Future Biotech Pioneers of 2024: Did Their Brightness Dim or Persist in 2025?
In the world of biotechnology, the firms identified as "ones to watch" in 2024 have shown a mixed but generally promising picture 18 months later. Here's a roundup of some significant developments:
OrsoBio successfully closed a $67 million series B round in September 2024, and its lead candidate, TLC-6740, advanced through phase 1 trials, showing positive safety and metabolic signals in humans.
Maze Therapeutics turned a profit in 2024, boosted by licensing revenue from a Shionogi deal. The company further strengthened its position by completing an upsized IPO in February 2025, raising $140 million, and launching two clinical-stage programs, phase 1/2 for APOL1 kidney disease and phase 1 for CKD/PKU. With a cash runway into 2027 and growing clinical momentum, Maze Therapeutics continues to be a force to reckon with.
Carisma Therapeutics announced a merger agreement with OrthoCellix, a subsidiary of Ocugen, in June 2025. The merger will pivot Carisma away from oncology and macrophage engineering, focusing on NeoCart, a phase 3-ready cartilage repair therapy. However, the company faced challenges, including a 34% workforce reduction in December 2024 and an investigation initiated by shareholders regarding the fairness of the merger and potential breaches of fiduciary duties.
Quotient Therapeutics secured a strategic collaboration with Flagship Pioneering and Pfizer's joint initiative in August 2024 for cardiovascular and renal disease targets.
Kriya Therapeutics transitioned KRIYA-825, a gene therapy for geographic atrophy, into phase 1/2 trials in 2025.
Cellarity announced the start of a phase 1 trial for CLY-124, an oral globin-switching therapy for sickle cell disease, and expanded its partnership with Novo Nordisk to include a new program in metabolic dysfunction-associated steatohepatitis (MASH).
Capstan Therapeutics was acquired by AbbVie in June 2025 for up to $2.1 billion.
ReNAgade Therapeutics' RNA delivery technology was acquired by Orna Therapeutics in mid-2024, leading to a collaboration with Vertex in January 2025, anchored in ReNAgade's delivery tech.
Aiolos Bio was acquired by GSK in January 2024 in a deal worth $1 billion upfront and up to $400 million in milestones.
IO Biotech received accolades such as being named among the “World’s Most Innovative Companies of 2025,” underscoring their ongoing impact and development success after being highlighted as promising in the previous year. IO Biotech is advancing therapeutic cancer vaccines in immuno-oncology.
Newer entrants like A2 Biotherapeutics and Tenvie Therapeutics, though not named explicitly in the 2024 "ones to watch" list, have raised substantial funds ($80 million and $200 million respectively) to advance clinical programs in cancer and neurology, indicating strong investor confidence and active pipeline progress by mid-2025.
The biotech sector also witnessed industry activity including M&A, with companies like Y-mAbs Therapeutics being acquired for hundreds of millions of dollars, reflecting dynamic industry consolidation and value realization for some players.
In conclusion, many of the biotech firms identified as "ones to watch" in 2024 have either progressed their clinical programs, secured significant capital, or become acquisition targets by 2025, indicating positive momentum and validation of their growth prospects in the biotech sector.
- In healthcare, OrsoBio's TLC-6740, a lead candidate in pharmaceuticals, progressed through phase 1 trials, demonstrating positive safety and metabolic signals, following a successful $67 million series B round.
- Science and technology have played significant roles in the growth of Maze Therapeutics, with the company turning a profit in 2024, stronger positioning through an upsized IPO, and launching clinical-stage programs using genomics and biotechnology.
- Amidst challenges like a workforce reduction and shareholder investigations, Carisma Therapeutics made strategic moves, merging with OrthoCellix and transitioning to a focus on NeoCart, a cartilage repair therapy in the health-and-wellness sector.
- Newer biopharma entrants like A2 Biotherapeutics and Tenvie Therapeutics, though not originally featured in the 2024 "ones to watch" list, have raised substantial funds, underlining strong investor confidence and active pipeline progress in cancer and neurology.
