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.
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.
Interview with Paula Cerqueira, VP of Scientific Strategy
Proseek Bio is advancing a new approach to women’s health diagnostics by translating cutting-edge glycoproteomics into clinically deployable tools. In this interview, Michelle Hill, CEO of Proseek Bio, discusses the company’s focus on ovarian cancer pre-surgical triage, the unmet clinical needs driving its platform, and how participating in the Innovator’s Pitch Challenge at RESI JPM shaped investor conversations as the company prepares for global expansion.
Caitlin Dolegowski (CD): For those unfamiliar with Proseek Bio, how do you describe the company and its core technology or therapeutic focus?
Michelle Hill (MH):Proseek Bio is an Australian diagnostics company focused on women’s health, developing blood-based tests designed to improve how complex conditions are assessed and managed in clinical practice. Ovarian cancer is our first indication, with an initial focus on pre-surgical triage.
Our platform is built on advanced glycoproteomics, integrating multiple protein biomarkers into a single algorithmic score to support clinical decision-making. Rather than relying on any one marker, this multi-analyte approach reflects the biological complexity of disease and enables more informative risk assessment at critical clinical decision points.
What differentiates Proseek Bio is our strong translational focus. The underlying science has been validated through years of academic and clinical research, and we are now converting that work into regulated, scalable diagnostic products for real-world healthcare systems. By targeting earlier decision points such as triage, we aim to support more appropriate referral and intervention, with a longer-term goal of expanding our platform across additional women’s health indications.
CD: What unmet need are you addressing, and why is now the right time for your approach?
MH: A key unmet need in women’s health diagnostics is the lack of objective tools that reflect real-time disease biology at early clinical decision points. In ovarian cancer pre-surgical triage, clinicians must assess risk using tests with limited biological resolution, which can lead to unnecessary intervention or delayed specialist referral.
Proseek Bio addresses this gap through glycoproteomics, focusing on the glycans attached to proteins that regulate how those proteins function. While genes indicate what could happen and proteins act as messengers, glycan patterns reveal what disease is actively doing in the body. These modifications change early in cancer and cannot be resolved by genomics or standard immunoassays. By integrating glycan and protein signals into a multi-biomarker signature, our tests aim to deliver more informative risk stratification.
The timing is right because advances in clinical mass spectrometry and data analytics have made this biology clinically scalable, enabling integration into existing laboratory workflows and routine care.
CD: What was your experience participating in the Innovator’s Pitch Challenge at RESI JPM?
MH: Our first time participating in the Innovator’s Pitch Challenge at RESI JPM was an energising experience. Pitching to a room filled with sophisticated investors and peers reinforced the importance of clear, disciplined storytelling when presenting complex diagnostic technologies.
As part of the Brisbane Economic Development Agency cohort, we were proud to represent Brisbane’s growing life sciences ecosystem. Beyond the pitch, the table showcase led to thoughtful conversations with investors and fellow founders who were genuinely engaged with both the clinical problem and our translational approach.
Overall, the experience was validating and motivating. It confirmed that our focus on clinically deployable diagnostics in women’s health resonates with a global audience, and it was rewarding to see that reflected in the recognition we received.
CD: Out of 94 Innovator’s Pitch Challenge companies, what do you think helped Proseek Bio stand out to judges and attendees?
MH: Women’s health remains significantly underrepresented in diagnostic innovation, and that focus clearly resonated with judges and attendees. Ovarian cancer, in particular, represents a high-impact unmet need, especially at early clinical decision points such as pre-surgical triage.
Proseek Bio was the only diagnostics company on the podium, reflecting the distinctiveness of our approach. By applying glycoproteomics to analyse glycan and protein signatures together, we deliver a more biologically informative assessment of disease activity while remaining compatible with existing clinical laboratory workflows.
Importantly, we were able to clearly articulate not just the science, but the pathway to a regulated, scalable diagnostic product. That combination of unmet clinical need, novel biology, and disciplined execution helped differentiate Proseek Bio in a very strong field.
CD: How did RESI JPM impact discussions with investors, partners, or potential collaborators?
MH:Being recognised on the Innovator’s Pitch Challenge podium gave investors immediate confidence in both the opportunity and the discipline behind the company, and it strengthened engagement with potential partners. Overall, RESI JPM acted as a signal amplifier, reinforcing Proseek Bio’s readiness for global investment and collaboration while accelerating meaningful follow-on conversations.
CD: Where does Proseek Bio currently stand in terms of fundraising, partnerships, or development milestones?
