Series D Funded Biotechnology Startups
Formation Bio’s $372M (2024-06-26) is the largest disclosed Series D in this set, and it dwarfs the rest of the disclosed rounds, with the next-largest at…
Formation Bio’s $372M (2024-06-26) is the largest disclosed Series D in this set, and it dwarfs the rest of the disclosed rounds, with the next-largest at $351M (Eikon Therapeutics, 2025-02-26) and only one additional disclosed round above $300M (AdvanCell’s $315M on 2026-07-15). The temporal edge is long but uneven: disclosed Series D rounds span from 2022-10-19 (oldest) to 2026-07-15 (most recent), while several of the largest checks cluster in the 2024–2025 window (e.g., Element Biosciences $277M on 2024-07-11; Odyssey Therapeutics $213M on 2025-09-09). Geographically, Cambridge appears repeatedly (four entries) alongside repeated San Diego (three) and New York (three), indicating a concentration around a few biotech talent markets. Undisclosed amounts show up in 6 of 50 rows, including Dewpoint Therapeutics (undisclosed, 2025-09-13) and Avation Medical (undisclosed, 2026-03-20), creating clearer size gaps around the top-disclosed ranks.
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Frequently asked
Which disclosed Series D rounds sit at the top end, and how steep is the cutoff?
The highest disclosed round is Formation Bio at $372M (2024-06-26), followed by Eikon Therapeutics at $351M (2025-02-26). After those, the next disclosed tiers are AdvanCell ($315M, 2026-07-15) and then Element Biosciences ($277M, 2024-07-11), with only a small number of rounds above $200M (e.g., Odyssey Therapeutics $213M on 2025-09-09; Solugen $200M on 2022-11-02).
Do any cities meaningfully over-represent among these biotech Series D rounds?
Cambridge is the most repeated location at four entries, compared with San Diego and New York at three each. Examples include CellCentric ($220M, 2026-05-06) in Cambridge and BioAge Labs ($170M, 2024-02-13) in Richmond, but the repeated city pattern is most explicit for Cambridge (four), San Diego (three), and New York (three).
What does the recent-time window look like—how many of the biggest rounds occur late in the sequence?
Large checks continue into the most recent period: AdvanCell’s $315M closed 2026-07-15 and CellCentric’s $220M closed 2026-05-06, both near the top of the disclosed rankings. In contrast, the disclosed minimum is TenNor Therapeutics at $10M (2022-12-21), with the low end appearing earlier than the biggest disclosed rounds.
Are there notable outliers on the low or high end when focusing on disclosed amounts?
On the low end, TenNor Therapeutics closed at just $10M (2022-12-21), setting a clear floor for disclosed sizes. On the high end, Formation Bio’s $372M (2024-06-26) and Eikon Therapeutics’ $351M (2025-02-26) form the top of the disclosed ladder, and those two checks sit well above the mid-range leaders like Element Biosciences at $277M (2024-07-11).
How should analysts treat gaps where amounts are undisclosed in this Series D biotech list?
Six of 50 rows have undisclosed amounts, which can mask whether certain late-date entries would qualify as size leaders. For instance, Avation Medical is undisclosed on 2026-03-20, Dewpoint Therapeutics is undisclosed on 2025-09-13, and InfoBionic is undisclosed on 2023-10-16, so any concentration or dispersion analysis based only on disclosed dollars will undercount those cohorts.
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