The biggest biotech funding rounds in April 2025

The companies Biohaven, MoonLake Immunotherapeutics, and AIRNA bagged the biggest biotech funding rounds overall in April 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 April 2025

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

Biggest private biotech funding rounds by value

April 2025 saw Biohaven announce that it had entered into an agreement with Oberland Capital Management for an investment of up to $600 million, signaling the highest fundraising round of the month. The company said that the additional capital provides significant financial resources for ongoing clinical trials across its development portfolio and supports commercialization efforts in anticipation of a potential U.S. Food and Drug Administration (FDA) approval of its drug troriluzole for the treatment of patients with spinocerebellar ataxia (SCA), a group of rare and ultra-rare progressively debilitating and fatal genetic conditions. 

Meanwhile, inflammatory disease company MoonLake Immunotherapeutics also raised big, bringing in $500 million in non-dilutive funding from Hercules Capital, which will strengthen MoonLake’s balance sheet and provide financial support to advance its candidate, sonelokimab. 

And raising the third-largest round last month was AIRNA, which bagged in $155 million in series B funding to help advance its lead RNA editing candidate, AIR-001, into a phase 1/2 clinical trial for the treatment of the genetic disorder alpha-1 antitrypsin deficiency (AATD), and to develop a pipeline of novel RNA-editing medicines for cardiometabolic and other diseases.

Private biotech funding rounds by location

When looking at private fundraising rounds by location in April 2025, we can see that, as is usually expected, companies in North America achieved the most funding rounds and raised the largest amount from those rounds, bringing in a total of $1.6 billion. Furthermore, although European companies only had one fewer funding round than in March, they raised significantly less last month, only bringing in $678 million compared to March’s total of $1 billion. Unfortunately, just as in March, Asia-Pacific did not see any major fundraising rounds take place in April.

Private biotech funding rounds by funding type

There were more series A – as well as undisclosed – rounds in April 2025 than any other funding type. However, the two non-dilutive financing rounds from Biohaven and MoonLake Immunotherapeutics brought in the largest amount of money, with $1.1 billion in total. It’s also worth noting that there were no significant series D or E rounds that took place last month.

Private biotech funding rounds by therapeutic subsector

As usual, April 2025 saw oncology players at the top of the table in terms of the therapeutic subsector that attracted the most rounds. However, it was neurological conditions, with just three rounds in total, that brought in the largest amount of money, with the companies focused on the area raising $707 million between them.

Public biotech funding rounds in April 2025

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

Public biotech funding by value

Rezolute bagged the biggest public fundraising round of last month, bringing in $90 million from an underwritten offering. The company said that it intends to use the net proceeds from this for research and development, general corporate expenses, and working capital needs. Meanwhile, oncology company ImmunityBio brought in the second-largest public fundraising after raising $75 million from a registered direct offering.

Public biotech funding by therapeutic subsector

April 2025 saw companies working within the infectious disease therapeutic subsector attract the most funding rounds, with two in total. However, it was the subsector of rare diseases that brought in the largest amount of money, thanks to Rezolute’s $90 million fundraising.

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. 

As you can see from the graph, last month was actually the second-best month of the year so far for private biotech fundraising, as companies raised a total of just over $2.3 billion. Comparatively, however, it was the worst month of the year so far for public fundraising, with companies only bringing in $202.9 million. This is in stark contrast to January’s total of $1.5 billion – the best month for public funding thus far.