degree Capital, Hamilton Square Partners Management LP, LifeLink Ventures, Libbs Ventures, Blood Cancer United’s Therapy Acceleration Program, MPM BioImpact, Pfizer Ventures, BVF Partners, Polaris Partners, Eli Lilly and Mirae Asset Venture Investment.
Crossbow’s top spending priority is an ongoing phase 1 trial of CBX-250, a T-cell engager designed to target a peptide human leukocyte antigen (pHLA) that’s found on myeloid cancer cells. A readout from the trial—which has enrolled patients with acute myeloid leukemia, chronic myeloid leukemia, myelodysplastic syndromes and chronic myelomonocytic leukemia—is due at the end of 2026. Story
March 17—R1 Therapeutics
Series: A
Amount: $77.5M
Investors: Abingworth, F-Prime Capital, DaVita Venture Group, Curie.Bio, SymBiosis and U.S. Renal Care
R1 Therapeutics is debuting with an oversubscribed $77.5 million series A funding round aimed at advancing its first-in-class therapy for patients with chronic kidney disease who are on dialysis and have high phosphate levels. The new company is launching with an exclusive global license to develop and commercialize an asset called AP306 from China-based Alebund Pharmaceuticals. The candidate is expected to enter a phase 2b study later this year. Story
March 3—Prolium Bioscience
Series: A
Amount: $50M
Investors: RTW Investments
Founded and now financed by RTW Investments, Prolium has emerged with $50 million to push forward PRO-203, a CD20xCD3 T-cell engager designed to treat severe autoimmune disease. The clinical candidate is already being studied in systemic sclerosis, and Prolium is planning to launch more trials this year in additional conditions that are driven predominantly by dysfunctional B-cells. Release
March 2—QL Biopharm
Series: C
Amount: $72.9M
Investors: OrbiMed, Qiming Venture Partners, Five Sources Capital, Xingze Capital, Huagai Capital, Taifu Capital, BlueRun Ventures and Taiyu Investment.
QL Biopharm (Zhitai Biopharmaceutical) has secured almost $73 million (over $500 million Chinese yuan) in a series C financing championed by OrbiMed. The China biotech will use the new funds to support its efforts to develop chronic metabolic disease treatments, including its lead candidate zovaglutide. The GLP-1 receptor agonist injection is designed to be administered monthly and is currently being studied in a phase 3 obesity trial. Release
February
Feb. 27—Atrium Therapeutics
Series: N/A
Amount: $270M
Investors: N/A
A new biotech has risen from the ashes of Novartis’ $12 billion acquisition of muscular dystrophy specialist Avidity. Atrium is led by Kathleen Gallagher, who previously spent five years at Avidity, most recently as chief program officer. Gallagher will guide two small interfering RNA assets, one for a rare genetic condition and the other for an inherited heart muscle disease, through investigational new drug application-enabling studies. Story
Feb. 25—BreezeBio
Series: B
Amount: $60M
Investors: Yuanta Investment, DSC Investment, SV investment, Kiwoom Investment, STIC Ventures, Top Harvest Capital, DAYLI Partners, Pathway Investment, Loftyrock Investment, Korea Investment Partners, WOORI Venture Partners, KDB Silicon Valley and ACVC Partners.
BreezeBio—the new name for GenEdit—will use the funds to take a candidate designed to restore immune tolerance in Type 1 diabetes into IND-enabling studies. The asset, dubbed BRZ-101, delivers autoantigens encoded by mRNA and tolerogenic co-factors to antigen-presenting cells. Story
Feb. 24—Slate Medicines
Series: A
Amount: $130M
Investors: RA Capital Management, Forbion, Foresite Capital and an unnamed biotech investor.
Slate is etching a total of $130 million into the chalkboard, money that will go toward developing next-gen migraine therapies, including a lead monoclonal antibody licensed from China's DartsBio Pharmaceuticals. The Raleigh, North Carolina-based biotech will advance the program, dubbed SLTE-1009, into a phase 1 study slated to launch in mid-2026. The asset is an anti-PACAP therapy, a novel drug class differentiated from approved preventive treatments that inhibit CGRP. Story
Feb. 19—Altesa BioSciences
Series: B
Amount: $75M
Investors: Forbion, Sanofi, Medicxi, Pitango and Atlantic Partners.