MH: Proseek Bio is currently completing its Seed round to support development of our first product, OC-Triage. This funding is enabling a clinical study, implementation of a quality management system, and ISO accreditation to support pilot manufacturing, alongside evaluation of OC-Triage with Australian clinical laboratory partners.
In parallel, we are preparing for a Series A focused on U.S. market entry. RESI JPM provided an important opportunity to initiate discussions with U.S.-based clinical and laboratory partners, laying the groundwork for future validation and commercial pathways.
Together, these milestones reflect a transition from technology validation to execution as Proseek Bio advances toward regulated, clinically deployable diagnostics in women’s health.
CD: What upcoming achievements or milestones are you most excited to share with the life sciences community?
MH:Over the coming year, we are focused on completing the OC-Triage product and establishing pilot manufacturing under an ISO-accredited quality system. These milestones represent an important transition from development to regulated production readiness.
In parallel, we are advancing clinical evaluation with laboratory partners, which will be critical in demonstrating real-world performance and scalability. Together, these steps mark a shift from innovation to execution.
What excites us most is seeing years of science translate into something tangible: a product that can be manufactured, validated, and ultimately used to support better clinical decisions for women.
Interested in pitching your company to a highly engaged investor audience focused on early-stage life science innovation? Applications are now open for the Innovator’s Pitch Challenge at RESI Europe. Selected companies receive direct feedback from a dedicated group of investors, access to 1:1 partnering, and visibility with global industry leaders.
Apply to pitch and position your company for meaningful investor conversations.
As is customary at the turn of the year, we have taken the opportunity to take a look back at financing deals we covered since issue#1, which went live in April last year. Together, these data offer a snapshot of how capital flowed into early-stage, preclinical therapeutic startups in 2025 — and where it did not.
Before diving into the numbers, it is worth qualifying that this analysis captures only publicly disclosed financing rounds, rather than the full universe of early-stage biotech funding. An increasing fraction of preclinical companies now operate in stealth, in part because of fast-moving competition from regions such as China. As a result, the figures presented here likely undercount the true level of early-stage activity.
From the start of our coverage in Q2 2025 through the end of December, we reported 195 preclinical financing rounds. Because Haystack Science focuses on discovery-stage and pre-IND companies, this number excludes financings for assets already in clinical development. Even so, the dataset provides a useful lens on early-stage investor behavior.
Independent industry analyses paint a consistent picture. Multiple sources indicate that 2025 was a year in which venture capital shifted toward later-stage, clinical-stage deals, which were fewer in number but larger in size. This trend was reinforced by ‘Q4 2025 Biopharma Licensing and Venture Report’, presented at the JP Morgan conference. According to JP Morgan, 2025 saw just 191 seed and Series A financings, the lowest total since 2020.
Seed and Series A investment slowed through Q4 2025, losing momentum built earlier in the year and further lagging Series B and later rounds. The slowdown in early-stage funding reflects heightened diligence standards and longer decision timelines for early-stage startups. Source: JP Morgan
According to the Haystack Science data sample, no venture fund made a series A investment in more than three companies last year (these series A financings ranged from $8–300 million, with a median of $42.5 million). As the deals that Haystack tracks are only the publicly disclosed subset, we expect our sample is skewed to companies that raised larger sums. In the deals we tracked, the most bloated series A ($300 million) went to Cambridge, Mass.-based Lila Sciences, a generative ML model powered startup building “autonomous, closed-loop experimentation using generative ML models to generate drug mechanism hypotheses, test them robotically in the lab with minimal human intervention, and iteratively learn from results.” Lila was backed by megafund Flagship Pioneering and General Catalyst.
21 funds invested in more than one series A round. These were: Arch Ventures, Atlas Venture, Lightstone Ventures, 3E Bioventures, Access Industries/Biotechnology, BGF, BVF Partners, Canaan Partners, Cormorant Asset Management, Dementia Discovery Fund, Eight Roads, Johnson & Johnson Innovation – JJDC, Khosla, Omega Funds, Orbimed, Polaris Partners, Samsara, Santé Ventures, Sofinnova Partners, The Column Group, and Versant Ventures. No fund invested in more than 3 series A investments in last year’s sample.
Further back in the pipeline, we tracked 60 deals. These seed financings—which ranged from $1.1–54.5 million with a median of $10.45 million—were mostly for smaller amounts ($1–$30 million), with a few much larger financing amounts. Overall, 85 different funds, family offices, angels and individuals participated in funding preclinical therapeutic startups in 2025. Of these 85 sources of financing, only 7 financed more than one company. The takeaway from this is that most (>90%) of companies at the seed stage receive funds from a completely unique set of investors.
