By Greg Mannix, VP, EMEA Business Development, LSN
Life Science Nation’s EU-focused webinar series, From Discovery to Decision: Making Early-Stage Life Science Legible to Capital, continues this week with Session III. Recordings of the first two sessions are available for those who would like to revisit the insights shared by active investors shaping early-stage healthcare financing.
This series examines a central question for early-stage companies: why strong science alone is not enough to secure capital, and how founders can structure development to become legible to investors.
Session I
Why Solid Science Fails to Translate Before Capital Even Considers It
Hosted by Richard Berenson, Managing Partner, Venzyme Catalyst
In Session I, Richard Berenson offered a candid investor perspective on why many early-stage assets stall before diligence begins. He emphasized that the issue is often not a shortage of capital, but a failure of translation.
Scientific merit alone does not make an opportunity investable. Investors must see clarity around risk reduction, defined milestones, regulatory trajectory, and capital deployment strategy. Companies that struggle to articulate this framework may be filtered out long before meaningful evaluation takes place.
The discussion reframed from fundraising challenges as structural alignment issues rather than capital scarcity.
Session II
Legibility, Signal, and the Real Work Between Seed and Series B
Session II built on this foundation with a deeper examination of how investors form conviction between Seed and Series B.
Karim Galzhar outlined what global investors require to underwrite early-stage risk. Signals are formed across scientific validation, regulatory planning, commercial strategy, and disciplined capital use. Data alone does not create signals. Structured progress and stage-appropriate positioning.
The session highlighted how companies can unintentionally dilute signals by engaging the wrong forums too early or by misaligning fundraising expectations with development readiness.
Session III — This Wednesday
Partnering Is Not Exposure. It Is Filtration
Wednesday, March 4 | 10:00 AM ET / 4:00 PM CET
Session III will feature Dennis Ford, Founder & CEO of Life Science Nation and creator of the RESI Conference Series, alongside Gregory Mannix, VP, International Business Development, Life Science Nation.
This session confronts a simple truth: great science does not raise capital, signal does. We will examine how investors actually price risk, why fundraising must be run as a disciplined global campaign, and how legibility turns complex science into an investable story.
We will also address a costly mistake: engaging the wrong partnering events and the wrong investors too early. Not every conference, forum, or investor fits every stage of development. Success requires selecting the right venues, building a stage-appropriate global target list, and engaging partners who are structurally aligned with your product. The goal is to replace activity with real transaction momentum.
As a sponsor of RESI JPM, Novotech joined the RESI community during JPM Week to engage with emerging biotech companies at pivotal stages of development. Marina Mullins, VP of Early Clinical Development at Novotech, shared insight into the company’s biotech-focused model, global execution strategy, and evolving approach to early-phase clinical development.
Caitlin Dolegowski (CD): Can you briefly describe Novotech’s mission and core capabilities as a global CRO and scientific advisory partner?
Marina Mullins(MM) : Novotech is a global full-service clinical research organization and scientific advisory partner focused on accelerating the development of innovative therapeutics for biotech and small- to mid-sized pharmaceutical companies. The company provides integrated clinical trial services across Phase I–IV, with particular strength in early clinical development, regulatory strategy, medical oversight, biometrics, and operational execution.
With offices across Asia-Pacific, North America, and Europe, and long-standing site partnerships globally, Novotech combines regional expertise with global coordination to support sponsors from preclinical planning through proof-of-concept and beyond. Its model integrates scientific advisory and operational delivery, enabling sponsors to move efficiently from strategy to execution.
CD: What differentiates Novotech from other CROs in terms of clinical execution, expertise, or client support?
MM: Novotech differentiates itself through a biotech-centric approach and deep regional execution expertise. Rather than operating as a transactional service provider, the company works as a strategic partner, aligning development strategy with operational planning from the outset.
Key differentiators include strong early-phase capabilities, particularly in first-in-human and proof-of-concept studies; deep regulatory and operational experience across high-performance regions such as Australia, Asia, and North America; therapeutic expertise spanning oncology, infectious diseases, obesity, CNS, endocrine, rare diseases, and emerging modalities; and a partnership model designed to provide agility, senior oversight, and milestone-aligned execution.
This integrated structure allows sponsors to make data-driven decisions while maintaining timeline discipline and regulatory alignment.
CD: How does Novotech’s global footprint support biotech and pharma companies as they advance clinical development?
