We analyzed biotech funding data on our online biopharmIQ platform to identify companies who had late-stage* biotech funding events from Q1 to Q3 of 2024. To identify biotech funding events, every workday our team uses a combination of automated and manual systems. With respect to countries with the most companies with late-stage funding events* in Q1 to Q3 of 2024 (FIG. 1), not surprisingly the U.S. (158 companies) was at the top of the list for these types of funding events that were captured by our systems.

However, there were some surprises in the data. We were a bit surprised to see the China (17 companies) and UK (16 companies) had almost 1/5 as many companies as the U.S. with $1M+ funding events in Q1 to Q3 of 2024. And more surprised that Switzerland (14 companies) came up next on the list. We were surprised that Canada (8 companies) had more companies with Q1-Q3 late stage funding events than Germany and France.

FIG. 1. Number of biotech companies with late-stage funding events* worldwide in Q1 to Q3 2024.

With respect to the United States (FIG. 2), not surprisingly when we analyzed the data from our powerful online biopharmIQ platform, California and Massachusetts led with 56 and 39 companies, respectively, that had a late round funding event in Q1 to Q3 of 2024.

FIG. 2. Number of biotech companies with late-stage funding events* in the U.S. in Q1 to Q3 of 2024.

Finally, we determined the amount of funding for these companies (FIG 3). Collectively all companies combined, raised $26 billion during the first three (3) quarters of the year. In Q1 2024, the 76 companies, raised a total of $4.6 billion. In Q2 2024, the 86 companies raised $8.7 billion, about double Q1. In Q3 2024, late stage funding* of these biotech companies increased to a whopping $12.6 billion with 90 biotech companies closing a late-stage funding round.

FIG 3. Total amount and total number of funding raised of biotech companies in Q1 to Q3 of 2024.

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*Series B, C, D, E, and debt financing

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Article History:

11/07/24 MV/RF

11/12/24 MV/RF/DG (Updated)

Not legal, investing, or tax advice.