The 7 financing entities involved in more than one seed deal were: AdBio Partners, Kurma Partners, NRW Bank, Ackermans & van Haaren (AvH), Bioinnovation Institute (BII), ClavystBio and ExSight Ventures. It is noteworthy that two of these funds are based in Paris, France: AdBio Partners and Kurma Partners. AdBio specializes in early-stage investments across Europe with a ~€86 million ($102 million) fund raised in 2021 focusing on oncology, immunology, and rare diseases. Kurma is part of the Eurazeo group, managing >€600 million in assets across several funds focused on early-stage therapeutics and diagnostics.
NRW.BANK, based in North Rhine-Westphalia, Germany, invests in innovative biotech companies focusing on tech-driven healthcare, bio-digital integration, and novel platforms for data/discovery, aligning with broader innovation goals. They appear to be an important source for the small scattering of financing (13) deals in German-speaking countries. NRW works closely with AvH, an Antwerp, Belgium-based diversified holding company and investment firm, with AvH Growth Capital a proactive investor in early-stage companies like DISCO Pharmaceuticals and Evla Bio.
Another very interesting seed funder is BII in Copenhagen Denmark. The institute provides in-kind grants of up to €3 million for bridging translational studies in European academic institutions. For those projects that progress to a company build, a combination of convertible loans of €500K (Venture Lab) and then €1.3 million (Venture House) are made available to complete seed funding. As of January 2026, BII has supported over 130 early-stage life science and deep tech companies, with many attracting significant external funding. This month, there was news that Novo Nordisk has just plowed another $856 million of funding into BII.
The United States continues to dwarf other countries in its ability to galvanize preclinical biotech startups receiving seed or series A financing, with the UK a far second place (itself hosting double the number of startups of other non-US countries). Source: Haystack Science
Overall, in terms of the location of where most investment is occurring, our analysis reveals the capacity to host startups is expanding across the globe, with at least 19 countries hosting one preclinical startup that received funding in 2025. These countries were: USA, UK, France, Switzerland, China, The Netherlands, Canada, Denmark, Germany, Belgium, Japan, Spain, Israel, Australia, Ireland, Norway, Portugal, South Korea and Singapore. Perhaps the prominence of France as a location for preclinical therapeutic startups was most surprising from our sample. Interestingly, a lot of ex-US startups now also have a US (usually Cambridge, Mass.-based) headquarters. Digging deeper, 85 different cities around the world host a startup that obtained financing (pre-seed to series B) in 2025, with 20 cities hosting two or more. As expected, the Boston cluster led with 28 preclinical therapeutic startups, the Bay area hosted 19, and the UK’s Golden Triangle had 13. Of the following pack, some interesting standout cities were Paris, France (with 5 in our sample) and New York City (with 7), the latter long in the shadow of its Boston neighbor.
Cities hosting two or more startups that received seed or series A funding in 2025 (85 different cities hosted at least one biotech startup receiving financing). Boston and the Bay Area in the United States and the UK’s Golden Triangle (London, Cambridge and Oxford) are the most successful biotech clusters, far ahead of rest of the world. Source: Haystack Science
In terms of the disease areas attracting early-stage investor money, cancer dominates, comprising the focus for 34.4% of the funding raises. This is slightly lower than the biopharma sector as a whole, where cancer comprises up to 45% of pipelines. Following cancer, neurodegenerative disease, autoimmune disease and inflammatory disease all figured prominently. The uptick in deals for companies tackling CNS disorders has been a rolling theme recently, given the burden of neurodegenerative disease and dementia on public health systems and the paucity of disease-modifying treatments. With the continuing stampede around GLP-1s/incretins, there was also a healthy number of metabolic/ endocrine disease startups financed.
Disease focus of pre-seed, seed, series A and series B deals for preclinical startups tracked by Haystack Science in 2025. Source: Haystack Science
One last area we looked at was the type of therapeutic being financed by investment groups. Here again, the pharmaceutical industry’s traditional workhorse, the small molecule, remained pre-eminent in 2025, comprising 24% of financing deals in pre-seed, seed, series A and series B financings that were in the preclinical stage. Established modalities like monoclonal antibodies (mAbs) were a common focus. And there was a resurgence of interest in recombinant proteins and peptides (likely boosted by the focus on incretins and the metabolic disease and obesity space). Of new modalities, antibody-drug conjugates, bispecific and multispecific antibodies, antisense oligonucleotides (ASOs), small-interfering RNAs (siRNAs) and chimeric antigen receptor (CAR) immune cell (T cell and NK cells) also were to the fore, each making up around 6% of all the early-stage deals we tracked. A type of therapeutic gathering increasing attention is clearly the induced-proximity therapeutic sector (including the different flavors of PROTACs, DUBTACs and molecular glues). Finally, although a great deal has been mentioned about investor apathy for gene editing and gene therapy, these also captured 3-4% of the deals.
