Crossover fundraisings may hit $4.2 billion in 2026, with 2025 rounds still leading historic totals

Crossover rounds are viewed as a bridge to public markets, with Jim Healy of Sofinnova Investments saying a large raise signals a company has reached a level of maturity and broader institutional interest.

PitchBook projects that 2026 could see more crossover deals than 2025, estimating $4.22 billion across 28 financings.

Despite the projected growth, the biggest individual rounds remain from 2025, which contributed three of the six highest‑value crossovers in biotech history and represented about 3% of the year’s $3.83 billion total financing.

Kailera Therapeutics holds the top spot with a $600 million raise a year ago, followed by a $625 million IPO in April 2026, underscoring how sizable crossover funding can indicate maturity and attract a wider investor base.