季度融资统计2025年第四季度

Q4 2025 Executive Summary During Q4, biopharmas brought in an aggregate $30bn in financing and device company fundraising totaled $9.7bn;while in vitro diagnostic firms and research tools players raised $1.5bn. About the author Biomedtrackeris an independent research service that offers proprietary clinical assessments and patient-basedrevenue forecasts of developmental drugs within a comprehensive and intuitive drug information database. Clientsfrom the pharmaceutical, biotech, and investment industries rely on Biomedtracker for its insight on the likelihoodof 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 Disclaimer Copyright © 2026 Evaluate, a Norstella company. This report is published by Evaluate (the Publisher). This report contains information from reputable sources andalthough reasonable efforts have been made to publish accurate information, you assume sole responsibility for theselection, suitability and use of this report and acknowledge that the Publisher makes no warranties (either expressor implied) as to, nor accepts liability for, the accuracy or fitness for a particular purpose of the information or Biopharma Financing Biopharma financing during the fourth quarter of 2025 totaled $30bn from 291 deals. Of those, 99 reached $100mor more. The follow-on public offering (FOPO) category made up the highest proportion of deal value, accountingfor 37% of the aggregate Q4 financing dollars (see Exhibit 1). Exhibit 1 Q4 2025 Biopharma FinancingBy Deal Type ($m) During Q4, there were 67 FOPOs in all, together totaling $11bn. Cancer-focused Terns Pharmaceuticals raised themost in this category with its$703m public offering. The company recently reported positive efficacy findings forchronic myeloid leukemia (CML) candidate TERN-701 in the Phase I/II CARDINAL trial. An end-of-Phase II meetingwith the US FDA is expected around midyear, with updated and expanded data from the trial in the second half of2026, and the initiation of a pivotal trial in second-line and later population CML patients is planned for late 2026 orearly 2027. Terns expects to use the proceeds to fund research, clinical trials, development and manufacturing of The highest financing of Q4 was a$1.47bn debt transactionby Halozyme Therapeutics through the sale of $750m of0% convertible senior notes due 2031, and $750m of 0.875% convertible senior notes due 2032.Halozyme's Enhanze drug delivery technology, with the proprietary enzyme rHuPH20, used for rapid subcutaneous delivery ofinjected drugs and fluids, is the subject of many Big Pharma partnerships. The company also has two marketed drug-device combinations, Hylenex (recombinant human hyaluronidase) and Xyosted (testosterone enanthate), whichuse its auto-injector technologies. In October, Halozymeacquired privately held Elektrofi(developer of Making up the next-highest proportion (24%) of the financing dollars were venture financings, with 104 biopharmastogether raising $7.2bn through 85 early-stage rounds totaling $5.2bn (17% of the quarter’s dollars) and 19 late-stage rounds totaling $2bn (7% of the Q4 dollars). Early-stage rounds had an average deal value of $65.2m, whilelate-stage rounds averaged $112.2m. Across both groups, 29 fundings met or exceeded $100m. KaileraTherapeutics, a 2024 start-up, raised the most in the early-stage category with a$600m Series B round, while the In all, there were fifteen biopharma IPOs completed during Q4 (see Exhibit 2) worth an aggregate $2bn and makingup 7% of the quarter’s total financing dollars. The largest IPO was Wuhan Healthgen Biotechnology’s$341.6m offering on the Shanghai Stock Exchange’s STAR Market. Founded in 2006, Healthgen specializes in the research, development,and manufacturing of plant-derived biopharmaceuticals through its OryzHiExp rice endosperm cell-specific expressionplatform, which has a high capacity to express proteins or small peptides in rice grain. Products derived from thisplatform are used in cell culture, biopharmaceuticals, drug formulation, and in vitro diagnostics. The company hasdeveloped a series of plant-based candidates led by Aofumin (HY-1001), a rice-derived recombinant human serum In addition to Healthgen, there were nine other IPOs completed by Chinese biotechs during Q4:Insilico Medicine,Biocytogen, Fujian Haixi, Shanghai Bao, Xuanzhu,B&K,HanX,Vigonvita, andCF PharmTech. Exhibit 2 Private offerings overall brought in $16.7bn, making up 56% of the Q4 total value, while public financings accountedfor $13.3bn (44%). Private offerings consistently outpaced the public ones during both October and November, butin December, the public financings represented the larger proportion of the total financing. (see Exhibit 3). Exhibit 3 Quarterly Snapshot of Public Versus Private Biopharma Financing, Q4 2025 Biopharma Start-