Bio/pharma continued to attract investments in December 2024 to support the discovery and development of new bio/pharma therapeutics. In this article, we will explore biopharma companies that raised over $1 million in December 2024 through early-stage financing (Angel/Pre-Seed, Seed, Series A) as well as late-stage financing (Series B, C, D, E, and Debt).
We tracked these funding events using both automated tools and manual systems, placing each deal in the context of changing market trends, milestones, and investor priorities. We provide updated funding information every day on our biopharmIQ online platform to help our users improve the effectiveness of their reach-outs to their prospective customers and partners.
Geographic Distribution
Overall Country-by-Country Funding
In December 2024, funding data revealed a significant concentration of bio/pharma investments in the United States, which saw funding for 26 companies out of a total of 54 funding events that we identified. This number far surpasses the counts from other regions. Following the U.S. are the United Kingdom with 6 companies, Canada with 4, and select European countries such as France and Denmark, both with 3 companies each. In Asian markets, we captured 2 funding events for China and 1 for India (see FIG. 1). It is important to note that our systems and processes are much better at detecting funding events for companies in the U.S. and western Europe.
FIG. 1. Global Distribution of >$1M Early & Late Stage Bio/Pharma Funding Activities.
Overall State-by-State Funding
In December 2024, our dataset shows that California continued to lead in biotech investments, with a total of 10 companies receiving a round of funding that exceeded $1M (FIG. 2). New York and Massachusetts followed, each with 3 companies. Pennsylvania had 2 companies receiving a funding round that exceeded $1M, while Virginia, North Carolina, Michigan, Maryland, Louisiana, Florida, Connecticut, and Colorado each had 1 company.
Our findings are consistent with the early trends of 2024 (Q1–Q3) highlighted in our biopharmIQ insight page (see blog post), where California and Massachusetts also led in late-round funding events, and a much smaller number companies across many other states received funding.
FIG. 2. State-by-state Distribution of >$1M Early & Late Stage Bio/Pharma Funding Activities.
Top 10 Fundraising Rounds
In December 2024, the top 10 bio/pharma funding rounds ranged from $89.7M to $161M, covering Series A to D rounds. These deals primarily targeted high-impact therapeutics companies including biologics, small molecules, and gene therapies. Additionally, one company is focused on developing next-generation medical devices (see FIG. 3).
FIG. 3. Top 10 >1$M Early & Late Stage Funding in December 2024.
Early-Stage Funded Bio/pharma Companies
Country-by-Country Early Funding
In terms of early stage funding (Angel/Pre-Seed, Seed, Series A) the United States led with 13 companies closing an early stage funding event in December 2024. The United Kingdom followed with 5 companies, while Denmark and Canada had 2 companies each. Additionally, Switzerland, the Netherlands, Ireland, India, Germany, France, and Brazil each had 1 company closing an early stage funding round (see FIG. 4).
FIG. 4. Global Distribution of >$1M Early Stage Bio/Pharma Funding Activities.
State-by-State Early Funding
In the United States, California, which had 4 funded companies, was home to the most companies closing an early-stage funding round in the bio/pharma sector (including Angel/Pre-Seed, Seed, and Series A financing). Following California, Massachusetts had three companies receiving early-stage funding, while Pennsylvania had two. Meanwhile, Maryland, Louisiana, Florida, and Colorado each had one company receiving early-stage funding. (see FIG. 5).
FIG. 5. State-by-State Distribution of >$1M Early Stage Bio/Pharma Funding Activities.
Funding by Deal Size
We next analyzed the funding by deal size for the early-stage bio/pharma companies (Angel/Pre-Seed, Seed, Series A) in December 2024 (FIG. 6). The majority of these early-stage deals totaling 11, were between $10.1 million and $50 million. Additionally, 7 deals were recorded in both the $5.1 million–$10 million and $50.1 million–$100 million ranges, while 6 deals fell within the $1.1 million to $5 million range. There was one deal in the $500,000–$1 million range and another in the $100.1 million–$500 million range, along with 2 deals that had undisclosed amounts.
FIG. 6. Funding Deal Size of Early-stage Funded Bio/Pharma Companies in December 2024.
Company Types (Sector Focus)
Based on December 2024 data, out of 29 early-stage bio/pharma companies (Angel/Pre-Seed, Seed, Series A), 20 are focused on developing therapeutics. The remaining 9 companies are involved in various sectors, including medical devices, vendor services, laboratory research products, and diagnostics (see FIG. 7).
FIG. 7. Company Type (Sector Focus) of Early-stage Funded Bio/Pharma Companies in December 2024.
Late-Stage Funded Bio/pharma Companies
Country-by-Country Funding
In the late-stage funding rounds (Series B, C, D, E, and Debt funding), the United States clearly led with funding for 13 companies. France, China, and Canada each supported 2 companies, while the United Kingdom, Switzerland, Sweden, the Netherlands, Denmark, and Belgium contributed funding for 1 company each (see FIG. 8).
FIG. 8. Global Distribution of >$1M Late Stage Bio/Pharma Funding Activities.
State-by-State Funding
Consistent with the early-stage funding, on late-stage funding (Series B, C, D, E, and Debt funding), California topped the list with six bio/pharma companies receiving funding. New York followed with three funded companies. Virginia, North Carolina, Michigan, and Connecticut each had one funding event. (See FIG. 9.)
FIG. 9. State-by-State Distribution of >$1M Late Stage Bio/Pharma Funding Activities.
Funding by Deal Size
In the late-stage funding sector, (Series B, C, D, E, and Debt funding), the majority of bio/pharma deals were concentrated in two main ranges: $10.1 million to $50 million and $100.1 million to $500 million, with 7 deals recorded in each of these categories. Additionally, there were 6 deals in the $50.1 million to $100 million range, 3 deals between $1.1 million and $5 million, 2 deals from $5.1 million to $10 million, and 1 deal in the $500,000 to $1 million range. There was also 1 undisclosed transaction (see FIG. 10).
FIG. 10. Funding Deal Size of Late-stage Funded Bio/Pharma Companies in December 2024.
Company Types (Sector Focus)
Among the bio/pharma companies that received late-stage funding (Series B, C, D, E, and Debt funding) in December 2024, 17 companies focused on therapeutics, while 3 specialized in vendor services. The remaining companies included 1 that combined vendor and medical device offerings, 1 focused on vendor and lab research products, 1 that incorporated both therapeutics and medical devices, 1 specializing in medical devices, and 1 in diagnostics (see FIG. 11).
FIG. 11. Company Type (Sector Focus) of Late-stage Funded Bio/Pharma Companies in December 2024.
Conclusion
The biopharma funding landscape in December 2024 revealed continued investment, with the United States at the forefront of global funding efforts. California continued to lead the way, attracting the highest amounts of early and late-stage funding in both therapeutic and medical technology sectors.
Investment patterns for December 2024 revealed a nuanced distribution of funding, with early-stage deals primarily falling between $10.1M and $50M, while late-stage investments were concentrated in both the $10.1M–$50M and $100.1M–$500M ranges. It will be interesting to determine whether this same pattern persists when we analyze funding data for all of 2024 in our annual report.
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Article History:
Maryam D., Rex F., Jaspher D., Danilo G., Manny V. (Published: 31 January 2025)
Not legal, investing, or tax advice.
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