Findings:

• Massachusetts-headquartered companies raised $3.45 billion in venture capital in the first half of 2026, up 25% year over year and 25% of all U.S. biopharma VC — the strongest opening half since 2023.
• The money skewed later: the average Series A round grew to $79.6 million, while the average seed round fell to $4.65 million from $7.65 million.
• Eight Massachusetts companies went public in the first half, matching the combined total of 2024 and 2025 and nearly two-thirds of all U.S. biotech IPOs. Eleven companies were acquired for a reported $18.0 billion.
• Massachusetts biopharma employment contracted 3.1% in 2025 to 113,503 jobs, the first annual decline in the more than two decades MassBio has tracked this data. Biomanufacturing bucked the trend, adding 238 jobs.
• Massachusetts leads the nation in NIH funding per capita at $477 and drew 9.3% of all NIH funding, though award counts fell 6.2%.
• Massachusetts’s drug pipeline comprises 17.0% of the nation’s pipeline, up from 15.7% in last year’s report, with 26% of programs in advanced modalities.

What They’re Saying:

“Massachusetts has been central to AstraZeneca’s story for more than 75 years, and I know of nowhere with a greater concentration of scientific talent. Working alongside its academic institutions, biotechs, and technology partners is how ideas become life-changing medicines for patients — and why we continue investing here and across the U.S.”

Pascal Soriot, CEO, AstraZeneca