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.
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.
After raising AU$29 million (US$19.44 million) in a series A round, Rage Biotech Pty Ltd. is beginning phase I trials of its lead candidate, RB-042, an inhaled splice-switching oligonucleotide for treating chronic obstructive pulmonary disease (COPD) and other inflammatory lung diseases.
Annual biopharma financing values have fluctuated significantly over the past seven years, peaking during the pandemic-era surge in 2020 and 2021 before retreating in 2022. After rebounding to more than $102 billion in 2024, total financings declined in 2025 to $81.21 billion. Monthly totals in the year ranged from just under $3 billion (February and April) to more than $13.68 billion in October. December financings totaled $9.08 billion, comparable to November’s $10 billion collective raise.
After a volatile but ultimately strong year for biopharma stocks, 2025 delivered a mixed picture marked by sharp workforce reductions alongside resilient capital markets and high-value dealmaking.
Hanx Biopharmaceuticals (Wuhan) Co., Ltd. raised HK$586 million (US$75.37 million) in its IPO on the Hong Kong Securities Exchange (HKEX:3378) on Dec. 23 to advance its clinical stage immuno-oncology pipeline.
Rznomics Inc. continued South Korea’s year-end biotech rally with a ₩46.35 billion (US$31.35 million) IPO Dec. 18. Proceeds will fund Seongnam-si, South Korea-based Rznomic’s pipeline of gene therapies, built on the company’s trans-splicing ribozyme RNA Replacement Enzyme technology platform.
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