Biotech funding in 2026 is starting the year with sizable rounds across neuropsychiatry, immunology and respiratory disease, alongside continued investor interest in platform-driven drug discovery.
In addition, AI and machine learning are increasingly embedded across target identification, molecule design and trial analytics, helping companies move more efficiently from discovery into the clinic and drawing sustained venture interest in both platform and asset-centric models.
At the same time, evolving regulatory pathways for complex and personalized therapies, along with continued unmet need across neurology, immunology, oncology and cardiometabolic disease, are influencing where capital is deployed.
Early financings are backing programs moving into or through Phase I to II studies, while larger late-stage rounds are supporting multi-asset pipelines with multiple near-term readouts.
Below is a selection of biotech companies that secured venture capital investment in 2026, ordered from most recent, based on reporting from BioPharma Dive.
CORXEL Pharmaceuticals
Key investors: RTW Investments, SR One Capital Management, TCG Crossover (TCGX), RA Capital Management, HBM Healthcare Investments, SymBiosis, Adage Capital Management, Invus, SilverArc Capital
CORXEL raised up to $287 million in a Series D1 financing to advance CX11, an oral small-molecule GLP-1 receptor agonist being developed for obesity, overweight and type 2 diabetes. CX11 is designed as a pill, offering a non-injectable alternative to GLP-1 therapies, and is currently being evaluated in a Phase II trial in the US. The program is also in a Phase III trial in China, conducted by Vincentage.
Proceeds will support ongoing and planned global Phase II studies, initial preparations for Phase III trials and advancement of additional cardiometabolic programs, including candidates for hypertension and acute ischemic stroke.
Mendra
Key investors: OrbiMed, 8VC, 5AM Ventures, Lux Capital, Wing VC
Mendra launched with an oversubscribed $82 million Series A to acquire, develop and commercialize therapies for rare diseases with high unmet need. Rather than advancing a single in-house asset, the company is structured to acquire external programs and apply AI-enabled tools to accelerate asset selection, patient identification, clinical trial enrollment and global market access.
The financing will support the acquisition of Mendra’s initial rare disease assets and build development and commercialization infrastructure aimed at improving execution in indications with small, geographically dispersed patient populations.
TRexBio
Key investors: Janus Henderson Investors, Balyasny Asset Management, Affinity Asset Advisors, Alexandria Venture Investments, Avego BioScience Capital, Eli Lilly and Company, Johnson & Johnson Innovation – JJDC, Pfizer Ventures, Polaris Partners, SV Health Investors
TRexBio closed an oversubscribed $50 million financing to advance a clinical-stage immunology pipeline focused on tissue-targeted regulatory T cell (Treg) therapies. The company’s lead program, TRB-061, is a TNFR2 agonist in a Phase I a/b trial for moderate-to-severe atopic dermatitis and is designed to selectively activate Tregs in disease-relevant tissues such as skin and gut to reduce inflammation and support barrier repair. Proceeds will also support advancement of TRB-071 and TRB-081, two additional wholly owned programs expected to enter Phase I testing in 2027.
Tenpoint Therapeutics
Key investors: Janus Henderson, EQT Nexus, Hillhouse, British Business Bank, EQT Life Sciences, Sofinnova Partners, F-Prime, Eight Roads, Qiming Venture Partners USA, AdBio, Wille; Hercules Capital (credit facility)
Tenpoint secured $235 million through a combination of $85 million in Series B equity financing and a $150 million non-dilutive credit facility to support the commercialization of Yuvezzi, an FDA-approved dual-agent eye drop for presbyopia. Yuvezzi combines carbachol and brimonidine to temporarily improve near vision in adults with age-related difficulty focusing on close objects. The financing will strengthen Tenpoint’s balance sheet and support a commercial launch planned for early Q2, following FDA approval, as the company prepares to scale in a large ophthalmology market.
Exciva
Key investors: EQT Life Sciences (LSP Dementia Fund), Gimv, Fountain Healthcare Partners, LifeArc, Carma Fund, Modi Ventures, Andera Partners, LBBW
Exciva raised a €51 million (~$59.75 million) Series B to support a Phase II clinical trial of its lead candidate Deraphan for agitation associated with Alzheimer’s disease, with the study planned across the EU, US and Canada. The company highlighted agitation as part of the broader neuropsychiatric symptom burden in Alzheimer’s that can drive caregiver strain and healthcare utilization. Deraphan is a combination of two clinically validated compounds, including one new chemical entity, and Exciva said it showed encouraging safety and tolerability in Phase I as it advances toward the next clinical readout.