MM: Novotech’s global presence enables sponsors to strategically select development regions based on speed, regulatory pathway, patient access, and capital efficiency.
For example, Australia offers an established regulatory framework that allows certain first-in-human studies to proceed under the Clinical Trial Notification scheme without requiring an Investigational New Drug submission to the U.S. Food and Drug Administration. This can provide an efficient pathway to first patient while maintaining internationally recognized ethical and regulatory standards.
At the same time, Novotech’s footprint across Asia, North America, and Europe supports seamless program expansion into multi-regional trials. Sponsors benefit from consistent governance, harmonized data standards, and coordinated regulatory strategy as programs advance.
CD: As a sponsor of RESI during JPM Week, what were your key objectives for participating this year?
MM: Novotech’s objectives were centered on early engagement and strategic dialogue. The company aimed to connect with emerging biotech companies preparing for first-in-human or proof-of-concept studies, provide guidance on early development strategy and regulatory pathways, explore long-term partnerships beyond single studies, and support investor-backed companies in aligning clinical milestones with financing objectives.
RESI provided a focused environment to engage with innovative sponsors at critical inflection points in development.
CD: Who is Novotech most interested in connecting with?
MM: Novotech is particularly interested in engaging with early- to mid-stage biotech companies transitioning from preclinical to first-in-human studies, and companies seeking an integrated CRO partner that combines regulatory advisory, scientific strategy, and operational execution. The emphasis is on building strategic relationships with sponsors who value early alignment between scientific design, regulatory positioning, and clinical operations.
CD: Are there particular trends in early clinical development shaping Novotech’s ECD strategy?
MM: Regulators are placing greater emphasis on optimized dose selection and robust early-phase data packages, increasing the use of adaptive designs, expansion cohorts, and integrated pharmacokinetic and pharmacodynamic modeling in first-in-human studies.
There is also growing strategic use of healthy volunteer studies, where scientifically appropriate, to better characterize safety, pharmacokinetics, and target engagement before patient expansion. This can reduce downstream risk and improve capital efficiency.
Biotech sponsors are under pressure to generate milestone-defining data efficiently. As a result, early programs increasingly incorporate translational biomarkers, seamless SAD and MAD structures, and optional proof-of-concept expansion pathways within unified protocol frameworks.
Together, these trends reinforce a shift toward positioning early clinical development as a strategic foundation for the entire program lifecycle.
Interested in sponsoring an upcoming RESI conference?
To explore sponsorship opportunities, please contact resi@lifesciencenation.com. Life Science Nation would welcome the opportunity to meet and discuss organizational goals for connecting with the global RESI investor and innovator community.
By Greg Mannix, VP, EMEA Business Development, LSN
As RESI Europe 2026 approaches, one of the most important milestones is just ahead. On March 2, the partnering platform officially opens, giving registered attendees the opportunity to begin requesting and scheduling meetings with investors, strategic partners, and fellow innovators across the global life science ecosystem.
Below are two key updates to plan around.
Partnering Opens March 2: Secure Meetings Early
Partnering is the foundation of every RESI conference. From the moment the platform opens, companies can review attendee profiles, identify aligned investors and strategic partners, and begin building a focused meeting schedule.
The earlier you register and enter the platform, the more time you can:
Refine your profile and messaging
Target investors who match your stage and sector
Send thoughtful, customized meeting requests
Fill your calendar with high-value conversations
RESI Europe is structured to help early-stage companies connect efficiently with active investors. Through curated matchmaking and detailed attendee profiles, startups can prioritize fit over volume. Beyond pre-scheduled 1-to-1 meetings, the conference also creates opportunities for ad hoc introductions and follow-up discussions that often extend well beyond the event itself.
To help attendees prepare, Life Science Nation will host a dedicated RESI Europe Partnering Tutorial on Tuesday, March 3 at 10:00 AM Eastern Time (US and Canada). Understanding the RESI partnering system and using it to its maximum capabilities can make a significant difference in a company’s success at RESI Europe 2026. During this session, LSN staff will walk participants through how to navigate the platform, identify investors and strategic partners who are the best fit, manage outreach effectively, implement a strong follow-up strategy, and leverage the full range of conference content to strengthen their overall partnering experience. You can register for the webinar here.
Complimentary Second Attendee with 5-Day Registration
To help companies maximize their partnering coverage, RESI Europe 2026 is offering a complimentary second attendee pass with a standard 5-day registration.