Type of therapeutic modality in preclinical startups receiving pre-seed, seed, series A and series B funding in 2025 that were tracked by Haystack Science. Source: Haystack Science
By Max Braht, Director of Business Development, LSN
The RESI (Redefining Every Stage of Investment) Conference Series, produced by Life Science Nation (LSN), has become a cornerstone event series for the early-stage life science ecosystem. Designed to bring together innovators, investors, and strategic partners, RESI offers a highly curated environment where capital formation, partnership development, and brand visibility intersect.
In 2026, the RESI Series continues its global reach through a combination of in-person conferences and structured virtual partnering, offering sponsors year-round exposure and repeated touchpoints with a highly targeted audience.
A Global Series Built for Impact
The 2026 RESI Series includes multiple events across major life science hubs:
RESI Europe 2026 – Lisbon, March 23 (with virtual partnering March 24–25)
RESI June at San Diego 2026 – June 22 (with virtual partnering June 23–24, 29)
RESI Boston 2026 – September 22–23 (with follow-up virtual partnering September 25, 28)
Across these events, RESI convenes companies spanning therapeutics, diagnostics, medical devices, digital health, and enabling technologies, alongside venture capital firms, family offices, strategic investors, and corporate partners. Sponsors benefit from consistent brand presence across the series while engaging with a community focused on early-stage innovation and investment readiness.
Why Organizations Sponsor RESI
RESI sponsorship is structured to go beyond logo placement. Sponsors are integrated into the fabric of the conference experience, with benefits that can include:
High-visibility branding across pre-event marketing, onsite signage, and digital platforms
Exhibit opportunities in high-traffic networking areas during in-person events
Thought-leadership placement, including workshops, moderated sessions, and published articles distributed to LSN’s global audience
Targeted networking and partnering, supported by RESI’s proprietary matchmaking platform
Post-event attendee access, enabling meaningful follow-up with investors, founders, and decision-makers
Tiered sponsorship options allow organizations to align their level of involvement with specific business development, visibility, or ecosystem-building goals, while optional add-ons provide further customization.
Who Benefits from Sponsoring RESI
RESI sponsorship is designed to support a wide range of organizations across the life science ecosystem. Sponsors consistently report value not only in exposure, but in the relevance and quality of connections made.
Service Providers
CROs, CDMOs, legal, IP, regulatory, manufacturing, data, and commercialization services (e.g., McDermot Will & Emery, Biometas)
Direct access to early-stage companies actively building pipelines and seeking partners
Visibility among founders, executives, and investors at key decision-making stages
Opportunities to demonstrate expertise through workshops, articles, and curated sessions
Organizations such as Medmarc exemplify the value of sustained participation. Their consistent presence across multiple RESI conferences has helped establish familiarity and trust with early-stage companies, positioning them as a known and credible partner as those companies progress from formation through later stages of growth.
Regional Organizations and Innovation Hubs
Economic development groups, accelerators, incubators, trade organizations, and government-backed initiatives (past sponsors include Brisbane Economic Development Agency (BEDA), Kobe Biomedical Innovation Cluster, (KBIC) and Israel Export Institute (IEI))
A global platform to showcase regional ecosystems and portfolio companies
The ability to host demo days, pitch sessions, or dedicated tracks aligned with regional priorities
Increased international exposure to investors and strategic partners
Investors and Strategic and Corporate Partners
Venture capital, corporate venture, family offices, and strategic partners (past sponsors include, Muscular Dystrophy Association (MDA), Johnson & Johnson Innovation JLABS, and Eli Lilly)
Targeted visibility among investment- or partnering-ready startups across multiple modalities
Access to curated partnering and company intelligence through the RESI platform
Opportunities to participate in panels, pitch sessions, and thought-leadership programming
Structured environments for scouting, relationship-building, and ecosystem engagement
Brand alignment with a trusted, innovation-focused conference series
Sponsor Spotlight: How Organizations Activated Their Presence at RESI JPM 2026
While RESI JPM 2026 has already taken place, it provides a strong example of how sponsors can actively engage with the RESI platform — not just through visibility, but through programming and participation that creates tangible value.
One notable example is Kobe Biomedical Innovation Cluster (KBIC), a Gold Sponsor of RESI JPM 2026. KBIC leveraged its sponsorship to host the Kansai Life Sciences Accelerator Program (KLSAP) Demo Day, a dedicated session that highlighted emerging life science companies from its accelerator cohort.