Top of the list of priorities for the series B cash is a phase 2b study of vapendavir, a once-failed Aviragen drug for the common cold. The study, which is due to launch in the second quarter, is expected to enroll 900 patients with chronic obstructive pulmonary disease in the U.S. and U.K., who will then be randomized when they experience rhinovirus infection. Story
Feb. 18—Korsana Biosciences
Series: Seed / A
Amount: $175M
Investors: Fairmount, Venrock Healthcare Capital Partners, Wellington Management, TCGX, J.P. Morgan Life Sciences Private Capital, Janus Henderson Investors, Sanofi Ventures, Foresite Capital and others.
A new entrant in the race to shepherd antibodies for Alzheimer’s disease across the blood-brain barrier has emerged. Headquartered in the Boston area, Korsana is led by Jonathan Violin, Ph.D., an experienced conductor for newly launched biotechs. Korsana’s lead Alzheimer’s candidate, KRSA-028, was discovered in partnership with Paragon Therapeutics, and the new biotech plans to push the asset into the clinic in early 2027. KRSA-028 is designed to cross the blood-brain barrier by binding to transferrin receptors, which normally shuttle iron into the brain, an approach also being tested by Roche, AbbVie and Denali Therapeutics. Story
Feb. 10—ILiAD Biotechnologies
Series: B
Amount: $115M
Investors: RA Capital Management, Janus Henderson Investors, BNP Paribas Asset Management and others.
The Florida-based biotech announced an oversubscribed round to advance the company’s next-generation whooping cough vaccine candidate. The oral treatment aims to be more accessible to treat a disease that is resurgent in recent years due to shrinking vaccination rates. Clinical data have shown ILiAD candidate BPZE1 to block B. pertussis from spreading to adult and adolescent nasal passages and indirectly protect children and infants by preventing transmission to others. Story
Feb. 9—QuantX Biosciences
Series: B
Amount: $85M
Investors: LAV, Sanofi Ventures, Hongshan and others.
The Sanofi-backed biotech will use the funds to take its pair of lead candidates into the clinic, including an oral STAT6 inhibitor for asthma and atopic dermatitis that is expected to enter human trials by the end of 2026. The other key priority is an oral IL-17 inhibitor for psoriasis and hidradenitis suppurativa that the New Jersey-based biotech hopes to enter phase 1 early next year. Release
Feb. 5—Angitia Biopharmaceuticals
Series: D
Amount: $130M
Investors: Frazier Life Sciences, Venrock Healthcare Capital Partners, Ascenta Capital, certain funds and accounts managed by Blackrock, BVF Partners, Logos Capital, RA Capital Management, Wellington Management. Bain Capital Life Sciences, Elikon Venture, Janus Henderson Investors, 3H Health Investment, Hillhouse Investment, Legend Capital, Morningside Group, OrbiMed, TF Capital and Yonghua Capital.
Angitia has unveiled its second mega-round in 14 months, revealing a $130 million series D financing that positions the biotech to take three bone disease prospects deeper into the clinic. The biotech has advanced three candidates into phase 2 and 3 clinical trials. The pipeline is spearheaded by AGA111, a recombinant human BMP-6 protein that is in a phase 3 trial in patients undergoing lumbar interbody fusion. Story
Feb. 4—Third Arc Bio
Series: A extension
Amount: $52M
Investors: New investor Andreessen Horowitz (a16z) leads the extension with Omega Funds; additional investors include Life Sciences at Goldman Sachs Alternatives, BVF Partners, funds managed by abrdn, accounts advised by T. Rowe Price Associates, Marshall Wace, Hillhouse Investment, Galapagos, AbbVie Ventures and Alderline Group.
Third Arc is extending its $165 million series A financing raised in 2024, adding on a $52 million extension for a total of $217 million. The biotech will use the new cash infusion to continue developing multifunctional antibodies for oncology and immunology & inflammation conditions. The biotech's lead program, coded ARC101, is a bispecific T cell engager currently in a phase 1 trial for solid tumors. Release
January
Jan. 29—Tenpoint Therapeutics
Series: B
Amount: $85M
Investors: Janus Henderson, EQT Nexus, Hillhouse, British Business Bank, EQT Life Sciences, Sofinnova Partners, F-Prime, Eight Roads, Qiming Venture Partners USA, AdBio and Wille.