Bringing a colleague allows your team to:
Cover more investor meetings
Attend concurrent sessions
Expand networking reach across the event
Ensure no key conversation is missed
This offer is not valid for Virtual or Audience Access passes. Attendees who registered for a 5-day ticket on or before February 22 may contact salescore@lifesciencenation.com to add a second attendee.
With partnering opening March 2 and expanded registration value now available, now is the time to secure your place. Enter the partnering system early, prepare strategically, and position your company to make the most of RESI Europe 2026.
X-ray crystallography has long been the go-to workhorse for providing atomic structures of drugs interacting with their protein targets. Increasingly, those static snapshots are being complemented by readouts from experimental analytical tools based on nucleic magnetic resonance (NMR) spectroscopy and cryoelectron microscopy (cryo-EM), offering drug developers a broader window into proteins as dynamic, breathing molecules. This is spurring a raft of new service provider startups, including AIffinity (Brno-Medlánky, Czech Republic), NexMR (Zürich, Switzlerand), CryoCloud (Utrecht), and Intellicule (West Lafayette, IN), all of which aim to supply drug-discovery teams with state-of-the-art platforms providing structural data with rapid turnaround times and low cost.
As many of the most compelling ‘undruggable’ targets are renowned shape shifters — aggregation-prone proteins like Tau, amyloid precursor protein (APP) or huntingtin in neurodegenerative diseases, or transcription factors like P53, KRAS and c-MYC in oncology — a lot of therapeutic startup activity has recently focused around so-called ‘intrinsically disordered proteins’ (IDPs). The ability to attain markedly different conformations under different conditions allows IDPs not only to play moonlighting roles or serve as hubs in signaling networks, but also to localize into liquid- phase condensates (or membrane-less organelles — attributes that make them acutely sensitive to mutations that can compromise specificity and lead to nonspecific binding, resulting in toxicity and disease.
An important postscript to the startup activity targeting undruggable IDPs is that more conventional ‘druggable’ target classes, like tyrosine kinases, may also represent a fruitful hunting ground for dynamic conformational states that may have been missed by traditional crystallographic approaches. Given that conventional drug targets have relatively well-trodden clinical and commercial development paths, they may also represent simpler starting points and testing grounds for commercial programs aiming to apply the new analytical approaches to support medicinal chemistry programs around validated targets.
In a paper recently published in Science, the team of Charalampos (Babis) Kalodimos at St. Jude Children’s Research Hospital use high-resolution NMR spectroscopy to gain structural insight into how SRC family tyrosine kinases (Src, Hck, and Lck) achieve processive phosphorylation of multisite substrates.
NMR spectroscopy offers direct access to (~1–2 Å) resolution atomic information to identify non-covalent interactions between a drug and a protein target. Starting from 13C-labeled amino acids/precursors (left), a backbone and side-chain amino acids in a protein of interest (up to 80 kDa in size) can be selectively labeled for NMR structure determination. Substantial chemical shift changes of protein signals induced by aromatic ligand ring-systems can be directly incorporated into 3D structural calculations of protein–drug complexes. Source: Communications Chemistry
The SRC enzyme family is essential for rapid and coordinated signaling in processes such as cell migration and T-cell activation. In addition, SRC family kinases are frequently overexpressed in tumors, contributing to the activation not only of multiple scaffold or signaling proteins, such as receptor tyrosine kinases (e.g., EGFR, FGFR, PDGFR or IGF1R), but also of downstream effectors (e.g., MAPKs, FAK, paxillin, p130Cas, ELMO1 and RAC1). Although there are approved drugs like the multikinase inhibitor Sprycel (dasatinib) that bind the SRC active site, these drugs have such extensive off-target and adverse side effects that there is a pressing need for new paths to more-selective SRC inhibitors.
SRC enzymes share a conserved domain organization, with a disordered N-tail, a tandem SH3–SH2 module, a kinase domain, and a disordered C-tail. All can carry out processive phosphorylation — a phenomenon where the enzyme phosphorylates multiple residues in a substrate during a single encounter. Each of these catalytic cycles typically requires ATP binding, phosphate transfer and ADP release, and ADP release is often the rate-limiting step. So, a question that has long puzzled structural biologists is how ADP-release–constrained kinases achieve sufficiently rapid turnover to successfully perform their function.
