New cell & gene therapy (CGT) companies continue to emerge in 2024. To detect these new/emerging CGT companies, every workday, our team uses a combination of automated and manual systems to add this data to our online BiopharmIQ platform. The vast majority of the companies that we identify are significant enterprises with over $1M of funding. We used our platform to analyze this data, as presented in this post.
Global Emergence of New CGT Companies
Globally, we identified 16 CGT companies that were newly formed or emerged from stealth in the first 3 quarters of 2024. Not surprisingly, the vast majority of the companies we identified (14 of 16) were based in the U.S. We identified 1 company from Israel and 1 from France. Likely, especially from countries like China, other CGT entities were formed in Q1-Q3 2024, however, such entities likely emerged without any English press release and with funding that is far less than the $1M, whereas all the companies we identified had over $2M in initial funding*.
Key Biotech CGT Hubs in the United States
With respect to the US (FIG 1), not surprisingly, California led the way with 4 new CGT start-ups. Next, Washington and New York had three (3) new/emerging CGT companies each, which surprising, was more than Massachusetts (2 companies). Lastly, Illinois and Pennsylvania each had one (1) new/emerging CGT company.
FIG. 1. New/emerging CGT companies in Q1-Q3 2024.
Funding Across Quarters
Next, we determined the amount of funding for these new CGT companies (FIG 2). Collectively all these new/emerging CGT companies combined, raised $540 million during the first three (3) quarters of the year. During Q1 2024, the 4 new/emerging CGT companies, raised a total of $157 million. In Q2 2024, the 4 new/emerging CGT companies raised a much lower amount, $85.4 million. We were encouraged to see that in Q3 2024, funding of new/emerging CGT companies increased to $297.6 million with 8 new/emerging CGT companies.
FIG. 2. Amount of funding for new/emerging CGT companies by quarter.
Early Stage Investment Focus
Next, we analyzed the funding round (Seed, Series A, Private Equity) for these new/emerging CGT companies (FIG 3). Not surprisingly, seed funding rounds dominated the funding stage for these new/emerging CGT companies, with nine (9) seed round funding events launching these companies. Series A rounds accounted for the funding events for five (5) of these new/emerging CGT companies. Lastly, the specific round of funding was not provided for several of the new/emerging companies, but just that private equity was used.
FIG. 3. Funding type for new/emerging CGT companies in Q1-Q3 2024.
Cell & Gene Therapy Company Technologies
In terms of the specific technologies being developed, our analysis showed that these companies are developing in 4 distinct technology areas (FIG 4). The leading area of focus is Gene Therapy with seven (7) new gene therapy companies. Cell therapy, was a close second, with six (6) new cell therapy companies. Two of the new/emerging CGT companies, use gene editing/CRISPR technology in their platforms, and one (1) companies was an RNA therapeutics company.
FIG. 4. Technology area of new/emerging CGT companies in Q1-Q3 2024.
In conclusion, we were encouraged that $100s millions were invested in new CGT companies that emerged in Q1 to Q3 2024. We are hopeful that the significant increase in the number and funding of these new/emerging CGT companies in Q3 will continue to increase in Q4.
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Footnotes:
* 2 new/emerging CGT companies in 2024 that we detected, did not disclose the amount of funding they've received.
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Article History:
10/14/24 RF and EV
Not legal, investing, or tax advice.
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