With its eye drops for the age-related eye disease presbyopia just approved on Jan. 28, Tenpoint is now taking in $85 million to help launch the product, called Yuvezzi. The company plans to release the recently approved med in the second quarter of 2026. Story
Jan. 29—Breakthru Medicine
Series: A
Amount: $60M
Investors: N/A
Breakthru has emerged from stealth with $60 million, a molecular glue platform, and a pipeline of small molecules and antibody-drug conjugate payloads. The biotech was formed by Steve Potts, Ph.D.; Mark Mulvihill, Ph.D.; and Brian Barnett, M.D., in efforts to develop "disruptive therapeutic modalities" for cancer patients with high unmet need. Breakthru did not share any information about its investors or further details regarding its programs. Release
Jan. 27—TRexBio
Series: N/A
Amount: $50M
Investors: Janus Henderson Investors, Balyasny Asset Management, Affinity Asset Advisors, Alexandria Venture Investments, Avego BioScience Capital, Delos Capital, Eli Lilly, Johnson & Johnson Innovation – JJDC, Pfizer Ventures, Polaris Partners and SV Health Investors.
TRexBio has raised $50 million to support its Treg platform, which is designed to develop treatments for autoimmune and inflammatory diseases. These include TRB-061, a TNFR2 agonist currently being tested in a phase 1a/b trial for atopic dermatitis. The new cash will also go toward TRB-071 and TRB-081, which are both expected to launch in separate phase 1 trials in 2027. Release
Jan. 22—Corxel Pharmaceuticals
Series: D
Amount: $287M
Investors: SR One, TCGX, RA Capital Management, HBM Healthcare Investments, SymBiosis, Adage Capital Management, Invus, SilverArc Capital, RTW Investments, Hengdian Group Capital and others.
In a reminder of the money still on the table for enticing obesity assets, Corxel Pharmaceuticals has raised $287 million to bankroll phase 2 studies of its oral GLP-1 receptor agonist. Shanghai-headquartered Corxel licensed the ex-China rights to the drug, dubbed CX11, from biotech Vincentage in late 2024. Vincentage has already launched a phase 3 study of CX11 in China, while Corxel is running a phase 2 trial in the U.S. in patients with overweight and obesity. The series D will be used to finance a planned global phase 2 study in patients with Type 2 diabetes as well as support Corxel’s plans for its own phase 3 trials. Story
Jan. 22—Mendra
Series: A
Amount: $82M
Investors: OrbiMed, 8VC, 5AM Ventures, Lux Capital and Wing VC.
A new AI biotech with a focus on rare disease is taking off in the Bay Area. The company is co-founded and led by BioMarin vet Joshua Grass, who previously served as CEO at Modis Therapeutics and Escient Pharmaceuticals. Mendra will use the series A haul to buy rare disease candidates for its portfolio and then plans to use AI to speed up clinical development. Release
Jan. 21—Think Bioscience
Series: A
Amount: $55M
Investors: Regeneron Ventures, Innovation Endeavors, Janus Henderson Investors, T.A. Springer, CE-Ventures, MBX Capital, YK Bioventures, AV8 Ventures, CU Innovations and Buff Gold Ventures.
The Colorado-based biotech will harness the cash to push forward its lead small molecule program for Noonan syndrome, a genetic developmental disorder characterized by atypical facial features that often comes with congenital heart disease, learning disabilities and other complications. There are currently no treatments for the disease that target the biology underpinning it. Release
Jan. 20—Exciva
Series: B
Amount: $59M (€51M)
Investors: Gimv, EQT Life Sciences, Fountain Healthcare Partners, LifeArc Ventures, Carma Fund, Modi Ventures, Andera Partners and LBBW.
The German biotech will use the funds to bankroll a phase 2 study of its lead neuropsychiatric candidate for treating agitation in patients with Alzheimer’s disease. The therapy, called deraphan, is a combination of the cough suppressant dextromethorphan with a CYP2D6 inhibitor and a 5-HT2A/2C receptor inverse agonist. Release
Jan. 16—Cytotheryx
Series: A
Amount: $60M
Investors: Ouroboros Family Founders Fund I, LP
Cytotheryx, a preclinical cell therapy biotech, has circled up $60 million to advance its liver disease programs toward the clinic. The new cash infusion will also help the platform company grow its manufacturing infrastructure, according to the Minnesota business. Release
Jan. 13—Proxima
Series: Seed
Amount: $80M
Investors: DCVC, NVentures (NVIDIA’s venture capital arm), Braidwell, Roivant, AIX Ventures, Yosemite, Magnetic Ventures, Alexandria Venture Investments, Modi Ventures and others.