Using NMR spectroscopy with cryogenic probes — which reduce electronic/thermal noise and increase sensitivity up to five-fold compared with room-temperature probes — the St. Jude team characterized the conformational ensemble of the Src kinase domain and identified three interconverting states: a predominant active state, a previously described inactive Src/CDK-like state, and a hitherto unknown low-populated intermediate state positioned linearly between the other two. Structural determination revealed that this intermediate state displays features that are distinct from the active and inactive states. Its activation loop is partially folded, the P-loop is displaced inward, and the αC helix is shifted upward. This conformation binds ADP poorly relative to the active and inactive states, suggesting that it facilitates nucleotide release.
(A) Schematic representation of processive phosphorylation by an SFK. Substrate binding through the SH3 domain prolongs the residence time of the complex, allowing the kinase to phosphorylate multiple sites in a single binding event. Each catalytic cycle involves ATP binding and hydrolysis, transfer of the γ-phosphate to the substrate and ADP release, followed by a new cycle without dissociation of the complex. To sustain processive phosphorylation, the catalytic turnover — limited by ADP release — must be sufficiently fast to complete multiple phosphorylation events before dissociation of the SH3–substrate complex. (B) Energy landscape of the ground (G) and excited (E1 and E2) states of Src KD determined by NMR. Populations and kinetics of interconversion determined by fitting the relaxation data are shown. Structures of the (C) active state, (D) intermediate state and (E) inactive state. Source: Science
Using mutational analyses, the researchers then confirmed the functional importance of this intermediate state. Variants that eliminated this intermediate state while stabilizing the active state showed slower ADP dissociation, reduced catalytic turnover and impaired processive phosphorylation of the multisite Src substrate p130Cas. Instead of generating a fully phosphorylated substrate in a single binding event, these mutants accumulated partially phosphorylated intermediates. Equivalent mutations in other kinases of the SRC family, Lck and Hck, similarly reduced catalytic efficiency and impaired multisite phosphorylation of their respective physiological substrates CD3ζ and ELMO1 in Jurkat cells. Furthermore, these mutations compromised cellular functions measured via in vitro assays, including T-cell activation using Lck-deficient Jurkat cells and migration of mouse embryo fibroblasts lacking Src, Yes and Fyn in the presence of fibronectin. These molecular and functional findings indicate that the intermediate state is evolutionarily conserved and essential for processive activity across the SRC family.
Mechanistically, the work establishes that rapid ADP release, enabled by transient sampling of a structurally constrained intermediate, is critical for sustaining catalytic turnover rates that exceed the speed of substrate dissociation. More broadly, it shows that kinase conformational landscapes are tuned not only for switching between active and inactive states, but also for optimizing specific kinetic steps within the catalytic cycle.
From a drug developer’s standpoint, because Sprycel and other inhibitors target the active or inactive conformations of the SRC active site, the identification of a low-populated, functionally indispensable intermediate suggests a completely new strategy to target tyrosine kinases: selectively stabilize or destabilize the intermediate state to fine-tune catalytic turnover and processivity rather than simply blocking activity. Targeting such transient conformations could enable more precise modulation of signaling output, potentially improving selectivity and reducing off-target effects in kinase-directed therapies.
We look forward to seeing how many more of these intermediate states are uncovered in other kinase targets and whether pharmacological inhibitors targeting this state have advantages over orthosteric or allosteric chemotypes that conventionally have been used to inhibit the kinase active site or lock it in an inactive conformation. What is clear is that ultrafast NMR measurements of binding and state behavior are a powerful differentiating tool for understanding kinase activity where static structures aren’t enough.
VerImmune is an emerging biotechnology company advancing a novel virus-inspired platform designed to redirect the body’s existing immune memory toward hard-to-treat diseases. The company participated in RESI JPM as part of the Enterprise Singapore delegation, reflecting Singapore’s growing role as a global hub for biomedical innovation and cross-border collaboration. In this conversation, Founder & CEO Joshua Wang shares insights into VerImmune’s scientific approach, clinical ambitions, and momentum following recognition as an Innovator’s Pitch Challenge (IPC) winner.
Caitlin Dolegowski (CD): For readers who are just discovering VerImmune, how do you describe the company and its scientific focus?
Joshua Wang (JW): VerImmune is an IND-enabling stage biotechnology company leveraging the natural architecture of viruses to create a self-assembling Virus-inspired Particle (ViP™) platform for targeted therapeutic delivery of diverse payloads for oncology, autoimmunity, and animal health indications
VerImmune’s lead ViP program, VERI-101, is pioneering a new First-in-Class immuno-oncology paradigm that repurposes existing CMV-specific T-cell memory cells (present in ~85% of adults globally) to recognize and eliminate solid and metastatic tumors in a tumor-type-agnostic manner, either as a monotherapy or in combination with existing standards of care.
