Biotech Funding Tracker

Research evidence excerpt

Biotech Funding Tracker

TD SECURITIES (USA) LLC SECTOR NOTE

June 10, 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

May funding of $10.7B represents another strong funding month, driven by $6.8B in Follow-

charles.rhyee@tdsecurities.com

On activity. IPO funding/counts of $1.3B/6 is also encouraging, as IPO strength likely precedes

Dan Brennan, CFA broader private/new formation reacceleration. Focus on CROs shifting toward improving

646 562 1317 demand environment vs. AI-overhang, with Tools focus on macro and the pace of underlying

dan.brennan@tdsecurities.com

market improvement.

Kyle Boucher

617 946 3735 Strong Funding Momentum Continues

kyle.boucher@tdsecurities.com Strong biotech funding continues with $10.7B in total May funding. This brings T12m biotech

Lucas Romanski funding to $106B, up 77% Y/Y. May strength was again driven by Follow-On funding, which saw

646 562 1352 $6.8B in May (vs. prior 12m avg. of $3.6B). IPO funding of $1.3B was the 2nd highest month

lucas.romanski@tdsecurities.com since early '23, with 6 IPOs seen in May. Private funding was $1.5B, generally consistent w/

T12m avg. of $1.8B (followed a strong Apr.; $2.0B). Total Deals of 103 is consistent w/ historical

William Ruby

seasonality and T12m monthly avg. of 97.646 562 1325

william.ruby@tdsecurities.com We find continued biotech funding momentum encouraging. While mix continues to be

Pradeep Ambrose, Ph.D. indexed to follow-ons, improved IPO activity ($4.5B YTD vs. $2.9B in all of 2025) could be a

646 562 1378 precursor to broader private funding/new company formation accelerating.

pradeep.ambrose@tdsecurities.com Key Debates