Neuropsychiatry specialist, Exciva GmbH raised €51 million (US$59.9 million) in a series B round to fund a phase II/III trial of Deraphan, a combination therapy for treating agitation in patients with Alzheimer’s disease.

Biopharma financing values have shown quarterly volatility over the past decade, with surges often concentrated in specific quarters rather than evenly distributed throughout the year. The pandemic era marked a clear inflection point, and more recently, financing patterns have normalized with outsized quarters driving annual totals. In 2025, total financings accelerated as the year progressed, rising from $13.12 billion in the first quarter (Q1) to $18.92 billion in Q3 to a peak of $33.16 billion in Q4, the strongest quarter since early 2024.

Microbiome specialist Enterobiotix Ltd. is in the throes of raising a new round of funding for a phase IIb trial after reporting positive results from the phase IIa study of EBX-102-02, an oral therapy for irritable bowel syndrome (IBS).

Oricell Therapeutics Holdings Ltd. announced a $70 million series C1 round to expand its global footprint and speed clinical development of its CAR T therapies. The round was co-led by Beijing Medical and Health Care Industry Investment Fund, Qiming Venture Partners and a leading global health care fund.