CD: What unmet medical need are you targeting, and how does your platform or approach differentiate you in the immunology landscape?
JW: Despite recent blockbuster innovations like checkpoint inhibitors (PD-1/PD-L1) , antibody drug-conjugates and radioligand therapies, resistance to these treatments and other standards-of-care becomes inevitable and cancer recurs. This inevitably creates a large population of post-failure patients with limited to no options.
Hence, the biggest unmet need in oncology remains dealing with such cancer resistance and recurrence.
VerImmune has discovered that within these patient populations, regardless of previous treatment, most patients still retain a robust immunity to viruses.
VerImmune targets this preserved anti-viral immune memory and repurposes it against tumors, bypassing previous mechanisms of immune or genetic resistance.
Since all patients have pre-existing viral immunity (e.g to CMV which is what VERI-101 targets), VerImmune’ s approach represents a distinct and potentially category-defining modality in immuno-oncology, with clear strategic and partnering value in the post-failure setting and most importantly, giving patients one more shot at a treatment opportunity!
CD: What was your experience participating in the Innovator’s Pitch Challenge at RESI JPM?
JW: As part of the Enterprise Singapore startup delegation from Singapore, participating at the Innovator’s Pitch Challenge at JPM RESI 2026 was a high-impact international opportunity as it occurred alongside 90+ other companies from around the world in a forum with concentrated investor and partner visibility. We were truly honored to win 2nd place which provides further external validation of our science, platform, and commercialization strategy before a global audience.
CD: With so many strong companies presenting, what feedback or reactions stood out to you from judges or attendees?
JW: Despite a challenging biotech financing environment, which does not favor highly novel new mechanisms and approaches, we were encouraged that judges and attendees acknowledge the strategic logic that the post-PD1/ADC/RLT failure population still retains active anti-viral immunity. They highlighted the novelty of redirecting intact, non-exhausted viral immune memory rather than attempting to generate new anti-tumor immunity or introduce another small-molecule payload, viewing it as a differentiated and refreshing timely approach.
CD: How has RESI JPM helped advance investors, partners, or industry conversations for VerImmune?
JW: Yes, being recognized as a winner has amplified the visibility of VerImmune’s approach and strengthened its perceived credibility. It has led to increased inbound interest from investors seeking to learn more, rather than relying primarily on outbound outreach.
CD: Where does the company currently stand in terms of funding, partnerships, or key development stages?
JW: We are currently at the IND-enabling stage whereby we have already had a successful pre-IND meeting with the FDA which confirmed alignment on our planned GLP Toxicology studies and CMC manufacturing scale up to GMP clinical material. We are currently working to build up a syndicate to raise our Series A to close this financing which will advance our lead ViP program- VERI-101 into first-in-human clinical trials.
CD: What milestones or inflection points are most important for VerImmune in the coming months?
JW: A key milestone is completing our Series A, which will enable full execution of our ongoing IND-enabling activities and transition VerImmune into a clinical-stage company with VERI-101 advancing into first-in-human studies.
The deadline to apply for the Innovator’s Pitch Challenge at RESI Europe has been extended to February 23. Applicants are encouraged to act quickly, as submissions are reviewed on a rolling basis.
By Greg Mannix, VP, EMEA Business Development, LSN
New collaboration strengthens access for European life science innovators to engage global capital investors and licensing partners
Cambridge, MA and Lisbon, Portugal
Life Science Nation (LSN)announced today a partnership with Dealflow.eu, naming the organization as a Title Sponsor of RESI Europe Lisbon. The collaboration supports the identification and preparation of high-potential European life science innovators and strengthens pathways for companies—where eligible—to leverage European Innovation Council (EIC) reimbursement mechanisms to participate in the RESI partnering ecosystem.
Dealflow.eu operates as a European innovation matchmaking and readiness platform, surfacing high-potential life sciences and deep-tech companies and supporting their engagement with global investors and strategic partners. Through this collaboration, Dealflow.eu will route a curated cohort of life science companies to RESI Europe Lisbon, positioning them in front of a global audience of investors and partners actively seeking early-stage opportunities.
