De­spite a sum­mer of block­buster rounds, biotech fund­ing is on track to lev­el off at pre-pan­dem­ic norms

It might ap­pear as though the pri­vate biotech sec­tor is ap­proach­ing a thaw. In re­cent weeks, a Flag­ship start­up raised $273 mil­lion, an RNA com­pa­ny put to­geth­er $200 mil­lion, and even a pre­clin­i­cal ra­dio­phar­ma­ceu­ti­cal biotech se­cured $175 mil­lion.

But un­der the mi­cro­scope, the re­al­i­ty is much more com­pli­cat­ed.

Pri­vate biotech fi­nanc­ing has re­mained large­ly flat for much of the year, ac­cord­ing to Pitch­Book da­ta as of Mon­day. The sec­tor pulled in rough­ly $5 bil­lion each quar­ter in 2023. That’s high com­pared to his­tor­i­cal lev­els, At­las Ven­ture part­ner Bruce Booth tells End­points News, but well be­low the Covid-19 pan­dem­ic boom years of 2020 and 2021.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER