Biotech A-Listers of 2024: Assessment of Their Luminance in 2025
In the dynamic world of biotechnology, several companies have made significant strides and faced challenges over the past 18 months. Here's a roundup of some notable developments.
In a major acquisition, Capstan Therapeutics was bought by AbbVie in June 2025 for up to $2.1 billion. The deal marks a significant milestone for Capstan, which has been developing innovative therapies in the field of oncology.
Meanwhile, Quotient Therapeutics is refining its somatic genomics platform, with a focus on applying it to cardiovascular and renal disease targets through collaborative efforts.
OrsoBio, another company on the rise, announced the advancement of its lead candidate, TLC-6740, through phase 1 trials. The company also secured a $67 million series B round in September 2024.
Cellarity transitioned from platform development to the clinic with the start of its first human trial in June 2025. This milestone marks a significant step forward for the company, which is working on cellular reprogramming technologies.
Among the biotech companies identified as "ones to watch" in 2024, Carisma Therapeutics faced significant challenges. Despite promising scientific progress with its in vivo CAR-M platform and valuable collaborations, Carisma struggled financially due to the absence of near-term clinical catalysts and licensing revenues. This led to a drastic restructuring, including a 34% workforce cut in December 2024, pausing key research programs, and subsequently a near-total layoff by early 2025. Carisma pursued a strategic merger with OrthoCellix (a subsidiary of Ocugen) announced in June 2025 as a way forward.
ReNAgade Therapeutics' RNA delivery technology was acquired by Orna Therapeutics in mid-2024, setting the stage for Orna's future collaborations, including a significant one with Vertex. The collaboration, announced in January 2025, is anchored in ReNAgade's delivery tech and is worth up to $1 billion in milestones.
Maze Therapeutics completed an upsized IPO in February 2025, raising $140 million. The company, which focuses on genetics-driven drug discovery, launched two clinical-stage programs and turned a profit in 2024.
Kriya Therapeutics transitioned key programs into the clinic, including KRIYA-825, a gene therapy for geographic atrophy, which entered phase 1/2 in 2025.
Aiolos Bio was acquired by GSK in January 2024 in a deal worth $1 billion upfront and up to $400 million in milestones. The acquisition underscores GSK's commitment to advancing immuno-oncology therapies.
The biotech landscape continues to evolve, with new companies emerging and established players adapting to changing circumstances. As these companies continue to innovate and overcome challenges, they are poised to make significant contributions to the field of biotechnology.
[1] Source: Various biotech news outlets and company press releases.
- Capstan Therapeutics' oncology therapy development significantly benefited from its acquisition by AbbVie for up to $2.1 billion in June 2025, marking a major milestone.
- Quotient Therapeutics is strategically refining its somatic genomics platform with a focus on cardiovascular and renal disease targets, with the potential to revolutionize healthcare.
- OrsoBio's lead candidate, TLC-6740, progressed through phase 1 trials, while the company raised $67 million in a series B round in September 2024, indicating prosperity in the biopharma sector.
- Cellarity's first human trial marked a significant step forward for its cellular reprogramming technologies, propelling the company's advancement in science and health-and-wellness.
- Financial struggles impacted Carisma Therapeutics, leading to restructuring and a strategic merger with OrthoCellix (a subsidiary of Ocugen) in June 2025, highlighting the critical role of finance in the biotech business landscape.
