Report Highlights

• Massachusetts-headquartered companies accelerated innovation in their pipelines with a nearly 14% year-over-year increase in drug candidates.
• Venture capital to Massachusetts-headquartered companies totaled $6.85 billion across 197 rounds in 2025, reflecting a return to pre-pandemic funding levels.
• 71% of funding flowed to companies outside Cambridge, with Boston surpassing Cambridge in total venture capital for the second consecutive year.
• Thirty-six Massachusetts-based companies were acquired for a total of $20 billion.
• Two Massachusetts companies completed IPOs (Sionna to the NASDAQ and Insilico Medicine to the HKEC), down from six last year, while another co-located company (Maplight Therapeutics) also went public last year.

What We’re Saying

“American leadership in biotechnology is both a national security imperative and an economic priority. Massachusetts companies are building the drug pipeline that will define the next decade of cures and therapies, and MassBio will continue advocating for the federal investments and policy reforms that keep the United States competitive on the global stage.” – MassBio CEO and President Kendalle Burlin O’Connell