RESI Europe Lisbon serves as the global activation layer of the Life Science Nation partnering ecosystem, connecting emerging technologies with investors and strategic partners through curated matchmaking, investor panels, and the Innovator’s Pitch Challenge. Unlike broad innovation showcases, RESI is purpose-built for early-stage life sciences partnering and capital formation, enabling qualified investors and partners to engage with technologies prepared for global scrutiny.
As part of this collaboration, Dealflow.eu will support eligible companies in accessing available reimbursement mechanisms—such as those offered through EIC programs, where applicable—to offset a portion of RESI Europe registration costs. This helps reduce participation barriers and expands access for promising European life sciences innovators to connect with global capital and strategic partner networks.
“This partnership strengthens the pathway from early innovation to global partnering,” said Dennis Ford, Founder and CEO of Life Science Nation. “Dealflow.eu operates upstream, identifying and preparing high-potential innovators for investor engagement. RESI operates downstream, providing the global activation environment where capital investors and strategic partners connect with emerging technologies. At the same time, programs such as those offered through the EIC can help support company participation and readiness along that journey.”
“We see RESI Europe as a highly complementary activation platform for the Dealflow.eu network,” said André Moraes Sarmento, Dealflow.eu. “Our mission is to connect high-potential innovators with investors, corporates, and strategic partners. This collaboration gives life science companies direct access to a global audience of qualified investors and licensing partners actively seeking early-stage technologies.”
The collaboration also includes coordinated programming at RESI Europe Lisbon, dedicated visibility opportunities for participating innovators, pre-conference preparation support, and continued alignment to strengthen pathways from European innovation to global market engagement.
RESI Europe Lisbon will take place in Lisbon, Portugal, bringing together global investors, strategic partners, and early-stage life sciences innovators across therapeutics, devices, diagnostics, digital health, and enabling technologies.
About Life Science Nation
Life Science Nation operates a global partnering and matching ecosystem that connects early-stage life sciences companies with qualified capital investors and licensing partners worldwide. Its platforms include the RESI Conference Series, LSN Labs entrepreneurial education and readiness programs, and global partnering campaign infrastructure.
About Dealflow.eu
Dealflow.eu is a European innovation matchmaking and readiness platform connecting high-potential innovators with investors, corporates, and strategic partners across Europe and globally.
Media Contact
Caitlin Dolegowski
Marketing Manager
Life Science Nation
c.dolegowski@lifesciencenatio.com
719-229-9290
In our past issue, we took a look at all the financing deals that The Needle has covered since our inaugural issue. This week we turn our attention to last year’s deal making in the preclinical biotech space.
In 2025, preclinical dealmaking didn’t just slow — it polarized. Capital clustered around AI-enabled discovery, China-sourced assets, and in vivo CAR-T cell therapies, while entire therapeutic categories effectively disappeared from licensing activity. Based on the 131 publicly disclosed preclinical transactions in our sample, we reveal where early-stage risk capital is still flowing — and where it has quietly retreated.
Similar to the data we reported in our past newsletter, our analysis captures only publicly disclosed deals (partnerships, research collaborations, licenses, joint ventures, reverse mergers, equity investments and options) on business wires, industry news sites, and venture-fund sources. In the preclinical space, many deals are carried out in stealth, and companies in some important regions (like China) don’t use business wires or news sources traditionally available in the West. For these reasons, our estimates underestimate the true level of early-stage preclinical dealmaking.
In total, we tracked 131 preclinical deals over the year, of which 42 were licensing deals, 64 were strategic partnerships/collaborations and 14 were mergers and acquisitions (M&As). In keeping with early stage’s exploratory nature, the importance of stealth, and the non-compensatory nature of much of the work done, over half of the publicly announced strategic partnerships (35 deals; 55%) had no terms disclosed. As one would expect, a smaller proportion of the licensing deals failed to provide terms, but even for this category, 8 of the 48 transactions (17%) didn’t give financial details. Four of the 14 M&As that we tracked also made no mention of deal terms.
Geographical distribution of preclinical biotechs involved in partnerships, licenses and M&As for Q2-Q4 2025. Source: Haystack Science
US-headquartered companies continue to dominate the dealmaking landscape, whether it is research collaborations, licensing or trade sales. One reason for the dominance of companies in the US — and the UK, which is second in deal activity — is likely simple math; a greater number of companies are financed and built in these countries compared with the rest of the globe (see The Needle Issue #22).