AI drug discovery outfit VantAI is rebranding to Proxima as it pockets $80 million to build a pipeline of "proximity therapeutics," based on interactions between proteins. Release
Jan. 12—Vibrant Therapeutics
Series: N/A
Amount: $61M
Investors: Pfizer Ventures, Apricot Capital, Bayland Capital, HSG, Northern Light Venture Capital and First Principle Venture
China and U.S.-based Vibrant will use the cash to advance a pipeline led by VIB305, a masked T-cell engager prodrug designed to treat EGFR-expressing solid tumors. VIB305 is alerady being evaluated in phase 1 clinical trials in Australia and China. Release
Jan. 12—Cytotheryx
Series: A
Amount: $60M
Investors: Ouroboros Family Founders Fund I
The Minnesota-based biotech will use the financing to "advance multiple programs into the clinic." Cytotheryx is using its bio-incubator platform for scalable liver cell production, as well as to develop a bioartificial liver support system for the treatment of acute liver failure, and a universal liver cell therapy designed for transplantation in patients with rare genetic and chronic liver diseases. Release
Jan. 10—Kinaset Therapeutics
Series: B
Amount: $103 million
Investors: RA Capital Management, Forge Life Science Partners, EQT Life Sciences, Vivo Capital, Schroders Capital, Willett Advisors, Pictet Alternative Advisors, Sixty Degree Capital, Atlas Venture, 5AM Ventures and Gimv.
The respiratory disease-focused biotech will use the funds to finance a phase 2 dose-ranging study of frevecitinib, an inhaled dry powder pan-JAK inhibitor in development for patients with asthma. Release
Jan. 9—AirNexis Therapeutics
Series: A
Amount: $200 million
Investors: Frazier Life Sciences, OrbiMed, Life Sciences at Goldman Sachs Alternatives, SR One, Longitude Capital and Enavate Sciences, among others.
AirNexis is taking flight with $200 million and a clinical-stage asset from Haisco Pharmaceutical Group that aims to treat lung disease. The PDE3/4 inhibitor is designed to expand the airways and reduce the release of inflammatory factors for patients with for chronic obstructive pulmonary disease. AirNexis paid $40 million cash for development rights to the program outside of China and Haisco now holds a 20% equity stake in the biotech. Story
Jan. 9—Medipost
Series: N/A
Amount: $140 million
Investors: Skylake Equity Partners, Crescendo Equity Partners and a Korean growth equity fund.
Stem cell therapy-focused Medipost's parent company, also called Medipost, has raised $140 million to launch a phase 3 trial for its investigational mesenchymal stem cell (MSC) therapy. The trial will enroll patients with symptomatic cartilage defects and knee osteoarthritis, an inflammation-driven degenerative disease. Release
Jan. 8—Parabilis Medicines
Series: F
Amount: $305 million
Investors: RA Capital Management, Fidelity Management & Research Company, Janus Henderson Investors, Frazier Life Sciences, Soleus Capital, a life science-dedicated investment fund, venBio Partners, Cormorant Asset Management, Nextech Invest, ARCH Venture Partners, Milky Way Investments, GV, accounts advised by T. Rowe Price Associates, Inc., Marshall Wace, General Catalyst, Invus, Farallon Capital Management, Foresite Capital, Rock Springs Capital, HBM Healthcare, Samsara BioCapital, Catalio Capital Management, Sixty Degree Capital, Alderline Group and others.
The Massachusetts biotech, formerly known as FogPharma, will harness the new cash to advance FOG-001, recently renamed zolucatetide, toward a pivotal phase 3 trial in desmoid tumors. Parabilis will also use the large fundraise to support the rest of its pipeline—all preclinical—as well as to build out its platform capabilities. Story
Jan. 8—Alveus Therapeutics
Series: A
Amount: $160 million
Investors: Andera Partners, New Rhein Healthcare Investors, Omega Funds, Sanofi Capital, Kurma Partners, Avego BioScience Capital and others.
