PIPEs in Biopharma: A 2025 Deep Dive

The biopharma sector in 2025 is navigating a difficult funding landscape. Public markets have cooled off after the boom of 2020–2021, leaving many biotech companies cash-hungry in what observers dub a "biotech winter." In this environment, Private Investments in Public Equity (PIPEs) have emerged as a crucial lifeline for biotech and pharma companies to raise money.

A PIPE is essentially a private financing deal where a public company sells its stock (or related securities) directly to select investors, typically at a negotiated price, outside of the open market source, overview. These deals can be completed faster and with fewer regulatory requirements than a public offering, making them attractive in a volatile market.

This deep dive will explain how PIPEs work, why biopharma companies use them, and review key trends and examples from 2025. Both seasoned financial professionals and newcomers will gain insights into the mechanics of PIPE deals and their growing role in biotech financing.

What is a PIPE and How Does it Work?

A PIPE financing (Private Investment in Public Equity) is a transaction in which a publicly traded company privately sells a block of equity (shares or other equity-linked securities) to accredited investors. Unlike a regular public offering open to all investors, a PIPE deal is negotiated behind closed doors with a limited number of institutional or accredited investors.

The purchase price is often set at a discount to the current market price of the stock as an incentive for those investors. In many cases, the deal also includes sweeteners such as warrants (options to buy additional shares in the future at a set price) or preferred equity features, to compensate for the risk and limited liquidity of the privately placed shares and warrants.

Table: Key PIPE Characteristics vs Traditional Offerings

Feature	PIPE Financing	Traditional Public Offering
Timeline	5-10 days	3-6 weeks
Investor Type	Accredited/Institutional	General Public
Regulatory Requirements	Minimal (Form D)	Full S-1/S-3 Registration
Marketing	Private negotiations	Public roadshow
Information Sharing	Non-public data allowed	Public information only
Pricing	Negotiated	Market-driven
Trading Restrictions	Initially restricted	Immediately tradeable
Typical Size	$50-500M	$100M-1B+

In practical terms, here's how a typical PIPE works: the company and its advisers reach out confidentially to potential investors (often via a "wall-cross" process where investors sign an NDA). The company might share non-public information (for example, upcoming clinical trial results or financial forecasts) to convince investors of the company's prospects.

Investors who agree to participate commit to buying a certain amount of the company's stock at a fixed price. Because the sale is private, the new shares are restricted – investors cannot freely trade them immediately in the open market. To address this, the company usually agrees to file a registration with regulators after the deal, so that the purchased shares (or the shares underlying any warrants or convertible instruments) can be resold publicly after a certain period.

The entire PIPE process can often be executed more quickly than a public follow-on offering, since it avoids the need for a lengthy public roadshow or extensive regulatory review.

Why do companies favor PIPEs? Speed and certainty are key reasons. In a volatile market, doing a traditional public offering (even a secondary offering after IPO, known as a follow-on) can be risky – the stock price might fall during the marketing process or investors may demand steep discounts. PIPEs allow companies to lock in committed capital from anchor investors swiftly and quietly. As one biotech PIPE participant explained, unlike a public deal, a PIPE "may be faster to execute, involve fewer regulatory hurdles, and is typically anchored by institutional investors with long-term strategic interest."

In other words, companies can secure funding without the noise and price risk of a public offering, often timed around important milestones like trial data announcements (when investor interest is highest). In fact, by mid-2025 an overwhelming majority of biotech stock offerings were done confidentially – 87% of follow-on equity raises in Q2 2025 were executed as non-public deals (PIPEs, wall-crossed offerings or registered directs), reflecting issuers' reluctance to rely on open market pricing.

What's in it for investors? PIPE investors, typically specialized institutional investors, get to buy into a company at a favorable price and with insider knowledge. They often receive a discount to the market price and sometimes warrants or convertible preferred shares that can boost their returns if the company succeeds, allowing advantageous pricing. Crucially, by signing confidentiality agreements, these investors get an early look at material information (like positive trial results) before it's publicly disclosed.

This gives them confidence that the stock might rise, and thus they are willing to provide funding when others might not. As one investment banker described, a PIPE deal might let an investor buy stock at, say, $8 when it was $10 in the market; if the news is good, the public stock might stay near $10, allowing the investor an immediate paper gain on the discounted shares – plus they retain warrants for additional upside.

Of course, these benefits come with the risk that if the company disappoints, the privately bought shares could lose value before the investor can exit.

PIPE deals can be highly dilutive to existing shareholders as well, since they often involve issuing a significant number of new shares at a discount. For this reason, boards and existing owners don't undertake PIPEs lightly – but in a cash crunch, the priority is often survival and funding the next milestone.