Types of therapeutic under development in preclinical biotechs that were partnered, licensed or acquired in Q2-Q4 2025. Source: Haystack Science
Strategic partnerships in 2025 favored platforms over products — and Western biotechs over Asian peers.
The 64 strategic partnerships we tracked had upfront payments that ranged from $5 million to $110 million, but the median ($35.5 million) underscores how concentrated value remains in a handful of outlier platform deals.
US companies accounted for 37 of the 64 deals (58%). Three notable partnering big-ticket deals involved biotechs splashing out large sums on preclinical collaborations, with the payers showing interest in branching out into new therapeutic modalities: last May, CRISPR Therapeutics (San Diego, CA) pivoted from gene editing to siRNA, paying $95 million to Sirius Therapeutics (Shanghai, China) to co-develop a long-acting siRNA designed to selectively inhibit Factor XI for thrombosis; in December, Regeneron Pharmaceuticals (Tarrytown, NY) spent $150 million (and made an equity investment) to jointly develop Tessera Therapeutics’ (Somerville, MA) target-primed reverse transcription therapy (TSRA-196), which uses lipid nanoparticles (LNPs) to deliver RNAs encoding an engineered reverse transcriptase (‘gene writer’), writer-recognition motifs, and a SERPINA1 template to correct a mutation in alpha 1 antitrypsin deficiency; and later the same month, peptide developer Zealand Pharma (Søborg, Denmark) announced a transaction with OTR Therapeutics (Shanghai, China), paying $20 million upfront for small-molecule programs centered around validated targets of Zealand’s franchise in cardio-metabolic disease.
Disease areas in which preclinical biotechs are developing therapeutics that were partnered, licensed or acquired in Q2-Q4 2025. Source: Haystack Science
For obvious reasons, target discovery and drug screening comprise about a third of collaborations and partnership agreements, but do not figure much in licensing and M&A. Mentions of machine learning in partnering deals (18.2% of 2025’s deals, with several in the top 10 grossing set) suggest large-language and other models are an increasingly established facet of preclinical development. Neurodegenerative disorders garnered the second largest number of partnering transactions in our 2025 sample. And, with all the noise around GLP-1s and other incretins, metabolic disease and obesity were the focus of 11% of deals.
Perhaps the most counterintuitive finding in the partnership data is the near-total absence of China-headquartered companies — despite their dominance in preclinical licensing. This may reflect geopolitical friction, IP risk tolerance or a Western preference for control in collaborations. Alternatively, the absence may reflect the limitations of Haystack’s methodology for collecting data. Certainly, the partnership data contrasts starkly with our licensing data, which show Chinese assets performing so well that they are biting at the heels of US companies and running far ahead of UK companies. In contrast, for strategic partnerships, it was UK-, and South Korea-based firms that were most prominent behind the US (15%, and 7% of dealmaking, respectively).
Top 10 partnering deals for preclinical biotech companies Q2-Q4 2025 ranked by size of upfront payment. Source: Haystack Science
For licensing, the shift to Asia seen in later parts of the biotech pipeline is also manifest in the preclinical space.
Chinese companies were involved in nearly a quarter of all the licensing deals made last year, clinching 11 out of the 48 deals we tracked. This interest in early-stage Chinese assets mirrors last year’s banner deals for later-stage assets, such as Pfizer’s ex-China rights acquisition of 3SBio’s (Shenyang, China) PD-1 x VEGF bispecific antibody for $1.25 billion, or GSK’s $1.10 billion acquisition of Jiangsu Hengrui’s (Lianyungang, China) phosphodiesterase 3/4 inhibitor and oncology portfolio. Overall, deals seeking access to assets from Asian biotechs (companies based in China, South Korea, Singapore and Taiwan) comprised 33% of all preclinical licensing transactions in our sample.
Looking at the preclinical licensing as a whole, upfront amounts ranged from $0.7 million to $700 million, with a median value of $35 million. Most deals centered around cancer, followed by autoimmune, neurodegenerative and metabolic diseases.
What was perhaps most surprising is that we didn’t see any licenses for preclinical assets in the cardiovascular space, suggesting that the interest of a few years ago has somewhat diminished (although assets for heart disease still made up 4% of partnering agreements). Notably absent from preclinical licensing in 2025: cardiovascular, pulmonary, skeletomuscular, hepatic, pain, psychiatry, women’s health, sleep, hearing, and stroke. This pattern perhaps reinforces the industry’s retrenchment toward genetically anchored, biologically de-risked indications. Together, these licensing gaps underscore a 10-year low in early-stage risk appetite outside traditional blockbuster categories.
