The biggest biotech funding rounds in November 2025

The companies Cogent Biosciences, Braveheart Bio, and AAVantgarde bagged the biggest biotech funding rounds overall in November 2025 across private and public funding types. In this article, we break down last month’s private and public fundraising activity, looking at the largest rounds in more detail.

Private biotech funding rounds in November 2025

First, let’s take a look at the private biotech investments in November 2025, breaking them down by value, location, funding type, and therapeutic subsector.

Biggest private biotech funding rounds by value

Last month, Braveheart Bio bagged the largest private funding round after it launched with $185 million in series A funding to support the development of its small molecule candidate, BHB-1893, which it licensed from Hengrui Pharma in September. Braveheart believes the asset could be a best-in-class treatment for hypertrophic cardiomyopathy, a type of heart disease that thickens the heart muscle, and is planning to initiate global late-stage clinical development for it in 2026.

Italian company AAVantgarde came second in the rankings in November, bringing home $141 million in series B funding to push its two eye disease candidates through clinical trials; the first, AAVB-039, is in phase 1/2 of development for Stargardt disease caused by a mutation in the ABCA4 gene, and the second, AAVB-081, is in a phase 1/2 study for retinitis pigmentosa associated with Usher syndrome type 1B.

Finally, in third place last month was antibody-drug conjugate (ADC) company Solve Therapeutics, which raised $120 million in an oversubscribed and upsized financing to accelerate the development of its clinical pipeline and CloakLink linker platform. The company’s lead programs, SLV-154 and SLV-324, are currently in phase 1 trials in patients with solid tumors.

Private biotech funding rounds by location

November 2025 followed the usual trend of North American companies dominating the fundraising statistics, as the region brought home $996.7 million from 12 rounds. European biotechs came second, bringing in just $311 million from four rounds. Meanwhile – just as in October – the Asia-Pacific region had another extremely disappointing month, with no significant fundraising rounds taking place.

Private biotech funding rounds by funding type

When looking at private biotech funding rounds by funding type in November 2025, we can see that Series A came out on top as the most popular type of fundraising round, with five rounds taking place in total, from which $358.5 million was raised. It is also worth noting that there were five undisclosed funding rounds last month, which together brought in $419 million in total.

Private biotech funding rounds by therapeutic subsector

Oncology players completely dominated the private fundraising standings last month, bringing in a total of $572 million from eight rounds. The second-highest amount of rounds came from companies focused on artificial intelligence and neurological conditions, with two each. But, despite achieving only one round, it was the cardiovascular disease space that brought in the second-largest amount of money, thanks to Braveheart Bio’s $185 million raise.

Public biotech funding rounds in November 2025

Now, let’s check out the public biotech fundraising rounds that occurred in November 2025, breaking them down by value and therapeutic subsector.

Public biotech funding by value

Cogent Biosciences brought in the largest public funding round last month after pricing a concurrent equity offering and convertible notes offering, from which the net proceeds were estimated to be $475.3 million. Cogent is focused on developing precision therapies for genetically defined diseases, and its most advanced clinical candidate, bezuclastinib, is a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation, as well as other mutations in KIT exon 17.

Meanwhile, 4D Molecular Therapeutics, Relmada Therapeutics, and Vor Bio all came in joint-second place last month after they each raised $100 million from public offerings. And, Annexon came in third place after bringing in $86.25 million from a public offering.

Public biotech funding by therapeutic subsector

Both oncology and ophthalmology players achieved the most rounds last month, with two each. These therapeutic subsectors also brought in a very similar amount of money: $123 million for ophthalmology and $121.5 million for oncology. However, it was ultimately genetic diseases that bagged the highest amount of money, thanks to Cogent Biosciences’s round.

Month-to-month comparison of biotech fundraising

Below is a graph showing a month-to-month comparison of private and public biotech fundraising, looking at the total amount of money raised per month in 2025.

After a stellar month in October 2025, biotech fundraising dropped again in November – which is to be expected as we edge closer to the Christmas holiday season, when industry activity generally drops somewhat. Overall, last month, private biotech companies brought in roughly $1.3 billion from 16 rounds, and public biotechs brought in $981 million from just eight rounds.