StartUps and SMEs

Biomedtracker’s fourth quarter data show a surge in public and private financings in 2024, but the two biggest categories – VC funding and follow-on offerings – have slowed in 2025. Also, Garuda raised a $50m series A-1 round, while Nuvation accessed $250m in royalty and debt financing.

The landscape for overall private biotech financing in 2024 featured investors who were interested in funding new developments – if Big Pharma was willing to pay up eventually in partnerships and M&A – but also reluctance as the industry faced macroeconomic and regulatory uncertainties.

Private Company Edition: $100m-plus venture capital mega-rounds drove biopharma company fundraising closer to record-breaking levels in 2024, but the pace of big VC deals has slowed aside from Callio’s $187m series A, Eikon’s $350.7m series D and Enveda’s series C extension to $150m.

The landscape for overall private biotech financing in 2024 featured investors who were interested in funding new developments – if Big Pharma was willing to pay up eventually in partnerships and M&A – but also reluctance as the industry faced macroeconomic and regulatory uncertainties.

Private Company Edition: Abcuro’s series C venture capital round will fund its lead drug through pivotal results, filing with the US FDA and launch preparations. Also, AdvanCell completed a $112m series C round, Lutris Pharma raised $30m and Imvax closed a $29m financing.

The Centre for Commercialization of Regenerative Medicine has spent over a decade crafting a cell and gene therapy ecosystem in Canada. Now it is replicating the model abroad.

During Q4, biopharmas brought in an aggregate $16.8bn in financing and device company fundraising totaled $2.3bn; while in vitro diagnostic firms and research tools players raised $294m.

Boston-area biotech Apnimed expects Phase III readouts for its obstructive sleep apnea combination drug by May. Patients with OSA are desperate for a pill to treat the condition, and GLP-1 agonists are only part of the solution.

Private Company Edition: Given the number of start-ups with clinical-stage assets and investors’ concerns that programs are appropriately funded, the trend toward $100m-plus VC rounds is likely to continue. Also, Lilly and a16z launched a new VC fund with up to $500m.

Evaluate data from the fourth quarter of 2024 show another period of venture capital fundraising that beat each quarter of 2023, as $100m-plus mega-rounds surged.