Series D Funded Biotechnology Startups
Across these 50 recently listed Series D biotechnology rounds, the largest disclosed amount is $372M for Formation Bio on 2024-06-26.
Across these 50 recently listed Series D biotechnology rounds, the largest disclosed amount is $372M for Formation Bio on 2024-06-26. That figure dwarfs the rest of the disclosed amounts, with the next tier clustered around large but lower prints such as Cellares ($257M on 2026-01-28), Odyssey Therapeutics ($213M on 2025-09-09), Solugen ($200M on 2022-11-02), and Element Biosciences ($277M on 2024-07-11). The dataset also shows two clear temporal edges: the most recent listed round is Avation Medical on 2026-03-20 (undisclosed), while the oldest listed round is Ablative Solutions on 2022-06-13 ($91M). Geographically, the list is heavily U.S.-weighted but with repeat hubs in California (e.g., South San Francisco: Cellares 2026-01-28, The EVERY Company 2025-11-05; San Francisco: Circle Pharma 2024-09-03, Alloy Therapeutics 2022-10-03 not South San Francisco, plus multiple other Bay Area entries). Finally, disclosed-versus-undisclosed is a notable pattern: 6 of 50 rounds list “undisclosed” amounts (e.g., Avation Medical 2026-03-20; Dewpoint Therapeutics 2025-09-13).
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Frequently asked
What’s the biggest disclosed Series D round in this biotech list, and how separated is it from the next-largest disclosed rounds?
Formation Bio’s $372M on 2024-06-26 is the largest disclosed amount in the 50-row view, and it stands well above the rest. The next-largest disclosed prints include Element Biosciences at $277M (2024-07-11) and Cellares at $257M (2026-01-28), with no other disclosed round reaching the $300M+ range.
Do disclosed amounts cluster in a narrow range, or are there multiple size regimes within the disclosed subset?
Among disclosed rounds, large prints recur repeatedly in the ~$100M–$200M band, including ILiAD Biotechnologies ($115M on 2026-02-10), Artios Pharma ($115M on 2025-11-20), Odyssey Therapeutics ($213M on 2025-09-09), and Solugen ($200M on 2022-11-02). Below that, there is a visible low-end set around ~$10M–$50M, such as TenNor Therapeutics ($10M on 2022-12-21) and Sentry Enterprises ($13M on 2023-08-10).
Which geographies show up most, and is there a meaningful concentration in any single city within California?
California appears frequently across multiple cities (e.g., San Francisco; South San Francisco; San Diego; Cambridge Bay Area cities like Hayward, Sunnyvale, and San Mateo). South San Francisco specifically repeats with Cellares ($257M on 2026-01-28) and The EVERY Company ($55M on 2025-11-05), suggesting more than a one-off presence in this list.
How much of the list is undisclosed, and does that change how you should interpret comparisons of “largest” or “smallest”?
Six of the 50 rows are “undisclosed” (for example Avation Medical on 2026-03-20 and Dewpoint Therapeutics on 2025-09-13). Because of that, comparisons of extremes should be read as extremes within disclosed amounts rather than across all rows.
Are there any temporal clusters near the most recent months, or is activity spread evenly from 2026 back to 2022?
The most recent window is clearly represented: within 2026 alone there are multiple Series D closings dated 2026-03-20 (Avation Medical, undisclosed), 2026-03-03 (Ticaros, $14M), and 2026-02-10 (ILiAD Biotechnologies, $115M), continuing through 2026-01-28 (Cellares, $257M). Earlier years still appear throughout the range, with the oldest listed entry at 2022-06-13 (Ablative Solutions, $91M), but the density of late-dated rounds is visibly higher.
Are there notable outliers on the low end (disclosed) that might indicate a different deal size regime?
The smallest disclosed amount in the 50-row view is $10M for TenNor Therapeutics on 2022-12-21, which is far below the dominant large-print band. Additional low-end disclosed rounds include $13M for Sentry Enterprises (2023-08-10) and $14M for Ticaros (2026-03-03), together reinforcing a distinct smaller-disclosed cluster.
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