The healthcare and life sciences venture market rebounded in Q3 2025, raising $21.6 billion over the last two quarters. Biopharma led the recovery in Q3, raising $5.8 billion in 86 rounds. Fewer but larger deals reflected a maturing market focused on high-impact innovation.
In Q3 2025, biopharma ventures secured substantial funding across neuroscience, gene therapy, oncology, and cell therapy. MapLight Therapeutics raised an oversubscribed $373 million series D in July 2025 to advance its Phase 2 muscarinic receptor therapy for schizophrenia and Alzheimer’s disease psychosis. Kriya Therapeutics followed with a $320 million series D in September 2025, supporting its gene therapy pipeline for chronic diseases, including Type 1 Diabetes and Geographic Atrophy. In oncology, Dispatch Bio closed a $216 million round in July to develop a genetic antigen delivery platform for solid tumors, while Strand Therapeutics raised $153 million in series B funding in August to advance its mRNA cancer therapy, STX-001, which showed encouraging Phase 1 data at ASCO. Wugen secured $115 million in August to advance WU-CART-007, an off-the-shelf CAR-T therapy for T-cell malignancies, and Ensoma added $53 million in September to fund Phase 1/2 trials of EN-374 for X-linked chronic granulomatous disease.
In Q3 2025, biopharma venture funding showed a rebound, with 86 rounds raising $5.8 billion, a 23% increase in total capital, despite a slight dip in deal volume from Q2’s 96 rounds. The average round size rose sharply to $77 million from $53 million.
Across the last 3 quarters, biopharma companies secured $17.1 billion across 290 financing rounds, underscoring a sustained appetite for innovative therapeutic platforms.
Biopharma Therapeutics and Platforms Venture Funding by Series
The biopharma rebound was driven by robust late-stage financing, as series C and series D+ rounds accounted for $2.7 billion, nearly half of the total. Early-stage momentum also improved, with series A funding rising to $700 million from $200 million and seed investments edging up to $300 million. Overall, investor appetite returned across both growth and early innovation stages, bringing total 2025 funding to $10.5 billion from 182 rounds to date.
Healthcare and Life Sciences Venture Funding by Subsector
Global healthcare and life sciences venture funding climbed 23% to $11.9 billion from $9.7 billion in Q2, even as deal volume declined to 247 from 312 rounds. Biopharma therapeutics and platforms led activity with $5.8 billion, up from $4.7 billion. Health services, IT, and software followed with $3.2 billion, up from $2.5 billion, as digital health innovation maintained strong momentum. Device and diagnostics ventures remained steady at $1.5 billion and $400 million, respectively, while manufacturing and service startups rose modestly to $1.0 billion.
Top Venture Funding in Q3 2025
MapLight Therapeutics – Series D – $373M – July 2025
MapLight Therapeutics raised an oversubscribed $373 million series D round co-led by Forbion and Goldman Sachs Alternatives, with participation from Sanofi, T. Rowe Price, Avego BioScience Capital, and existing investors including Novo Holdings, 5AM Ventures, and Blue Owl Healthcare Opportunities. The funding will support the advancement of ML-007C-MA, an oral combination therapy targeting M1 and M4 muscarinic receptors for schizophrenia and Alzheimer’s disease psychosis, currently in Phase 2 trials. Proceeds will also enable further development of additional clinical and preclinical programs, reinforcing its neuroscience platform.
Kriya Therapeutics – Series D – $320M – September 2025
Kriya Therapeutics secured an oversubscribed $320 million series D financing, co-led by Patient Square Capital and Premji Invest, with participation from Peter Thiel, Narya Capital, The T1D Fund, and other long-term investors. Completed at a significant valuation increase from its previous round, the funding will advance Kriya’s gene therapy pipeline targeting chronic diseases such as Geographic Atrophy, Thyroid Eye Disease, Type 1 Diabetes, MASH, and Trigeminal Neuralgia. Proceeds will also support ongoing clinical trials and the expansion of Kriya’s integrated research and manufacturing platform.
Dispatch Bio – Series Unspecified – $216M – July 2025
Dispatch Bio, founded in 2022 through a collaboration between Arch Venture Partners and the Parker Institute for Cancer Immunotherapy, raised $216 million to advance its novel cancer treatment platform. Built on technologies from leading U.S. research labs, the company is developing a therapeutic approach that delivers genetic sequences encoding unique protein antigens to tumor cells, designed to attract engineered immune cells administered subsequently. Dispatch plans to enter clinical testing next year, positioning its platform as a potential universal treatment for solid tumors.
Strand Therapeutics – Series B – $153M – August 2025
Strand Therapeutics raised $153 million in series B financing led by Kinnevik, with participation from Regeneron Ventures, ICONIQ, Amgen Ventures, and other new and existing investors, bringing its total funding to over $250 million. The proceeds will advance STX-001, the company’s lead programmable mRNA therapy designed to express IL-12 within the tumor microenvironment. Early Phase 1 data presented at the 2025 ASCO Annual Meeting showed encouraging results, including complete and metabolic responses, durable disease stabilization, and a favorable safety profile in patients with advanced solid tumors.
Wugen – Private – $115M – August 2025
Wugen, Inc. raised $115 million in equity financing, led by Fidelity Management & Research Company, with participation from RiverVest Venture Partners, Lightchain Capital, Abingworth, ICG, and other major life sciences investors. The funds will advance the pivotal T-RRex trial evaluating WU-CART-007 (soficabtagene geleucel), a CD7-targeted, CRISPR-edited allogeneic CAR-T therapy for relapsed/refractory T-cell acute lymphoblastic leukemia (T-ALL) and T-cell lymphoblastic lymphoma (T-LBL). In prior Phase 1/2 studies, WU-CART-007 demonstrated an overall response rate of 91% and a complete remission rate of 73%, positioning it as a leading candidate for the first “off-the-shelf” CAR-T therapy in T-cell malignancies.
Ensoma – Series Unspecified – $53M – September 2025
Ensoma raised $53 million from its existing top-tier investors to advance its in vivo hematopoietic stem cell (HSC) engineering platform. The funding will support the ongoing Phase 1/2 trial of EN-374 for X-linked chronic granulomatous disease (X-CGD) and key upcoming clinical milestones. It will also help expand the platform’s applications in immuno-oncology and sickle cell disease.
Also check out Biopharma Therapeutics and Platforms Venture Funding – Q2 2025 Review
