The biopharmaceutical sector experienced substantial venture funding activity in Q1 2024. Alumis secured $259 million in series C financing for immune therapies, surpassing its previous funding. Sionna Therapeutics raised $182 million for cystic fibrosis drugs, while Capstan Therapeutics secured $175 million for autoimmune treatments. BioAge Labs received $170 million for a weight loss pill, and Bayer and RTW Investments jointly invested $159 million in Jixing Pharmaceuticals, aiming to advance innovative treatments in China. Details to follow.
Venture Totals – Biopharma Therapeutics & Platform
In Q1 2024, the biopharma therapeutics and platforms saw 104 funding rounds, raising $6.5 billion, a slight decrease from Q4 2023, with 111 rounds and $4.9 billion raised. However, the combined total for both quarters reached 215 rounds and $11.4 billion.
Venture Totals – Biopharma by Series Â
During Q1 2024, biopharma funding broke down as follows: series A at $2.1 billion, series B at $1.6 billion, series C at $1.1 billion, series D and beyond at $0.7 billion each, and unspecified private funding at $0.7 billion, totalling $6.5 billion across 104 rounds. In comparison, Q4 2023 saw 111 rounds with series A at $2.3 billion, series B at $1.3 billion, series C at $0.7 billion, series D and beyond at $0.2 billion each, and unspecified private funding at $0.3 billion, totalling $4.9 billion.
Top Therapeutic Areas for Ventures
Cancer reaped the highest funding in top therapeutic areas for ventures, securing $10.5 billion across 202 rounds in 2023 and YTD in 2024. Neurologic followed with $3.5 billion across 72 rounds, while autoimmune ventures amassed $2.0 billion over 32 rounds. Endocrine/metabolic and pulmonary received $2.0 billion through 28 and 18 rounds. Ophthalmic accounted for $1.7 billion across 29 rounds, and inflammation initiatives secured $1.5 billion through 22 rounds.
Top Biopharma Technologies for Ventures
Biopharma therapeutic technologies in 2023 and YTD 2024 saw small molecule ventures leading in both the number of rounds and funding, with 170 rounds raising $9.1 billion. Following closely, biologics secured $8.7 billion across 163 rounds. Cell therapy initiatives garnered $2.2 billion from 49 rounds, while immunotherapy projects received $2.0 billion from 32 rounds. Gene therapy and vector ventures amassed $1.6 billion over 23 rounds, with gene editing, particularly CRISPR, securing $710 million across 10 rounds. In total, these technologies raised $24.4 billion across 447 rounds.
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Top Ventures – Q1 2024
Alumis Secures $259 Million Series C (March 2024)
Alumis secured $259 million in series C financing, the largest for private biotech in 2024. This funding will advance its oral therapies targeting immune dysfunction and kickstart a phase 3 trial for ESK-001 aimed at treating psoriasis. The round surpasses Alumis’ series B financing of $200 million in 2022.
Sionna Therapeutics Raises $182 Million Series C (March 2024)
Sionna Therapeutics announced a successful $182 million series C round to advance experimental drugs for cystic fibrosis. Founded in 2019 and backed by RA Capital, the company aims to challenge Vertex Pharmaceuticals’ dominance. With 5 drugs in development, 2 are already in clinical trials, and 2 more could enter by the end of 2024.
Capstan Therapeutics Secures $175 Million Series B (March 2024)
Capstan Therapeutics, specializing in cell reprogramming medicines, secured $175 million in series B financing. This funding will advance its lead CAR-T candidate, CPTX2309, for treating autoimmune disorders. The round, oversubscribed, saw participation from RA Capital and 5 pharmaceutical giants, including Johnson & Johnson, alongside existing backers. This brings Capstan’s total raised since 2021 to $340 million.
BioAge Labs Raises $170 Million for Experimental Pill (February 2024)
BioAge Labs secured $170 million in series D funding to advance an experimental pill targeting weight loss alongside popular medications Wegovy and Zepbound. Led by Sofinnova Investments, the round saw participation from venture arms of Amgen and Eli Lilly. BioAge aims to replicate the effects of exercise-activated biological molecules to preserve muscle mass.
Bayer and RTW Investments Invest $162 Million in Jixing Pharmaceuticals (January 2024)
Bayer and RTW Investments invested €148 million (USD $159 million) in Jixing Pharmaceuticals, with Bayer contributing €32 million (USD $35 million) and RTW €116 million (USD $127 million). Jixing, a biopharmaceutical company focused on innovative treatments in China, grants Bayer the first right to negotiate for commercializing its pipeline products in cardiovascular disease and ophthalmology.
