Series D Funded Biotechnology Startups
The 50 most recent Series D rounds in biotechnology span December 2021 through November 2025, with California and Massachusetts accounting for the largest…
The 50 most recent Series D rounds in biotechnology span December 2021 through November 2025, with California and Massachusetts accounting for the largest share of US deal volume. Formation Bio (New York, June 2024) raised $372M and Eikon Therapeutics (Hayward, California, February 2025) raised $351M—the two largest disclosed rounds in this set. At the smaller end, TenNor Therapeutics (Westfield, New Jersey) closed at $10M and Maui Imaging (Sunnyvale, California) at $14M, illustrating the wide capital range that biotech companies carry into a Series D.
European presence is meaningful: Artios Pharma (Cambridge, UK), AgomAb Therapeutics (Ghent, Belgium), TISSIUM (Paris), and companies from Switzerland, Germany, Austria, and Ireland all appear. Five rounds list undisclosed amounts, including Dewpoint Therapeutics (Boston, September 2025) and Innovacell (Innsbruck, August 2025). Among the 45 disclosed deals, round sizes cluster most densely between $50M and $160M.
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Frequently asked
What are the largest Series D rounds in biotech from this dataset?
Formation Bio (New York, June 2024) leads at $372M, followed by Eikon Therapeutics (Hayward, California, February 2025) at $351M and Freenome (South San Francisco, December 2021) at $300M. Kallyope (New York, February 2022) at $236M and Element Biosciences (San Diego, July 2024) at $277M round out the top five disclosed rounds.
Which US cities and regions concentrate the most Series D biotech activity?
California accounts for the largest share, with companies spread across the Bay Area (Hayward, South San Francisco, San Mateo, San Francisco, Menlo Park, Richmond, Alameda, Sunnyvale) and Southern California (San Diego, Valencia, Carlsbad, San Clemente). Greater Boston is the next densest cluster, represented by companies in Cambridge, Boston, Waltham, and Lexington. New York appears four times, including Formation Bio, Kallyope, LetsGetChecked, and Inspirna.
What is the typical round size for a Series D biotech company based on this data?
Among the 45 disclosed rounds, amounts range from $10M (TenNor Therapeutics, December 2022) to $372M (Formation Bio, June 2024), with a median of $75M. The $50M–$160M band is the most populated, containing companies such as Acepodia ($100M), BillionToOne ($130M), RayzeBio ($160M), and Carmot Therapeutics ($160M).
How much of the Series D biotech activity here comes from outside the United States?
Ten of the 50 companies are headquartered outside the US, spanning the UK (Artios Pharma, Cambridge), Belgium (AgomAb Therapeutics, Univercells), Switzerland (Timeline, Lunaphore), Germany (leon nanodrugs), France (TISSIUM), Ireland (Vivasure Medical), Canada (ABK Biomedical), Singapore (Mirxes), and Israel (RedDress). Disclosed international round sizes range from $26M (RedDress) to $115M (Artios Pharma).
Which Series D biotech rounds have undisclosed amounts, and when did they close?
Five rounds in this dataset carry undisclosed amounts: Dewpoint Therapeutics (Boston, September 2025), Innovacell (Innsbruck, August 2025), leon nanodrugs (Munich, August 2024), InfoBionic (Waltham, October 2023), and ChromaCode (Carlsbad, June 2023).
What were the most recent Series D biotech rounds in this dataset?
Artios Pharma (Cambridge, UK) closed a $115M round on November 20, 2025, and The EVERY Company (South San Francisco) raised $55M on November 5, 2025. ABK Biomedical (Halifax, Canada) preceded both with a $35M round on October 15, 2025.
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