This week on "The Top Line," we explore our annual special report on the top money raisers in the biotech industry.

Which company raised the most funding in 2023? What does the biotech financing landscape look like for this year? Fierce Biotech's Annalee Armstrong and Max Bayer answer those questions and many more in today's episode. They also discuss the details of the special report and share some of the stories behind the numbers. 

To learn more about the topics in this episode:  
Biotech's top money raisers of 2023
Fierce Biotech Fundraising Tracker 2024
Fierce Biotech Fundraising Tracker 2023

This week on "The Top Line," we explore our annual special report on the top money raisers in the biotech industry.
Which company raised the most funding in 2023? What does the biotech financing landscape look like for this year? Fierce Biotech's Annalee Armstrong and Max Bayer answer those questions and many more in today's episode. They also discuss the details of the special report and share some of the stories behind the numbers. 
To learn more about the topics in this episode:  
<ul>
<li><a href="https://www.fiercebiotech.com/special-reports/biotechs-top-money-raisers-2023" data-cke-saved-href="https://www.fiercebiotech.com/special-reports/biotechs-top-money-raisers-2023">Biotech's top money raisers of 2023</a></li>
<li><a href="https://www.fiercebiotech.com/biotech/fierce-biotech-fundraising-tracker-24" data-cke-saved-href="https://www.fiercebiotech.com/biotech/fierce-biotech-fundraising-tracker-24">Fierce Biotech Fundraising Tracker 2024</a></li>
<li><a href="https://www.fiercebiotech.com/biotech/fierce-biotech-fundraising-tracker-23" data-cke-saved-href="https://www.fiercebiotech.com/biotech/fierce-biotech-fundraising-tracker-23">Fierce Biotech Fundraising Tracker 2023</a></li>
</ul>

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech, and Fierce Pharma recount the latest industry trends and why they matter. We'll analyze the week's biggest business news, from mergers and marketing to drug R&D and device development. Available every Friday morning. 

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech, and Fierce Pharma recount the latest industry trends and why they matter. We'll analyze the week's biggest business news, from mergers and marketing to drug R&amp;D and device development. Available every Friday morning.&nbsp;

The Top Line

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech and Fierce Pharma recount the latest industry trends and why they matter. We’ll analyze the week’s biggest business news—from mergers and marketing to drug R&D and device development. Available every Friday morning.

 

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech and Fierce Pharma recount the latest industry trends and why they matter. We&rsquo;ll analyze the week&rsquo;s biggest business news&mdash;from mergers and marketing to drug R&amp;D and device development. Available every Friday morning.
&nbsp;

The top money raisers in biotech

What if clinical development teams could evaluate potential trial outcomes before a study reaches patients? In this sponsored episode of The Top Line, host Irena Luo speaks with Raja Shankar, vice president for machine learning within AI and technology solutions at IQVIA, about a foundation model designed specifically for life sciences. Shankar explains why general-purpose models may overlook important relationships in patient and clinical trial data and how post-training on life sciences data can make AI more relevant to predictive decision-making. He explores how the model represents patients, diseases, treatments and endpoints, then applies those relationships to anticipate events across a patient journey. The conversation also examines the strategic role of study simulation, including how teams can compare scenarios, challenge assumptions and refine protocol decisions before a trial begins. Shankar addresses the evidence, transparency and expert oversight needed to build confidence in model outputs. Listen to the podcast to learn how simulation could help reduce uncertainty and improve clinical development planning.

What if clinical development teams could evaluate potential trial outcomes before a study reaches patients? In this sponsored episode of The Top Line, host Irena Luo speaks with Raja Shankar, vice president for machine learning within AI and technology solutions at IQVIA, about a foundation model designed specifically for life sciences. Shankar explains why general-purpose models may overlook important relationships in patient and clinical trial data and how post-training on life sciences data can make AI more relevant to predictive decision-making. He explores how the model represents patients, diseases, treatments and endpoints, then applies those relationships to anticipate events across a patient journey. The conversation also examines the strategic role of study simulation, including how teams can compare scenarios, challenge assumptions and refine protocol decisions before a trial begins. Shankar addresses the evidence, transparency and expert oversight needed to build confidence in model outputs. Listen to the podcast to learn how simulation could help reduce uncertainty and improve clinical development planning.

How AI could improve clinical trial decision-making (Sponsored)

What does it mean to be a Fierce 15 biotech in 2026? With this year’s list unveiled, the Fierce Biotech team gets together to discuss what the winners tell us about the state of the sector.

In this week’s episode of "The Top Line," the Fierce Biotech editorial team reflects on the process of distilling more than 150 high-quality entries into the final Fierce 15 list. The team discusses how the ambitions of these companies are higher than ever and looks back on some of its conversations with the winners, covering everything from cutting-edge antibody research and novel fertility treatments to innovative ways to source radioisotopes.