The top 10 licensing deals from last year are listed in the Table below. Of this elite tier of top-grossing deals, cancer and autoimmune comprised the lion’s share (70%), with neurodegenerative, neurodevelopmental, metabolic, and ophthalmic disease all represented. Only two of the top 10 deals involved traditional small molecules (with one additional license for a molecular glue), whereas biologics accounted for seven. While small molecules still comprise the biggest chunk of licensing activity (18.9%), deals trended toward bispecific and multispecific antibodies for cancer immunology and autoimmune indications — and biopharma was prepared to pay: Of the 8 licensing transactions for multispecifics in our sample, IGI Therapeutics’ (New York, NY) deal with Abbvie, and CDR Life’s (Zurich, Switzerland) agreement with Boehringer Ingelheim, ended among the top 10 grossing deals of the year.
Top 10 licensing deals for preclinical biotech companies Q2-Q4 2025 ranked by size of upfront payment. Source: Haystack Science
Which leads us to mergers. Overall, we tracked 14 M&A deals last year in the preclinical space. According to Dealforma data presented at JP Morgan, private biopharma accounted for just over 55% of merger activity in 2025 on par with previous years. In the Haystack data, 12 of the 14 acquisitions for preclinical programs were for US-based private companies, reinforcing the historical trend of American biotechs outperforming those in the rest of the world in terms of negotiating successful exits for their investors.
M&A deals for the eight preclinical biotech companies in Q2-Q4 2025 where financial terms were disclosed ranked by deal size. Overall, Haystack tracked 14 preclinical M&As, six of which gave no financial terms. Source: Haystack Science
The biggest story in early-stage mergers from last year, though, was biopharma’s ravenous appetite for in vivo CAR-T cell therapy, with Capstan, Orbital and Interius comprising 3 of the 14 acquisitions recorded by Haystack, all of which ranked among the top 5 highest upfront payments. As our sampling commenced in April 2025, we missed another deal: AstraZeneca’s acquisition of lentiviral in vivo CAR-T therapy developer Esobiotec, originally announced in March 2025 with an upfront of $425 million. All in all, in vivo CAR-T therapies claimed 4 of the top 5 acquisitions last year.
In sum, the preclinical dealscape in 2025 reveals an industry willing to fund innovation — but only when paired with platform leverage, delivery, or late-stage optionality. As Haystack tracks dealmaking through 2026, the key question will not be whether capital returns to early-stage biotech, but whether it broadens beyond today’s narrow set of ‘acceptable’ risks. We look forward to tracking deals throughout 2026 and identifying new emerging trends in biotech deals.
The firm is focused on therapeutics companies and does not invest in medical devices, diagnostics, or digital health. The firm is open to considering assets of very early stages, even those as early as lead optimization phase. The firm considers various modalities, including antibodies, small molecules, and cell therapy. Currently, the firm is not interested in gene therapy. Indication-wise, the firm is most interested in oncology and autoimmune diseases but has recently looked at fibrotic diseases and certain rare diseases as well.
The firm is opportunistic across all subsectors of healthcare. Within MedTech, the firm is most interested in medical devices, artificial intelligence, robotics, and mobile health. The firm is seeking post-prototype innovations that are FDA cleared or are close to receiving clearance. Within therapeutics, the firm is interested in therapeutics for large disease markets such as oncology, neurology, and metabolic diseases. The firm is open to all modalities with a special interest in immunotherapy and cell therapy.
A strategic investment firm of a large global pharmaceutical makes investments ranging from $5 million to $30 million, acting either as a sole investor or within a syndicate. The firm is open to considering therapeutic opportunities globally, but only if the company is pursuing a market opportunity in the USA and is in dialogue with the US FDA.
The firm is currently looking for new investment opportunities in enterprise software, medical devices, and the healthcare IT space. The firm will invest in 510k devices and healthcare IT companies, and it is very opportunistic in terms of indications. In the past, the firm was active in medical device companies developing dental devices, endovascular innovation devices, and women’s health devices.
A venture capital firm founded in 2005 has multiple offices throughout Asia, New York, and San Diego. The firm has closed its fifth fund in 2017 and is currently raising a sixth fund, which the firm is targeting to be the largest fund to date. The firm continues to actively seek investment opportunities across a […]
Joshua Wang
Next Phase Newsletter 