First Check
Every private biotech round in Massachusetts, from the first check.
When a private company sells stock, it has fifteen days to tell the SEC on a Form D. Many never announce the round, so the filing is often the first public sign the company exists. This map reads every one filed by a Massachusetts biotech or pharma company since 2014.
- Raised in the last 12 months
- $1.84B
- amount sold so far, per Form D
- Private rounds
- 82
- Massachusetts biotech and pharma
- New on the map
- 33
- first Form D on file, formed within five years
- Rounds still raising
- 64
- less sold than offered, filed in the last year
New on the map
First time on file.
Companies formed within the last five years whose first Form D was filed in the last twelve months, newest first. Most are startups at their first raise; a few are new holding companies or established companies moving to Massachusetts, which a Form D cannot tell apart.
Cambridge · formed 2023 · Biotechnology
NewQuiver Holdings
$3.0M
Convertible or debt · 4 investors · filed Oct 21, 2026
The filingBoston · formed 2024 · Biotechnology
NewXact Bio
$10.0Mof $18.0M
Equity · 3 investors · filed Sep 28, 2026
The filingCambridge · formed 2024 · Biotechnology
NewWay Biosolutions
$2.0M
Mixed · 2 investors · filed Sep 25, 2026
The filingCambridge · formed 2022 · Biotechnology
NewTypewriter Therapeutics
$56.3M
Equity · 6 investors · filed Sep 21, 2026
The filingAndover · formed 2022 · Biotechnology
NewPlatform Therapeutics
$1.8Mof $4.0M
Equity · 1 investor · filed Aug 27, 2026
The filingBoston · formed 2026 · Biotechnology
NewSimplicia
$600Kof $1.5M
Mixed · 6 investors · filed Aug 13, 2026
The filingNewton Highlands · formed 2026 · Biotechnology
NewLayka Bio
$300Kof $5.0M
Convertible or debt · 1 investor · filed Aug 7, 2026
The filingNewton · formed 2024 · Biotechnology
NewMagnendo
$18.0M
Equity · 10 investors · filed Jul 29, 2026
The filingCambridge · formed 2026 · Biotechnology
NewAdvanCell
$218Mof $315M
Equity · 41 investors · filed Jul 16, 2026
The filingBoston · formed 2025 · Biotechnology
NewHeadlands Holdco
$3.1M
Equity · 1 investor · filed Jul 15, 2026
The filingBoston · formed 2025 · Biotechnology
NewSailie Bio
$100Kof $250K
Mixed · 2 investors · filed Jul 14, 2026
The filingBoston · formed 2026 · Pharmaceuticals
NewAndros Medicines
$3.0Mof $5.0M
Equity · 2 investors · filed Jul 1, 2026
The filingBoston · formed 2025 · Biotechnology
NewChickadee Biomedicines
$150Kof $1.0M
Option, warrant or SAFE · 1 investor · filed Jun 25, 2026
The filingAllston · formed 2025 · Biotechnology
NewBoston Interactome
$500Kof $1.5M
Option, warrant or SAFE · 1 investor · filed Jun 24, 2026
The filingBoston · formed 2025 · Biotechnology
NewMemento Medicines
$38.0Mof $93.0M
Equity · 7 investors · filed Jun 16, 2026
The filingCambridge · formed 2025 · Biotechnology
NewHuman Biotech
$10.0M
Equity · 6 investors · filed Jun 3, 2026
The filingBoston · formed 2026 · Biotechnology
NewPillar Therapeutics
$14.0Mof $25.0M
Equity · 2 investors · filed May 13, 2026
The filingCambridge · formed 2023 · Biotechnology
NewTinos Therapeutics
$2.3Mof $4.0M
Option, warrant or SAFE · 3 investors · filed Apr 17, 2026
The filing
All 33 companies new on file this year
- Canal Biosciences$2.3M
- Pacegenix$22.5M
- 3X Genetics$3.2M
- Slate Medicines$10.0M
- Everest Biolabs$4.3M
- Solstice Oncology$121M
- Haku Bio$210K
- Lonestar Medicines$25.0M
- 20 Bio$4.5M
- Caldera Therapeutics$37.5M
- Consano Bio$16.8M
- Medici Therapeutics$14.8M
- Ophthalmic Therapeutic Innovation$100K
- Paretor$150K
- Oxbridge Clinical$4.5M
The last 90 days.