Caldera Therapeutics
Key investors: Atlas Venture, LAV, venBio, Omega Funds, Wellington Management, Janus Henderson Investors
Caldera launched with $112.5 million in total capital raised, including a $75 million Series A and a $37.5 million Series A-1, and said proceeds will fund clinical development of its lead bispecific antibody CLD-423 for inflammatory bowel disease and other immunologic conditions. CLD-423 targets IL-23p19 and TL1A, two immune signaling pathways implicated in chronic intestinal inflammation, and the company announced that the first subjects have been dosed in a Phase I healthy volunteer trial. Caldera in-licensed exclusive global rights to CLD-423 from Qyuns Therapeutics.
Proxima (formerly VantAI)
Key investors: DCVC, NVentures (NVIDIA), Braidwell, Roivant, AIX Ventures, Yosemite, Magnetic Ventures, Alexandria Venture Investments, Modi Ventures
Proxima announced an oversubscribed $80 million seed financing to build an AI-native discovery engine focused on proximity-based therapeutics, a class of approaches designed to control protein-protein interactions rather than only inhibiting a single target. The company described this as encompassing modalities such as PROTACs and molecular glues, and said its platform combines NeoLink data generation for protein-complex structure with its Neo AI model series to support end-to-end discovery of proximity-modulating small molecules. Proxima said multiple partnered programs are advancing toward the clinic, with the first expected to enter clinical trials in 2026.
Mirador Therapeutics
Key investors: T. Rowe Price Investment Management, Adage Capital Partners, Fidelity Management & Research Company (and existing investors)
Mirador Therapeutics closed a $250 million Series B in Q3 2025, bringing total capital raised to more than $650 million since launch in March 2024, with the update reported in early 2026. The company is advancing multiple programs across immune-mediated inflammatory and fibrotic diseases, including Crohn’s disease, ulcerative colitis, rheumatoid arthritis and idiopathic pulmonary fibrosis, and said it expects over 10 clinical readouts by year-end 2027. The Series B proceeds are intended to support proof-of-concept across current programs and expansion of additional candidates.
Kinaset Therapeutics
Key investors: RA Capital Management, Forge Life Science Partners, EQT Life Sciences, Vivo Capital, Schroders Capital, Willett Advisors, Pictet Alternative Advisors, Sixty Degree Capital, Atlas Venture, 5AM Ventures, Gimv
Kinaset raised an oversubscribed $103 million Series B to advance frevecitinib, an inhaled pan-JAK inhibitor being developed for patients with severe asthma that remains inadequately controlled on standard inhaled maintenance therapies. JAK inhibition is intended to dampen multiple inflammatory signaling routes, and Kinaset’s strategy is to deliver drug directly to the lungs as a single-capsule dry powder inhaler to achieve therapeutic lung concentrations while minimizing systemic exposure. The Series B proceeds are planned to support Phase II dose-ranging studies of frevecitinib in patients with severe asthma.
AirNexis Therapeutics
Key investors: Frazier Life Sciences, OrbiMed, Life Sciences at Goldman Sachs Alternatives, SR One, Longitude Capital, Enavate Sciences
AirNexis launched with a $200 million Series A and said it has in-licensed ex-China rights to AN01 (HSK39004), a dual PDE3/4 inhibitor in Phase II development for chronic obstructive pulmonary disease (COPD), from Haisco Pharmaceutical Group. The company explained the dual PDE3/4 inhibition as combining bronchodilation with reduction in inflammatory signaling, and said AN01 will be developed in two dosage forms: an inhalation suspension and an inhalation powder, potentially broadening administration options. As part of the deal structure, Haisco retains development rights in Mainland China, Hong Kong, Taiwan and Macau, receives a 19.9% equity stake in AirNexis and is eligible for an upfront payment of $40 million plus potential regulatory and commercial milestones of up to $955 million and low double-digit royalties on net sales in AirNexis territories.