Who Invests in and Structures PIPE Deals?

PIPE financings in biopharma are typically the domain of large institutional investors with appetite for high-risk, high-reward opportunities. These include dedicated biotech investment funds, crossover hedge funds, venture capital firms with late-stage funds, and sometimes big mutual fund or pension fund investors specializing in healthcare.

A recurring player in 2025's biotech PIPEs is RA Capital Management – an example of a healthcare-focused fund that has led or participated in many sizable PIPE rounds, including SAB Bio.

Table: Leading PIPE Investors in 2025

Investor	Deal Count	Notable Transactions
RA Capital Management	5+	Vor Bio ($175M), SAB Bio ($175M), Belite Bio ($125M)
Frazier Life Sciences	3+	Lexeo ($80M co-lead), Krystal Bio ($160M)
RTW Investments	3+	Belite Bio, Taysha Gene
Vivo Capital	2+	SAB Bio
Blackstone Life Sciences	2+	SAB Bio
Sanofi (Strategic)	1	SAB Bio ($175M)
Reid Hoffman	1	Vor Bio ($55.6M lead)

Other notable investors in these deals include names like BVF Partners, Boxer Capital, Fidelity, Janus Henderson, Frazier Life Sciences, RTW Investments, and Perceptive Advisors, among others, who have a history of biotech investing. In some cases, strategic corporate investors also join PIPE rounds – for example, pharma giant Sanofi took part in a $175 million PIPE to fund a smaller biotech's Type 1 diabetes program.

These strategic investors can bring industry validation and sometimes come onboard as part of a broader partnership or licensing deal.

On the company side, executing a PIPE usually involves investment banks and advisory firms that specialize in biotech capital markets. Companies will mandate one or several banks to act as placement agents, whose job is to line up interested investors and coordinate the transaction. In 2025, many familiar biotech bankers (Jefferies, Cowen, JP Morgan, Morgan Stanley, Goldman Sachs, SVB Securities, etc.) have been active in arranging PIPEs. It's not uncommon to see multiple banks sharing the placement role, especially for larger financings.

For instance, Lexeo Therapeutics' $80 million private placement in May 2025 was co-led by J.P. Morgan and Oppenheimer & Co., with Baird also acting as a placement agent.

These banks tapped their network of healthcare investors to pull together the syndicate of buyers. Law firms also play a key role in structuring PIPEs, handling the securities purchase agreements and regulatory filings – a number of leading law firms (like Cooley, Goodwin, Wilson Sonsini, etc.) have dedicated teams for biotech financings. All of this happens on an expedited timeline compared to public offerings. A deal might be discussed and closed within days around a news event (e.g. positive trial results), with the company announcing the PIPE publicly only after it's already signed with investors.

From the outside, it may seem sudden when you see a press release that a biotech has secured tens of millions in a private financing overnight – behind the scenes, careful negotiations and advisor coordination made it possible.

Why Biotech and Pharma Companies Use PIPEs

For many biopharma companies, PIPEs in 2025 are born of necessity. Traditional funding routes have been challenging: the IPO window has virtually shut – in fact, zero biotech IPOs priced in Q2 2025 (a first in over a decade), with only four IPOs in the entire first half of 2025. Follow-on public offerings have also dwindled dramatically (less than half the volume of a year prior).

This drought is driven by broader market conditions: even as general stock indices rose in 2025, biotech stocks underperformed. By mid-year, biotech indexes (like XBI and NASDAQ Biotech Index) were down, lagging an S&P 500 that was up ~8% year-to-date. With investor sentiment toward biotech risk still lukewarm, companies have turned to PIPEs as a financing bridge to keep their R&D moving until market conditions improve.

In short, if you can't raise money via an IPO or a large public stock sale, a private placement with a few willing investors may be the only way to refill the coffers.

Beyond sheer necessity, there are strategic reasons biotechs choose PIPEs. A PIPE can be timed advantageously – for example, right after announcing a major scientific breakthrough or positive clinical trial data. In a scenario where a small biotech releases promising Phase 2 results, its stock might jump on the news. The company could quickly secure a PIPE deal the next day, selling shares at a modest discount to the new higher price, thereby locking in the gain and raising cash to fund the next trial.

Doing this privately avoids spooking the market with a sudden public offering announcement (which often causes a stock drop). In 2025, about 76% of financing deals were tied to specific catalysts like data announcements, underscoring that companies wait for the right moment when investors see upside potential. PIPEs are also useful for companies that have an insider or strategic backer ready to invest: for example, if a pharma partner wants a stake in the company as part of a collaboration, a PIPE can facilitate that quickly without a public process.

