Convertible Note Funded Biotechnology Startups
The 20 most recent convertible note rounds in biotechnology shown here span from August 2021 through September 2025, with a pronounced cluster of deal acti…
The 20 most recent convertible note rounds in biotechnology shown here span from August 2021 through September 2025, with a pronounced cluster of deal activity across 2022. Disclosed amounts range from $100K — Neurosoft Bioelectronics in Geneva — up to $60M for Assertio in Lake Forest, Illinois, with a number of rounds sitting in the $6M–$30M band. Pictor (Auckland), SciTech Development (Grosse Pointe Farms, Michigan), and Artcline (Rostock, Germany) represent the three most recent closes, all in September 2025.
Geographically, the US dominates but the dataset carries meaningful international representation: six of the 20 companies are headquartered in Europe across Germany, Switzerland, Spain, and France. Within the US, California appears four times and Massachusetts twice, consistent with established biotech corridor activity. The wide dispersion in note size — from $100K instruments to $60M tranches — reflects convertible notes being used across very different stages, from seed-equivalent raises to what appear to be structured bridge or pre-transaction financings at the larger end.
Most recent rounds
20 shownRelated listings
Frequently asked
What are the largest disclosed convertible note rounds among these 20 biotech companies?
Assertio (Lake Forest, Illinois) raised $60M in August 2022, the largest disclosed amount in this set. AEON Biopharma (Newport Beach, California) and Delix Therapeutics (Boston, Massachusetts) each raised $30M, followed by Sprout Pharmaceuticals (Raleigh, North Carolina) at $25M and Oryzon Genomics (Barcelona, Spain) at $21M.
How geographically distributed are these biotech convertible note raises?
The US accounts for the majority of companies, with California (4), Massachusetts (2), and North Carolina (2) appearing most frequently among domestic entries. Six of the 20 are European — Germany (Artcline, HMNC Brain Health), Switzerland (ARTIRIA Medical, Neurosoft Bioelectronics), Spain (Oryzon Genomics), and France (Adocia) — and one, Pictor, is based in Auckland, New Zealand.
What does the typical deal size look like in this segment?
Among the 19 companies with disclosed amounts, raises span from $100K (Neurosoft Bioelectronics, Geneva) to $60M (Assertio). Several cluster around the $6M mark — SciTech Development, Artcline, and Enterin each raised exactly that amount — while sub-$2M instruments like ARTIRIA Medical ($1M) and LivFul ($750K) indicate seed-equivalent convertible notes at the low end.
When did most of these convertible note rounds close?
Thirteen of the 20 rounds closed in 2022, running from January (Concentric Analgesics) through October (Enterin), with a concentration in the April–August window. The three most recent entries — Pictor, SciTech Development, and Artcline — all closed in September 2025, leaving a multi-year gap in what this 20-row view captures.
Are there any signals of very early-stage companies in this dataset?
Yes. Neurosoft Bioelectronics (Geneva) raised $100K in December 2021, and ARTIRIA Medical (Lausanne) raised $1M in April 2022 — both consistent with pre-clinical or seed-stage convertible instruments. LivFul (Alpharetta, Georgia) at $750K in May 2022 similarly points to a company well before commercial scale.
Which US metros show up most in this biotech convertible note segment?
San Francisco appears twice — Feel Therapeutics and Concentric Analgesics both raised there in early 2022. North Carolina's Research Triangle contributes two companies: GeneCentric Therapeutics (Durham) and Sprout Pharmaceuticals (Raleigh). Cambridge and Boston each host one entry, EnBiotix and Delix Therapeutics respectively.
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