Biotech Funding Tracker

Research evidence excerpt

Biotech Funding Tracker

TD SECURITIES (USA) LLC SECTOR NOTE

May 11, 2026

■Health Care Technology & Distribution: Biotech Funding Tracker

CROs

■Life Science & Diagnostic Tools: Life

Science Tools

Charles Rhyee THE TD COWEN INSIGHT

646 562 1376

Total April biotech funding of $13.2B represents 2nd strongest month over past two years,

charles.rhyee@tdsecurities.com

driven by $8.9B in follow-on financings. IPO funding of $1.1B also a positive. Deal count of

Dan Brennan, CFA 94 is consistent w/ historical seasonality. CRO debates shifted to demand KPIs (vs. AI threat,

646 562 1317 although still a topic) for earnings. Tools focus is on macro and signs of underlying market

dan.brennan@tdsecurities.com

improvement.

Kyle Boucher

617 946 3735 Funding Is Gonna Fund

kyle.boucher@tdsecurities.com Total April biotech funding of $13.2B represents the 2nd strongest funding month since 1Q24,

Lucas Romanski and is a continuation of strong funding seen over the past 6 months. Funding was largely

646 562 1352 driven by $8.9B in follow-ons, the strongest month for the category since Feb '24 and above

lucas.romanski@tdsecurities.com the prior 6-month avg. of $4.2B. IPO funding of $1.1B was the 2nd out of past three months

with >$1B in IPO funding. Private funding of $1.96B was generally consistent w/ prior 6-month

William Ruby

avg. of $2.2B. Total deals of 94 was consistent w/ prior 7-yr Apr. avg. of 91.646 562 1325

william.ruby@tdsecurities.com We find continued momentum in biotech funding encouraging, and view strength in Follow-on

Pradeep Ambrose, Ph.D. activity supporting companies that serve mid-sized biotech companies.

646 562 1378 Key Debates

pradeep.ambrose@tdsecurities.com

CROs: Mixed 1Q B2Bs led to mixed share performance, although commentary around