Of course, there are downsides. PIPEs typically come at the cost of significant dilution – new shares (or convertible preferred shares) are issued, which can reduce the value of existing shareholders' stakes. Many stock exchanges (like NASDAQ) also have rules requiring shareholder approval if a company issues more than 20% of its pre-deal shares at a discount, which means some PIPE deals are structured in tranches or with prefunded warrants to get around those limits pending a shareholder vote, requiring creative structures.

Despite these complexities, for a lot of struggling biotechs in 2025 the calculus is simple: a dilutive financing is better than running out of cash. As one CEO quipped, "at least the company can raise money" when discussing the flurry of PIPEs – implying that while PIPE terms might not be ideal, they're a lifeline in an environment where many companies might otherwise go under.

2025 Market Trends in Biopharma PIPEs

The year 2025 has so far seen a mixed picture for PIPE deals in the biotechnology and pharma arena. On one hand, PIPEs continue to be a critical financing tool given the persistent public market slump for biotech. On the other hand, the overall level of activity is down from the prior year, as many investors remain cautious.

Table: PIPE Market Evolution 2023-2025

Year	Total PIPE Volume	Number of Deals	Average Deal Size	Notable Trend
2023	$3.5B	85	$41M	Crisis financing dominates
2024	$5.5B	105	$52M	Return of premium pricing
Q1-Q3 2025	$2.8B*	48	$58M	Selective, larger deals
*Projected to reach $3.7B for full year

By mid-2025, data showed that follow-on equity issuance and PIPE fundraising were sharply lower than in 2024 – for example, in Q2 2025 biotech companies raised only about $0.6 billion via PIPEs, a 65% drop from the $2.3 billion raised in Q2 2024. Similarly, the number of follow-on stock offerings (including PIPEs and other confidential placements) fell by roughly half year-over-year.

In other words, fewer companies are managing to close deals, and those that do are often raising smaller amounts than a year ago. The contraction in funding is part of a broader pullback that began in 2022–2023 as interest rates rose and investors became more risk-averse, requiring careful consideration.

Yet, there are some silver linings. The deals that are happening tend to involve stronger companies or attractive assets, and some are quite large – signaling that capital is available for those with the right story. In fact, the average size of PIPE and follow-on deals in 2025 has been relatively high, because only the higher-quality companies can tap the market, and they aim to raise enough to survive a prolonged downturn.

One report noted that in Q2 2025, follow-on deal value in the U.S. was roughly flat compared to Q1 despite almost 50% fewer deals – implying that a handful of well-positioned biotechs were able to secure big financings, even as most others stayed on the sidelines.

We also see that investors in 2025's PIPEs often negotiated structured terms such as warrants with premium exercise prices or convertible preferred shares, which give companies access to additional capital down the line if things go well.

For instance, a number of deals this year have been structured to include a second tranche of funding via warrant exercises at a higher stock price, effectively rewarding the company if its stock appreciates (and rewarding investors with more shares if they bet on a winner), with warrant structures. This kind of structure can be a win-win: the company doesn't take all the dilution upfront and gets a vote of confidence that investors expect the stock to rise, while investors get upside participation and some downside protection.

Geographically, the trend is global. In Europe and Asia, public biotech financing has also been constrained in 2025, echoing the U.S. experience. European biotech stock offerings have been scarce, and many EU-based biotechs have either listed in the U.S. to access its deeper capital pool or relied on private rounds (including PIPE-like deals with U.S. and global investors).

In China and Asia-Pacific, where biotech investment had been booming a few years ago, activity cooled in 2025 amid regulatory reforms and market recalibration. The Hong Kong exchange – a hub for biotech listings – saw improved performance in Q2 2025, but only a handful of biotech IPOs actually took place there.

The common theme is that risk capital is selective: whether in Boston, London, or Shanghai, investors in 2025 are favoring opportunities that are later-stage or de-risked (e.g. programs with human clinical data or approved products, particularly in licensing). This means many early-stage or cash-strapped biotechs are left to either downsize, seek partnerships, or grab lifelines like PIPE financings to stay afloat.

As one industry analyst summarized, "the number of PIPEs has been really high [recently]... at least the company can raise money" – reflecting that for many CEOs, a quiet private placement is the only viable option to ride out the storm until investor confidence returns.

