Cancer and immune-focused biotech firms capture over $3.9 billion of H1 2026 venture capital

BioPharma Dive data show that cancer and immune disease biotech companies accounted for more than 40% of the biotech firms receiving venture funding in the first half of 2026.

Of the roughly $9 billion invested by 26 active investors, about $3.9 billion went to companies developing therapies for cancer or immune disorders, with $2.1 billion directed specifically to immune-focused startups working on lupus, atopic dermatitis, inflammatory bowel disease and similar conditions.

Some startups are pursuing both cancer and immune indications and are counted in each category. While exits have been notable in areas such as obesity and cardiometabolic disease, analysts expect continued capital flow to cancer and immunology because these fields lack a time-sensitive element, according to PitchBook senior analyst Ben Zercher.