The biggest biotech funding rounds in December 2025

The companies Kymera Therapeutics, Immunovant, and Dyne Therapeutics bagged the biggest biotech funding rounds overall in December 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 December 2025

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

Biggest private biotech funding rounds by value

In the final month of 2025, it was Denali Therapeutics that came out on top of the private funding rankings, as it announced a $275 million synthetic royalty funding agreement with Royalty Pharma based on future net sales of its lead asset tividenofusp alfa. The candidate is designed to treat mucopolysaccharidosis type II (MPS II, or Hunter syndrome) and the U.S. Food and Drug Administration (FDA) is currently reviewing a Biologics License Application (BLA) for accelerated approval of the drug. 

Meanwhile, in second place in the standings was Syremis Therapeutics, which launched in December 2025 with $165 million in series A funding. The company’s lead program, ST-905, is a dual M1/M4 muscarinic agonist in development for schizophrenia and other neuropsychiatric conditions and is currently in phase 1 trials.

And, in third place last month, artificial intelligence (AI) company Chai Discovery raised $130 million in series B funding. The company uses AI to predict and reprogram the interactions between biochemical molecules, and its mission is to essentially “transform biology from science into engineering.” This latest round of financing now values the company at $1.3 billion.

Private biotech funding rounds by location

North America was the standout region for private biotech fundraising in December 2025, with companies located there raising $1.604 billion from 17 rounds. Europe came second in terms of the number of rounds, with seven in total; however, somewhat surprisingly, the Asia-Pacific region actually brought in more money overall, with $373 million from just three rounds, compared to Europe’s total of $180.6 million. 

Private biotech funding rounds by funding type

Series A and B rounds dominated the standings last month; there were 11 series A rounds, from which $747.8 million was raised, and there were nine series B rounds, from which $872 million was raised. It is worth noting that there were no significant late-stage (series C, D, or E) rounds, though.

Private biotech funding rounds by therapeutic subsector

Oncology players by far attracted the most investment last month, bringing in $632.3 million from 10 rounds. The next most popular therapeutic subsector was genetic diseases, which attracted $450 million from three rounds.

Public biotech funding rounds in December 2025

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

Public biotech funding by value

Kymera Therapeutics attracted the largest public investment round last month after closing an upsized $602 million public offering. The company is working in the field of targeted protein degradation to address disease targets and pathways inaccessible with conventional therapeutics.

Meanwhile, autoimmune disease company Immunovant brought in the second-largest round in December after pricing a $550 million underwritten offering, and neuromuscular disease company Dyne Therapeutics attracted the third-largest fundraising after closing a $402.5 million upsized public offering.

Public biotech funding by therapeutic subsector

Although oncology players came out on top last month in terms of the number of rounds (6), it was immunological disease companies that raised the largest amount of money, bringing in an incredible $1.357 billion from five rounds. Additionally, the therapeutic subsector of neuromuscular diseases brought in the second-largest amount of money despite just one round – thanks to Dyne Therapeutics’ $402.5 million public offering.

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.

Surprisingly, December 2025 turned out to be a very good month for both public and private fundraising, despite it usually being a quieter time of year due to the holidays. Public companies came out on top, bringing in a total of $2.556 billion for the month, while private companies also performed very well, attracting a total of $2.158 billion. 

Of course, as last month was December, it also means we now have a clear picture of the entirety of 2025’s overall fundraising landscape. Ultimately, we can see that October turned out to be the best month of the year for both private and public fundraising.