Looking to overcome some of the limitations of existing obesity drugs, Alveus has debuted with an impressive roster of executives ready to take the biotech’s mission forward. Launched under the stewardship of former I-Mab CEO Raj Kannan, Alveus aims to advance an undisclosed number of obesity candidates, with the dual-acting asset ALV-100 leading its current development roster. Story
Jan. 8—Diagonal Therapeutics
Series: B
Amount: $125 million
Investors: Sanofi Ventures, Janus Henderson Investors, Deep Track Capital, EcoR1 Capital, Logos Capital, Balyasny Asset Management L.P., Woodline Partners LP, Atlas Venture, BVF Partners, Lightspeed Venture Partners, RA Capital Management, Frazier Life Sciences, Viking Global Investors, RV Invest, Velosity Capital, Biovision Ventures and Checkpoint Capital.
Diagonal will use the raise to move its first-in-class rare disease drug DIAG723 into a first-in-human trial, which is set to begin in the first half of this year in patients with hereditary hemorrhagic telangiectasia. The new investment will also help advance the biotech's earlier pipeline of assets, which are designed to selectively address the underlying causes of disease in conditions spanning hematology, hepatology and nephrology. Story
Jan. 8—EpiBiologics
Series: B
Amount: $107 million
Investors: Google Venture, Johnson & Johnson, Novartis Venture Fund, Aulis Capital, Avego BioScience Capital, Samsara BioCapital, Polaris Partners, Digitalis Ventures, Taiho Ventures, Vivo Capital, Codon Capital and Mission BioCapital.
The San Francisco Bay Area-based biotech plans to use the cash is to take its lead bispecific antibody, dubbed EPI-326, into the clinic. The goal is to launch a clinical trial of the EGFR degrader in non-small cell lung cancer and head and neck squamous cell carcinoma early this year. Story
Jan. 8—Beacon Therapeutics
Series: C
Amount: $75 million-plus
Investors: Life Sciences at Goldman Sachs Alternatives, the Retinal Degeneration Fund, the venture arm of Foundation Fighting Blindness, Syncona Limited, Forbion, Oxford Science Enterprises and Advent Life Sciences.
As the biotech awaits phase 3 data in X-linked retinitis pigmentosa for its lead candidate laru-zova, Beacon is bringing in more than $75 million to get the gene therapy across the finish line and potentially to market. The funds will also support preclinical programs in geographic atrophy, an inherited cone rod dystrophy and another undisclosed asset. Release
Jan. 7—Soley Therapeutics
Series: C
Amount: $200 million
Investors: Surveyor Capital, HRTG Partners, RWN Management, Doug Leone Family Fund, Breyer Capital and GordonMD Global Investments
The South San Francisco-based company’s pipeline uses a cell stress sensing platform that harnesses artificial intelligence and “computer vision” to analyze thousands of responses in human cells. The fresh funds have been earmarked to take two of Soley’s oncology drugs into the clinic, led by an acute myeloid leukemia asset. Story
Jan. 7—Rakuten Medical
Series: F
Amount: $100 million
Investors: TaiAx Life Science Fund, Daiwa Securities, Mitsui Sumitomo Insurance, Sumitomo Mitsui Banking, ABIES Capital, Nexus CVC, OEP Group, SBI Group, Rakuten Group and Rakuten Medical CEO Mickey Mikitani
San Diego-based Rakuten Medical is focused on a global phase 3 trial evaluating ASP-1929 in combination with Merck & Co.’s Keytruda as a first-line treatment for recurrent head and neck cancer. ASP-1929 consists of the anti-epidermal growth factor receptor antibody cetuximab conjugated to the light-activatable dye IRDye 700DX. Story
Jan. 7—Corsera Health
Series: A
Amount: $80 million
Investors: Forbion, Population Health Partners and others.
RNAi outfit Corsera will use the raise to support its first clinical trial, a phase 1 study of PCSK9-targeting siRNA COR-1004 that just began dosing patients. The company's lead cardiovascular program also includes COR-2003, which is designed to target angiotensinogen and is set to enter a clinical trial of its own in mid-2026. The biotech's goal is to develop preventative RNAi medicines for cardiovascular health that are taken yearly. Release
Jan. 7—Poplar Therapeutics
Series: A
Amount: $50 million
Investors: SR One, Vida Ventures and Platanus
The immunology company, previously known as Phylaxis Bioscience, will use the series A funds to advance its pipeline of anti-IgE therapies for food allergy and other atopic conditions. Poplar hopes its lead asset PHB-050, which is already in phase 1 trials, will offer a treatment for patients with highly elevated IgE levels who can't benefit from existing therapies. Release