EpiBiologics
Key investors: GV, Johnson & Johnson Innovation – JJDC, Novartis Venture Fund, Aulis Capital, Avego BioScience Capital, Samsara BioCapital, Polaris Partners, Digitalis Ventures, Taiho Ventures, Vivo Capital, Codon Capital, Mission BioCapital
EpiBiologics closed a $107 million Series B to advance a pipeline of bispecific antibodies designed for tissue-selective extracellular protein degradation across oncology and immunology. The company’s lead program, EPI-326, is designed to degrade oncogenic forms of EGFR and to localize that effect to tumor tissue to reduce exposure to healthy tissues, a strategy intended to address limitations seen with existing epidermal growth factor receptor (EGFR)-targeted approaches. The company plans to initiate a first-in-human trial in early 2026 in EGFR-driven NSCLC and head and neck squamous cell carcinoma, while building internal capabilities to support its transition into clinical-stage development.
Diagonal Therapeutics
Key investors: Sanofi Ventures, Janus Henderson Investors, Deep Track Capital, EcoR1 Capital, Logos Capital, Balyasny Asset Management, Woodline Partners, Atlas Venture, BVF Partners, Lightspeed Venture Partners, RA Capital Management, Frazier Life Sciences (and others)
Diagonal raised an oversubscribed $125 million Series B to advance DIAG723, a clustering antibody designed to correct dysregulated ALK1 signaling in severe vascular genetic disease. The company is developing DIAG723 for hereditary hemorrhagic telangiectasia (HHT) and pulmonary arterial hypertension (PAH), conditions in which disrupted ALK1 signaling in blood vessel-lining cells leads to fragile, leaky vessels in HHT and excessive vessel wall thickening and narrowing in PAH. Diagonal expects to initiate a first-in-human trial in HHT patients in the first half of 2026, and said DIAG723 has received Orphan Drug designation from both the FDA and the EMA for HHT.
Parabilis Medicines
Key investors: RA Capital Management, Fidelity Management & Research Company, Janus Henderson Investors, Frazier Life Sciences, Soleus Capital, venBio Partners, Cormorant Asset Management, ARCH Venture Partners, GV, T. Rowe Price Associates (accounts advised), Samsara BioCapital (and others)
Parabilis closed a $305 million Series F to support continued clinical development of FOG-001 (zolucatetide) and expansion of its Helicon peptide platform pipeline. The company said FOG-001 is being evaluated in an ongoing Phase I/II trial and that financing will support progression toward a registrational trial in desmoid tumors, along with continued evaluation across a range of tumor types, including genetically simpler tumors driven by Wnt/β-catenin alterations and more complex settings where combination approaches may be explored. Parabilis reported preliminary clinical data in late 2025 and said additional data are planned for 2026, noting FDA Fast Track designation in desmoid tumors and describing its broader platform efforts, including preclinical Helicon degrader programs targeting ERG and allosteric ARON in prostate cancer.
Mediar Therapeutics
Key investors: Amplitude Ventures, ICG, Longwood Fund, Asahi Kasei Pharma Ventures, Alexandria Real Estate Trust (ARE) (and existing Series A investors)
Mediar raised an oversubscribed $76 million Series B and provided clinical updates across a fibrosis portfolio spanning skin, lung and kidney disease. The company said it initiated a global Phase IIa trial of MTX-474, an antibody designed to neutralize EphrinB2 signaling, in systemic sclerosis, using mRSS (modified Rodnan skin score) as the primary endpoint. They noted that a Phase II trial of MTX-463 in idiopathic pulmonary fibrosis is open and partnered with Lilly. Mediar also said it is finalizing IND-enabling work for MTX-439, an antibody targeting SMOC2 (a protein linked to extracellular matrix assembly and renal fibrosis), with plans to begin Phase I studies in the first half of 2026.
Corsera Health
Key investors: Forbion, Population Health Partners (and participating investors including co-founder John Maraganore, PhD)
Corsera raised $80 million in a Series A and announced dosing has begun in a Phase I trial of COR-1004, a subcutaneously administered PCSK9-targeting siRNA intended to reduce LDL cholesterol by silencing production of PCSK9, a key regulator of LDL receptor recycling. The company’s broader strategy pairs an AI-enabled risk prediction platform (Klotho) with preventive RNAi medicines that target both LDL cholesterol and blood pressure, and Corsera said it is also developing an AGT-targeting siRNA (COR-2003) for hypertension. Corsera’s programs are designed with once-annual administration in mind, and the company said it expects initial proof-of-concept data in 2026, with a Phase I trial for COR-2003 anticipated to begin in mid-2026.
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