To learn more about the topics in this episode: 
Introducing Fierce Biotech's 2026 Fierce 15 
Regeneron backs $75M series A for antibody upstart Infinimmune 
Sanofi-backed Expedition uses $115M series B to advance COPD drug on phase 2 journey
Beacon lights path to FDA approval with pivotal trial win for rare vision loss gene therapy
Fierce Biotech at London Life Sciences Week: Learn more and register 
Learn more about the Fierce Vanguard Awards Gala

What does it mean to be a Fierce 15 biotech in 2026? With this year&rsquo;s list unveiled, the Fierce Biotech team gets together to discuss what the winners tell us about the state of the sector. In this week&rsquo;s episode of "The Top Line," the Fierce Biotech editorial team reflects on the process of distilling more than 150 high-quality entries into the final Fierce 15 list. The team discusses how the ambitions of these companies are higher than ever and looks back on some of its conversations with the winners, covering everything from cutting-edge antibody research and novel fertility treatments to innovative ways to source radioisotopes.
To learn more about the topics in this episode:&nbsp;
<ul>
<li><a href="https://www.fiercebiotech.com/biotech/introducing-fierce-biotechs-2026-fierce-15" data-processed-url="true">Introducing Fierce Biotech's 2026 Fierce 15</a>&nbsp;</li>
<li><a href="https://www.fiercebiotech.com/biotech/regeneron-backs-75m-series-antibody-upstart-infinimmune" data-processed-url="true">Regeneron backs $75M series A for antibody upstart Infinimmune</a>&nbsp;</li>
<li><a href="https://www.fiercebiotech.com/biotech/expedition-lands-115m-series-b-advance-phase-2-copd-trial" data-processed-url="true">Sanofi-backed Expedition uses $115M series B to advance COPD drug on phase 2 journey</a></li>
<li><a href="https://www.fiercebiotech.com/biotech/beacon-lights-path-fda-approval-pivotal-trial-win-rare-vision-loss-gene-therapy" data-processed-url="true">Beacon lights path to FDA approval with pivotal trial win for rare vision loss gene therapy</a></li>
<li><a href="https://biotechlondon.fiercelifesciences.com/">Fierce Biotech at London Life Sciences Week: Learn more and register&nbsp;</a></li>
<li><a href="https://fiercevanguard.fiercelifesciences.com/">Learn more about the Fierce Vanguard Awards Gala</a></li>
</ul>

How we picked the Fierce 15 

With GLP-1s paving the way, a consumer shift is happening across markets for certain branded pharmaceuticals. Now, the CEO of a buzzy pattern-hair-loss biotech is eyeing opportunities in an evolving market that could expand well beyond his own company.

In this week’s episode of "The Top Line," Fierce’s Fraiser Kansteiner chats with Reid Waldman, co-founder and CEO of hair loss-focused biotech Veradermics. With impressive data on its reformulated minoxidil candidate and an upsized IPO earlier this year, Veradermics has generated significant interest in its approach. The company now hopes to tap into an increasingly consumer-minded market for certain drugs, a shift Waldman says could carry over to a range of indications and products.

To learn more about the topics in this episode: 
A cut above: Veradermics locks in $256M IPO and shares spike
Buzzy Veradermics shows its oral minoxidil can tackle female pattern hair loss, too
Contraline and its male birth control candidate rally $92.5M amid push into 'massive white space' of…
‘I’m a lot more optimistic today’: Mike Doustdar tells Fierce about pivotal first year as Novo Nordi…

With GLP-1s paving the way, a consumer shift is happening across markets for certain branded pharmaceuticals. Now, the CEO of a buzzy pattern-hair-loss biotech is eyeing opportunities in an evolving market that could expand well beyond his own company.
In this week&rsquo;s episode of "The Top Line," Fierce&rsquo;s Fraiser Kansteiner chats with Reid Waldman, co-founder and CEO of hair loss-focused biotech Veradermics. With impressive data on its reformulated minoxidil candidate and an upsized IPO earlier this year, Veradermics has generated significant interest in its approach. The company now hopes to tap into an increasingly consumer-minded market for certain drugs, a shift Waldman says could carry over to a range of indications and products.
To learn more about the topics in this episode:&nbsp;
<ul>
<li><a href="https://www.fiercepharma.com/pharma/cut-above-hair-regrowth-biotech-veradermics-locks-oversubscribed-256m-ipo" data-processed-url="true">A cut above: Veradermics locks in $256M IPO and shares spike</a></li>
<li><a href="https://www.fiercepharma.com/pharma/buzzy-veradermics-shows-its-oral-minoxidil-can-tackle-female-pattern-hair-loss-too" data-processed-url="true">Buzzy Veradermics shows its oral minoxidil can tackle female pattern hair loss, too</a></li>
<li><a href="https://www.fiercepharma.com/pharma/contraline-and-its-male-birth-control-candidate-rally-925m-series-b-amid-push-massive-white" data-processed-url="true">Contraline and its male birth control candidate rally $92.5M amid push into 'massive white space' of&hellip;</a></li>
<li><a href="https://www.fiercepharma.com/pharma/if-thats-not-acceleration-i-dont-know-what-novo-nordisk-ceo-doustdar-talks-leadership-new" data-processed-url="true">&lsquo;I&rsquo;m a lot more optimistic today&rsquo;: Mike Doustdar tells Fierce about pivotal first year as Novo Nordi&hellip;</a></li>
</ul>

The top money raisers in biotech

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