Through this activation, KBIC provided startups with direct access to international investors and strategic partners, while reinforcing its role as a global connector within the life science innovation ecosystem. Rather than serving as a passive sponsor, KBIC used the RESI platform to advance its mission, support portfolio companies, and foster cross-border collaboration.
Similarly, Trillium BIO capitalized on both the high foot traffic generated by its exhibit booth and RESI’s partnering platform to schedule a large number of targeted meetings for its team. By combining in-person visibility with structured partnering, Trillium BIO maximized engagement efficiency and ensured meaningful conversations with potential clients and partners throughout the event.
What Successful Sponsors Do Differently
Examples from RESI JPM illustrate several effective sponsorship strategies that carry forward across the 2026 Series:
They integrate into the program.
Sponsors that host workshops, demo days, or curated sessions create natural engagement opportunities and attract aligned audiences.
They align sponsorship with strategy.
Whether the goal is pipeline development, geographic expansion, or investor visibility, effective sponsors use RESI to support broader organizational objectives.
They prioritize connection over exposure alone.
By leveraging partnering tools, curated meetings, and live engagement opportunities, sponsors maximize the quality of interactions — not just the quantity.
Looking Ahead
As the RESI 2026 Series continues across Europe and the United States, sponsors can build sustained visibility while actively shaping conversations at the forefront of life science innovation. The success of sponsor activations at past events demonstrates that RESI is not simply a conference series but a platform for meaningful engagement, partnership building, and long-term impact within the global life science community.
For more information about sponsorship opportunities across the RESI 2026 Series, contact us at sales@lifesciencenation.com. We look forward to discussing your needs and exploring how RESI can support your goals.
By Momo Yamamoto, Senior Investor Research Analyst, LSN
RESI JPM brings together early-stage life science innovators and active investors during one of the industry’s most important weeks, and Life Science Nation is pleased to announce the investor judges participating in the Innovator’s Pitch Challenge (IPC).
This year’s IPC will feature more than 90 presenting companies across 24 pitch sessions over two days, offering startups a high-impact opportunity to gain visibility, pitch directly to investors, and receive real-time feedback from experienced decision-makers.
Each pitch session will be evaluated by a panel of investor and strategic partner judges with expertise spanning therapeutics, medical devices, diagnostics, digital health, and life science tools. Following every presentation, judges will lead a live Q&A to assess the opportunity and share perspective on scientific differentiation, commercial potential, and investment readiness.
All IPC companies will also be assigned a dedicated space in the RESI Exhibition Hall, creating additional opportunities for follow-up conversations and deeper engagement with investors and conference attendees.
In addition, RESI JPM attendees will be invited to vote with their RESI Cash for their favorite presenting companies. The Top 3 companies will be announced during the conference reception. Winners will receive a prize and be featured in an upcoming issue of the LSN newsletter, reaching a global audience of investors and life science innovators.
Scroll down to see which investors will serve as judges for this year’s RESI JPM Innovator’s Pitch Challenge.
After moderating innumerable virtual and in-person investor panels like those that will light up the stage at RESI Europe, one question comes from the audience repeatedly: What do investors like to see in a cap table? How can you ensure that the ownership of your company is structured so
There is enough to own for follow-on investors
It attractive to investors
You don’t get diluted too much
Shares, rights and vesting schedules that your shareholders have make sense for who they are
Underwriting and doing an IPO is easy when it’s time?
The answers to these questions are the bread and butter of investment bankers and investors.
LSN assembled panelists from J.P. Morgan and Mid Atlantic Bio Angels for a practical, founder-focused virtual session on Best Practices for Cap Table Management. This webinar will walk through the fundamentals every early-stage company needs to understand to make informed equity decisions and avoid costly mistakes down the road. Attendees will learn how to approach founder equity splits, navigate dilution, and confidently interpret SAFE notes. We’ll also explore how cap table structure directly impacts fundraising outcomes and why a well-designed stock option pool is critical for attracting and retaining top talent. This session is especially relevant for founders, CEOs, and CFOs who want to strengthen their financial strategy, prepare future rounds, and build a company that scales responsibly.
We’ve all heard the horror stories of founders who were diluted so much that they hardly made money after exiting. We’ve heard about non-investable companies that have great technology but are simply not financially attractive. We’ve heard about the difficult board member who had too many voting rights and slowed the company strategy. This webinar on cap table management will cover various use cases and explain why they do or do not work. There will be written Q&A during the webinar, so you can get all your questions answered.
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
Caitlin Dolegowski
Michelle Hill
Next Phase Newsletter 