Notable Biopharma PIPE Deals of 2025

Despite the overall slowdown, a number of significant PIPE transactions have closed in 2025, illustrating how these deals are being used to support companies across different situations. Below are examples of noteworthy PIPE financings in biopharma during 2025 and what made them interesting:

Additional Notable PIPE Transactions (2024-2025)

Beyond the major deals already discussed, several other significant PIPE transactions have shaped the market:

Table: Additional PIPE Deals in Biopharma

Company	Date	Amount	Lead Investors	Key Features
Krystal Biotech	May 2023	$160M	Braidwell LP, Frazier Life Sciences	Post-approval financing for VYJUVEK launch
COMPASS Pathways	2024	$285M ($125M upfront)	Not disclosed	Mental health focus, warrant structure
Taysha Gene Therapies	Early 2024	$150M	RA Capital, PBM Capital, RTW	Gene therapy platform
Denali Therapeutics	Feb 2024	$500M	Multiple institutional	Largest PIPE of 2024
Crinetics Pharmaceuticals	Feb 2024	$350M	Healthcare funds	Endocrinology focus

Vor Bio – $175 Million Lifeline (July 2025)

In one of the year's headline PIPE deals, Vor Biopharma, a clinical-stage biotech, secured $175 million in gross proceeds through a private placement. This was a dramatic turn of fortune for Vor – just months earlier it had announced major layoffs and was exploring strategic alternatives amid funding challenges.

The PIPE was anchored by leading biotech funds RA Capital Management (an existing stockholder) and included other institutional backers like Mingxin Capital, Forbion, Venrock Healthcare, and others.

To accommodate the large raise, the deal was structured with pre-funded warrants to buy common shares at a nominal price, pending shareholder approval for an increase in authorized shares. This structure allowed Vor to quickly get the cash in the door while aligning with investors on a future upside – effectively a creative workaround to NASDAQ's share issuance limits. Vor committed to file a resale registration so that investors can eventually trade the shares underlying the warrants.

This PIPE not only gave Vor a financial runway to refocus on its autoimmune disease programs, but it also brought in a new CEO and a vote of confidence from prominent biotech investors to reboot the company's strategy.

SAB Biotherapeutics (SAB Bio) – $175 Million + Option (July 2025)

SAB Bio (Nasdaq: SABS), a company developing immunotherapies for Type 1 diabetes, announced an oversubscribed $175 million PIPE that stands out for its large strategic participation. The financing was led by RA Capital and notably included Sanofi, a global pharmaceutical company, alongside other healthcare funds like Commodore Capital, Vivo Capital, Blackstone's life science arm, and more.

The deal was done through the issuance of Series B convertible preferred stock and warrants – a somewhat complex structure that gave SAB $175 million upfront and the potential for up to $284 million more if investors exercise those warrants in full. Essentially, if SAB hits certain milestones (which would likely boost its stock), investors can convert warrants into more preferred shares for additional funding, bringing the total raise to a whopping ~$459 million.

This PIPE shows how, even in 2025's tough climate, companies with promising assets can attract significant capital – in this case, a major pharma company's involvement signals strategic interest in SAB's diabetes program. It also illustrates the use of staged financing: immediate cash plus a future infusion if things go well.

Belite Bio – $125 Million + Warrant Upsize (Q3 2025)

Belite Bio (NASDAQ: BLTE), a clinical-stage biotech working on treatments for eye diseases, arranged a private placement in late 2025 to fund its lead program toward commercialization. The deal was led by RA Capital and raised $125 million upfront by selling ordinary shares at $64.00 each, and came with warrants that could bring in an extra $150 million if exercised.

Uniquely, the warrant exercise price was set at a 20% premium ($76.80 per share) and they have a two-year term.

This means investors are betting that Belite's stock will rise above $76.80 – if it does, exercising the warrants will inject more cash into the company (and reward investors with more shares). The syndicate included multiple specialist funds (Eventide, Marshall Wace, RTW Investments, Soleus Capital, among others), showing broad interest. The structure indicates a vote of confidence: investors were willing to pay a premium on the next round of funding (via the warrants) if Belite's drug for Stargardt disease progresses well.

For Belite, the immediate $125 million extends its runway and helps prep for potential drug approval and launch, while the warrant feature essentially pre-arranges a follow-on investment if the data is strong.

Lexeo Therapeutics – $80 Million for Gene Therapy (May 2025)

Lexeo Therapeutics, focusing on genetic medicines for cardiovascular diseases, closed an $80 million PIPE in the first half of 2025. This deal is notable for the composition of investors and advisors: it was co-led by Frazier Life Sciences and Janus Henderson Investors, blending a traditional VC firm and a global asset manager. Other participants included both new and existing investors such as Ally Bridge Group (a cross-border healthcare fund), Surveyor Capital (affiliated with Citadel), and others.