New rounds, and older rounds whose amendment was filed in the window. An amendment usually means more money came in, or the round stayed open for another year.
| Filed | Company | Sold so far | Offered | Securities | Investors | Filing |
|---|---|---|---|---|---|---|
| Oct 21 | Land TherapeuticsCharlestownupdate | $17.5M | $92.1Mstill raising | Equity | 12 | EDGAR |
| Oct 21 | Quiver HoldingsCambridgefirst on file | $3.0M | open-ended | Convertible or debt | 4 | EDGAR |
| Oct 20 | Crosslink TherapeuticsBostonnew round | $5.5M | $5.5M | Option, warrant or SAFE | 8 | EDGAR |
| Oct 13 | AxelyfChestnut Hillnew round | $2.6M | $2.7Mstill raising | Equity | 8 | EDGAR |
| Oct 8 | BioventrixMansfieldfirst on file | $1.2M | $3.0Mstill raising | Convertible or debt | 6 | EDGAR |
| Oct 1 | Opus KSDPembrokenew round | $681K | $681K | Equity | 16 | EDGAR |
| Sep 28 | Xact BioBostonfirst on file | $10.0M | $18.0Mstill raising | Equity | 3 | EDGAR |
| Sep 25 | AutoIVFNaticknew round | $1.5M | $1.5M | Mixed | 15 | EDGAR |
| Sep 25 | Way BiosolutionsCambridgefirst on file | $2.0M | $2.0M | Mixed | 2 | EDGAR |
| Sep 21 | Typewriter TherapeuticsCambridgefirst on file | $56.3M | $56.3M | Equity | 6 | EDGAR |
| Sep 17 | SurgiBoxCambridgenew round | $486K | $3.0Mstill raising | Mixed | 9 | EDGAR |
| Sep 3 | Superluminal MedicinesBostonnew round | $65.5M | $65.5M | Equity | 16 | EDGAR |
| Aug 28 | Aegle TherapeuticsWoburnnew round | $2.3M | $2.3M | Equity | 17 | EDGAR |
| Aug 27 | FluidForm BioWalthamfirst on file | $1.7M | $3.0Mstill raising | Equity | 20 | EDGAR |
| Aug 27 | Platform TherapeuticsAndoverfirst on file | $1.8M | $4.0Mstill raising | Equity | 1 | EDGAR |
| Aug 24 | Unravel BiosciencesMedfordnew round | $4.1M | $4.5Mstill raising | Convertible or debt | 2 | EDGAR |
| Aug 21 | CitrachemNorwoodfirst on file | $50K | $500Kstill raising | Convertible or debt | 1 | EDGAR |
| Aug 20 | SentonixArlingtonnew round | $12.7M | $21.2Mstill raising | Equity | 17 | EDGAR |
| Aug 14 | HartonMelrosefirst on file | $15.1M | $18.1Mstill raising | Equity | 5 | EDGAR |
| Aug 13 | AbcuroNewtonnew round | $39.4M | $177Mstill raising | Equity | 23 | EDGAR |
| Aug 13 | Auron TherapeuticsWellesleynew round | $7.1M | $12.0Mstill raising | Convertible or debt | 14 | EDGAR |
| Aug 13 | SimpliciaBostonfirst on file | $600K | $1.5Mstill raising | Mixed | 6 | EDGAR |
| Aug 7 | Layka BioNewton Highlandsfirst on file | $300K | $5.0Mstill raising | Convertible or debt | 1 | EDGAR |
| Aug 4 | Circinus Medical TechnologyConcordnew round | $4.2M | $5.0Mstill raising | Equity | 11 | EDGAR |
| Jul 31 | Ratio TherapeuticsBostonnew round | $70.0M | $70.0M | Equity | 57 | EDGAR |
| Jul 30 | NextPoint TherapeuticsCambridgenew round | $33.7M | $48.7Mstill raising | Equity | 15 | EDGAR |
| Jul 29 | MagnendoNewtonfirst on file | $18.0M | $18.0M | Equity | 10 | EDGAR |
| Jul 28 | InstyllaBedfordupdate | $34.8M | $35.0Mstill raising | Equity | 29 | EDGAR |
Twelve years of private money.
