Biopharma therapeutics and platforms venture funding remained resilient but selective in Q1 2026, with total funding declining to $6.9B across 101 rounds from $8.4B across 143 rounds in Q4 2025. Despite lower volume and total capital raised, average round size increased to $70M from $66M, reflecting support for companies with differentiated clinical, regulatory, and commercial profiles. Across both quarters, the sector recorded 244 rounds and $15.3B raised.
Series A remained the largest funding category in Q1 2026 at $2B, followed by series B at $1.8B and unspecified private rounds at $1.3B, while series D and later financings increased sharply to $1.1B from $300M in Q4 2025, highlighting stronger capital concentration in companies approaching pivotal trials, approvals, and commercialization. Across both quarters, series A and series B accounted for the largest share of funding at $4.7B and $4.4B, respectively.
By therapy area, cancer dominated with $1.8B raised across 22 rounds and an average round size of $92M, followed by endocrine/metabolic at $441M, cardiovascular at $412M, and pulmonary at $351M, with cardiovascular recording the largest average round size at $137M. Neurology and ophthalmic generated 9 and 8 rounds, respectively, while autoimmune raised $168M across 7 rounds.
By modality, biologics, antibody, DNA, RNA, protein, and related platforms led funding activity with $2.2B across 31 rounds, followed by small molecules at $1.2B across 20 rounds and cell therapy at $728M across 9 rounds, which also recorded the largest average round size among major modalities at $81M. Gene therapy and vectors raised $268M, immunotherapy secured $238M, and gene editing/CRISPR generated $75M from a single round, reflecting continued activity in advanced therapeutic technologies.
The quarter’s largest financings included Parabilis Medicines raising $305 million to advance its oncology-focused Helicon peptide platform, Corxel Pharmaceuticals securing up to $287 million for its oral GLP-1 cardiometabolic program, and Cellares raising $257 million to expand automated cell therapy manufacturing infrastructure. Orca Bio disclosed $250 million in equity financing alongside up to $100 million in additional liquidity to support the commercialization of its allogeneic cell therapy platform, while AirNexis Therapeutics launched with a $200 million series A to advance a dual PDE3/4 inhibitor for COPD.
Biopharma therapeutic and platform venture funding weakened in Q1 2026 compared with Q4 2025, as financing rounds declined to 101 from 143 and total capital raised decreased to $6.9B from $8.4B. Despite the slowdown, average round size increased to $70M from $66M. By contrast, Q4 2025 demonstrated broader market participation, with 143 rounds generating $8.4B in funding across the sector. Combined, the two quarters delivered 244 funding rounds and $15.3B raised, underscoring interest while highlighting selective investment in Q1 2026.
Biopharma Therapeutics and Platform Venture Totals by Series
Biopharma therapeutic and platform venture funding declined in Q1 2026 to $6.9B across 101 rounds, compared with $8.4B across 143 rounds in Q4 2025, reflecting lower financing and reduced capital deployment. Series A remained the largest funding category in Q1 2026 at $2B, followed by series B at $1.8B and unspecified private rounds at $1.3B. Later stage financing strengthened materially, with series D and beyond rising to $1.1B from $300M in Q4 2025. Q4 2025 showed broader funding momentum, led by series A at $2.7B and series B at $2.6B, while series C funding reached $1.3B versus $400M in Q1 2026. Across both quarters, biopharma therapeutic and platform companies secured $15.3B through 244 rounds, with series A and series B contributing the largest share of investment at $4.7B and $4.4B, respectively.
Biopharma Therapeutics and Platform Venture Funding Activity by Top Therapy Areas – Q1 2026
In Q1 2026, cancer remained the dominant biopharma therapeutic and platform venture funding category, generating $1.8B across 22 rounds with an average round size of $92M. Endocrine/metabolic ranked second with $441M from 5 rounds, followed closely by cardiovascular at $412M from only 3 rounds, which achieved the highest average round size at $137M. Pulmonary also demonstrated strong capital efficiency, raising $351M across 3 rounds with an average of $117M per financing. Neurology and ophthalmic recorded higher deal activity, with 9 and 8 rounds respectively, though average round sizes were more moderate at $37M and $47M. Autoimmune completed 7 rounds but raised only $168M, representing the lowest average financing size among the larger therapy areas at $24M. Overall, the leading therapy areas secured $4.7B across 68 rounds, with cancer dominating total capital raised, while cardiovascular, pulmonary, and musculoskeletal distinguished themselves through larger average financings despite lower deal volumes.
