Our quarterly review highlights strong venture activity and key investments fueling growth in biopharma therapeutics and platforms. Candid Therapeutics raised $370 million to advance antibody therapies for inflammatory diseases, with its pipeline bolstered by acquisitions of Vignette Bio and TRC 2004. Arsenal Biosciences attracted $325 million in a series C to further its cell therapies targeting ovarian and kidney cancers, aided by partnerships with industry leaders Bristol Myers Squibb and Roche.
In the cardiovascular space, Cardurion Pharmaceuticals secured $260 million in series B funding to expand its heart disease portfolio following promising phase 2 heart failure results. Addressing organ shortages, eGenesis raised $191 million to develop genetically engineered human-compatible organs, primarily focusing on kidney transplants. Finally, Beacon Therapeutics closed a $170 million series B round to push forward gene therapies for retinal diseases, including the AGTC-501 program for X-linked retinitis pigmentosa.
In Q3 2024, biopharma therapeutics and platforms secured $6.6 billion across 106 funding rounds, slightly down from $7.7 billion raised from 110 rounds in Q2. Across both quarters, total funding reached $14.3 billion over 216 rounds, indicating decline in rounds and capital from Q2 to Q3.
Biopharma Therapeutics and Platforms Venture Funding by Series
In Q3 2024, biopharma therapeutics and platforms raised $6.6 billion through 106 funding rounds. series A and B led with $2.0 billion each, then series C with $800 million, and $300 million from seed and series D. Unspecified private rounds added $1.3 billion. By comparison, Q2 2024 saw $7.7 billion raised over 110 rounds, led by $2.5 billion in series A and $2.1 billion and $1.2 billion in series B and C, respectively, with a cumulative $14.3 billion invested in 2024, with slight fluctuations across funding stages.
Top Biopharma Therapeutics Areas for Venture Funding
From 2023 to date, cancer has led biopharma venture funding with $16 billion across 289 rounds, significantly outpacing other therapeutic areas. Neurologic ventures followed with $4.5 billion in 98 rounds, and autoimmune and endocrine/metabolic each secured $3.5 billion. Pulmonary and ophthalmic attracted over $2 billion each. Other areas, including infectious diseases, dermatology, and inflammation, drew between $1 billion and $2 billion. The total venture funding reached $41.3 billion over 719 rounds.
Top Biopharma Technologies for Venture Funding
During 2023-2024, small molecules and biologics have led biopharma technology venture funding, with small molecules raising $13.1 billion across 236 rounds and biologics close behind at $12.5 billion over 227 rounds. Cell therapy and immunotherapy also attracted significant funding, with $3.3 billion raised in 71 rounds and $2.6 billion in 45 rounds. Gene therapy and vectors secured nearly $2 billion, while gene editing/CRISPR reached $905 million.
Top Biopharma Therapeutics and Platforms Venture Funding in Q3 2024
Candid Therapeutics – Series Unspecified – $370M – September 2024
Candid Therapeutics raised $370 million to advance antibody therapies for inflammatory diseases. The startup acquired Vignette Bio and TRC in 2004, gaining rights to two T-cell engager drugs. This includes $206 million raised independently and $165 million through the merger. First clinical trials for inflammatory conditions are expected next year.
Arsenal Biosciences – Series C – $325M – September 2024
ArsenalBio secured $325 million in series C funding for cancer cell therapies targeting ovarian and kidney cancers, alongside collaborations with Bristol Myers Squibb and Roche. ArsenalBio has raised $700 million since its 2019 spinout from the Parker Institute for Cancer Immunotherapy.
Cardurion Pharmaceuticals – Series B – $260M – July 2024
Cardurion raised $260 million to further its heart disease portfolio, focusing on mid- and late-stage trials, new indications, and potential acquisitions. The round, led by Ascenta Capital and backed by NEA, GV, and Bain Capital Life Sciences, follows positive phase 2 heart failure data.
eGenesis – Series D – $191M – September 2024
eGenesis raised $191 million to advance genetically engineered organs, initially focusing on kidney transplants. The funding will accelerate the clinical development of EGEN-2784 and other pipeline projects. The round, led by Lux Capital, saw participation from ARCH Ventures, Khosla Ventures, and new investors, including DaVita and Eisai Innovation.
Beacon Therapeutics – Series B – $170M – July 2024
Beacon Therapeutics raised $170 million to advance gene therapies for retinal diseases, particularly AGTC-501 for X-linked retinitis pigmentosa and a dAMD program. Led by Forbion, the round included Syncona, Oxford Science Enterprises, and new investors TCGX and Advent Life Sciences.
Also be sure to check out Q2 2023 Biopharma Venture Funding – Therapeutics and Platforms