The 2021 peak, the reset that followed, and where this year is tracking. Hover a year for the number of rounds and the median equity round.
Private money raised by Massachusetts biotech and pharma, by year
Amount sold in rounds first filed that year. The last bar runs through Oct 21, 2026.
The numbers as a table
| Year | Rounds | Raised | Median equity round |
|---|---|---|---|
| 2014 | 106 | $1.20B | $5.5M |
| 2015 | 115 | $2.47B | $10.2M |
| 2016 | 95 | $2.11B | $8.0M |
| 2017 | 107 | $1.65B | $10.0M |
| 2018 | 117 | $2.40B | $11.5M |
| 2019 | 112 | $1.60B | $5.7M |
| 2020 | 119 | $2.48B | $11.2M |
| 2021 | 146 | $4.72B | $22.1M |
| 2022 | 117 | $2.88B | $13.5M |
| 2023 | 96 | $2.37B | $10.8M |
| 2024 | 100 | $2.89B | $11.1M |
| 2025 | 89 | $1.89B | $8.9M |
| 2026 to date | 66 | $1.37B | $14.5M |
Benchmarks
From first check to the next.
How big each raise is, and how long Massachusetts biotechs go between them, from the 519 companies whose whole financing history is on file: first Form D in 2015 or later, formed within five years of it.
69 of them have since gone public, a median of 1.9 years after their first round on file, having raised a median of $116M privately.
| Raise on file | Rounds | Median size | Median equity | Since the last |
|---|---|---|---|---|
| 1st | 491 | $6.7M | $9.5M | — |
| 2nd | 237 | $10.0M | $16.6M | 18 months |
| 3rd | 115 | $7.5M | $25.3M | 15 months |
| 4th and later | 104 | $15.8M | $25.0M | 12 months |
A Form D does not name the series, so these are raises in order, not Seed, A and B. Rounds under $250K are left out of the sequence.
Look up a company.
Every round on file for 695 Massachusetts biotech and pharma companies, each linked to its filing.
Most recently active first. Open a company to see every round on file.
How to read this
What a Form D can and cannot tell you.
Just raised your first round? The finance function you build in the next six months is the one your Series A investors will diligence.
Talk about your first finance hire- Who is included
- Every Form D whose primary issuer has a Massachusetts address and chose Biotechnology or Pharmaceuticals as its industry. Companies pick their own industry, so some biotechs that filed as Other Health Care or Other are not here, and pooled investment funds never are.
- A round
- An original Form D together with its amendments. The amount sold is the highest any filing in the chain reports; offered is the latest target. Open-ended means the company reported the offering size as indefinite.
- Securities
- Form D has three boxes: equity, debt, and options, warrants or other rights to acquire securities. SAFEs are usually filed in the third, and convertible notes in the second. Mixed means more than one box without equity.
- Private only
- Rounds that began after a company became public (registered on an exchange, filed its IPO prospectus, or filed its first 10-Q or 10-K) are placements by a listed company and are left out.
- Still raising
- The latest filing reports less sold than offered and was filed within the last fifteen months. A company does not have to file again when a round closes, so some will have finished quietly.
- New on the map
- The company's first Form D in the data, which starts in 2014, filed within the last year by a company formed in the last five. Usually a startup's first raise; sometimes a new holding company, a reincorporation, or a company relocating to Massachusetts.
- What is missing
- Investors' names: a Form D lists executives, directors and promoters, not who wrote the checks. Rounds that were never filed: filing is not a condition of the exemption, and a minority of companies skip it or file late.
- Freshness
- SEC publishes complete quarterly Form D data sets some weeks after each quarter ends. Days since then are read directly from EDGAR's daily index and refreshed each weekday. Data sets through 2026 Q3; filings through Oct 21, 2026.
- What this is not
- Not investment advice, and not a record of what any investor paid or owns. The filing wins; if a number looks off, I would like to hear about it.