Biopharma Therapeutics and Platform Venture Funding Activity by Top Modalities – Q1 2026
In Q1 2026, biologics, antibody, DNA, RNA, protein, and related modalities led biopharma therapeutic and platform venture funding, securing $2.2B across 31 rounds with an average round size of $73M. Small molecule companies ranked second, raising $1.2B through 20 rounds with an average financing size of $69M, reflecting support for established drug discovery approaches. Cell therapy also attracted substantial investment, generating $728M across 9 rounds and delivering the highest average round size among the major modalities at $81M. Gene therapy and vectors raised $268M from 4 rounds, while immunotherapy secured $238M through 6 rounds with a lower average financing size of $40M. Gene editing/CRISPR recorded only 1 round but raised $75M. Overall, the leading modalities generated $4.8B across 71 rounds, with biologics and small molecules accounting for most funding activity.
Top Biopharma Therapeutics and Platforms Venture Funding in Q1 2026
Parabilis Medicines – Series F – $305M – January 2026
Parabilis Medicines raised an oversubscribed $305M series F to advance its oncology pipeline built on the proprietary Helicon peptide platform, which targets intracellular proteins previously considered undruggable. The lead asset, zolucatetide, is a first-in-class inhibitor of the Wnt and beta-catenin pathway being developed across multiple tumor types, including desmoid tumors and colorectal cancer. The financing was co-led by RA Capital, Fidelity, and Janus Henderson, alongside participation from leading crossover and life science investors, reinforcing strong market confidence in differentiated oncology platforms with late-stage clinical and IPO potential.
Corxel Pharmaceuticals – Series D1 – $287M – January 2026
Corxel Pharmaceuticals secured up to $287M in series D1 financing to support the development of CX11, an oral small molecule GLP-1 receptor agonist for obesity, overweight, and type 2 diabetes. The company is advancing Phase 2 studies in the United States, while its partner, Vincentage, is conducting Phase 3 trials in China, creating a dual-market development strategy. Backed by SR One, TCG Crossover, RA Capital, and RTW Investments, the financing reflects continued enthusiasm for scalable oral metabolic therapies targeting the rapidly expanding GLP-1 market.
Cellares – Series D – $257M – January 2026
Cellares raised $257M in series D financing, bringing total capital raised to $612M, to expand its automated manufacturing infrastructure for cell therapies such as CAR T treatments in oncology and other diseases. The company’s Cell Shuttle platform is designed to significantly improve manufacturing throughput and reduce production costs, positioning Cellares as a key infrastructure provider for the cell therapy industry. The round was co-led by BlackRock and Eclipse and supported by a $380M manufacturing agreement with Bristol Myers Squibb, highlighting strong institutional confidence in industrial-scale cell therapy manufacturing.
Orca Bio – Series F – $250M – January 2026
Orca Bio disclosed $250M in aggregate equity financing, together with up to $100M in additional credit liquidity, to support the commercialization of Orca-T, a late-stage allogeneic cell therapy for hematologic malignancies, including acute myeloid leukemia and acute lymphoblastic leukemia. The therapy is designed to reduce graft versus host disease risk in transplant patients and is currently under FDA Priority Review. Led by Lightspeed Venture Partners, the financing provides substantial launch capital as the company expands manufacturing capabilities ahead of a potential regulatory approval.
AirNexis Therapeutics – Series A – $200M – January 2026
AirNexis Therapeutics launched from stealth with an oversubscribed $200M series A financing to advance AN01, a dual PDE3/4 inhibitor for chronic obstructive pulmonary disease licensed from Haisco Pharmaceutical Group. The therapy aims to combine bronchodilation and anti-inflammatory effects, targeting a large respiratory disease market with significant unmet need. Led by Frazier Life Sciences with participation from OrbiMed, SR One, and Goldman Sachs Alternatives, the financing also included a structured licensing agreement featuring a $40M upfront payment and up to $955M in milestone obligations to Haisco.
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