融资季度统计报告

Financing Quarterly Statistics Q2 2025 2 July 2025 Copyright ©️ 2025 Evaluate, a Norstella company (Unauthorized photocopying prohibited) Executive Summary During Q2, biopharmas brought in an aggregate $17.5bn in financing and device company fundraising totaled $2.7bn; while in vitro diagnostic firms and research tools players raised $1.7bn. About the author Biomedtracker is an independent research service that offers proprietary clinical assessments and patient-based revenue forecasts of developmental drugs within a comprehensive and intuitive drug information database. Clients from the pharmaceutical, biotech, and investment industries rely on Biomedtracker for its insight on the likelihood of approval, commercial potential, and future data and regulatory catalysts for drugs within the competitive landscape of every important disease and indication. Over the last several years, Biomedtracker has become the leader in providing objective information alongside evidence based clinical assessments and investment research on pipeline drugs worldwide. For more information on getting direct access to Biomedtracker, please email clientservices@citeline.com. Disclaimer Copyright ©️ 2025 Evaluate, a Norstella company. This report is published by Evaluate (the Publisher). This report contains information from reputable sources and although reasonable efforts have been made to publish accurate information, you assume sole responsibility for the selection, suitability and use of this report and acknowledge that the Publisher makes no warranties (either express or implied) as to, nor accepts liability for, the accuracy or fitness for a particular purpose of the information or advice contained herein. The Publisher wishes to make it clear that any views or opinions expressed in this report by individual authors or contributors are their personal views and opinions and do not necessarily reflect the views/opinions of the Publisher. 3 July 2025 Copyright ©️ 2025 Evaluate, a Norstella company (Unauthorized photocopying prohibited) Biopharma Financing Biopharma financing during the second quarter of 2025 totaled $17.5bn from 202 deals. The venture financing category made up the greatest proportion of both the aggregate Q2 financing dollars (26%) and deal volume (33%) (see Exhibit 1). Exhibit 1 Q2 2025 Biopharma Financing By Deal Type ($m) Total Biopharma Raised Q2 2025 $17.5bn There were 67 biopharmas together raising $4.6bn through 47 early-stage rounds totaling $2.9bn (16% of the quarter’s dollars) and 20 late-stage rounds totaling $1.7bn (10% of the Q2 dollars). Early-stage rounds had an average deal value of $66.3m, while late-stage rounds averaged $92.6m. Across both groups, 18 fundings met or exceeded $100m. Start-up Antares Therapeutics, with a $177m Series A round, raised the most in the early-stage category, while the biggest late-stage round was a $365m Series D round by Pathos AI, another start-up. Debt offerings represented the sec