On the execution side, multiple banks were involved as well – J.P. Morgan and Oppenheimer acted as co-lead placement agents, with Baird also assisting. The proceeds were earmarked to advance Lexeo's clinical-stage programs (essentially fueling expensive gene therapy trials). Lexeo's case underscores that even mid-sized private placements require broad support in 2025: the company tapped a mix of biotech-focused and generalist investors, and needed an array of bankers to get the deal done.

It reflects how challenging fundraising is – even a solid science company needed to cast a wide net to raise $80 million. Yet, the success of this PIPE also reinforces that capital can be raised for compelling science, as long as the terms and timing are right.

Each of these examples highlights a different facet of PIPE financing in 2025. From rescue financings of distressed biotechs to war chests for companies on the cusp of commercialization, PIPEs are providing a flexible solution. The common thread is that investors with deep pockets and conviction in the science are stepping in – albeit on more demanding terms (discounts, warrants, preferred equity) – to fund the next wave of innovation. For financial professionals, these deals exemplify how creative deal-making can bridge valuation gaps and risk appetites in a tough market.

And for newcomers, they illustrate in real terms what a PIPE means: a lifeline investment negotiated privately to keep the engines of drug development running.

Conclusion

PIPE deals have solidified their role as a vital financing mechanism for biopharma in 2025. They offer a pragmatic workaround to the frozen IPO market and tepid public offerings, enabling companies to secure much-needed capital from specialized investors behind closed doors.

We've seen that PIPEs come with trade-offs – they tend to be more dilutive and investor-favorable (with discounts and warrants) than booming-market financings – yet they have been indispensable in keeping many biotech players in the game through a funding drought.

Table: PIPE Market Outlook for Late 2025 and 2026

Factor	Current Status	Expected Trend	Impact on PIPEs
Interest Rates	Stabilizing	Gradual decline	More capital available
IPO Window	Effectively closed	Selective reopening	PIPEs remain crucial
Investor Sentiment	Cautiously optimistic	Improving slowly	Premium pricing continues
Deal Structure	Complex warrants	Simpler terms	Less dilution
Average Size	$50-100M	$75-150M	Larger rounds
Strategic Participation	Increasing	Major trend	More pharma involvement

The trends through September 2025 show a Darwinian climate: only the stronger or more promising companies are managing to pull off sizable PIPEs, often rallying a club of well-known sector investors to back them.

Those deals that do happen are frequently structured in innovative ways to align interests, such as multi-tranche investments or convertible instruments, indicating a new normal of creative financing in the sector.

Key Takeaways for Industry Stakeholders

For industry stakeholders, the prevalence of PIPEs underscores several critical insights:

Table: PIPE Strategy Guide by Company Stage

Company Stage	Optimal PIPE Strategy	Typical Terms	Success Factors
Phase 1/2	Milestone-based tranches	High discount (20-30%)	Strong science, experienced team
Phase 2b/3	Premium pricing possible	At-market or premium	Positive interim data
Commercial-ready	Strategic investor focus	Modest discount (5-10%)	Clear path to revenue
Distressed	Survival financing	Heavy dilution	New management/strategy

First, long-term capital is still out there for biotech, but it's selective – investors are doing deep diligence (sometimes even reviewing confidential data in PIPE discussions) and driving hard bargains. Second, the mechanics of PIPEs reward preparedness: companies that maintain strong relationships with potential investors and have data-ready milestones can strike opportunistically when windows open, whereas others might miss the moment.

Finally, from a broader market perspective, many expect that once the biotech sector rebounds (be it through improved trial successes, M&A uptake, or macroeconomic shifts), reliance on PIPEs might recede in favor of more traditional public offerings. Until then, however, PIPEs remain a lifeline that marries the urgency of companies with the opportunism of investors.

They are keeping the wheels of drug innovation turning in 2025 – albeit squeakily – and have become a cornerstone of biotech financing strategy in this challenging era, as industry reports confirm.

Comprehensive PIPE Deal Summary Tables

Table 1: Major 2025 PIPE Transactions Overview

Company	Date	Total Potential	Upfront	Warrant Coverage	Key Terms
Vor Bio	June 2025	$175M	$175M	700M shares @ $0.0001	Pre-funded warrants, shareholder approval required
Vor Bio	Dec 2024	$114.1M	$55.6M	69.8M shares @ $0.838	7-year warrants, Reid Hoffman led
SAB Bio	July 2025	$459M	$175M	$284M potential	Series B convertible preferred @ $1.75/share
Belite Bio	Sept 2025	$275M	$125M	$150M @ $76.80	20% premium, 2-year term
Lexeo	May 2025	$80M	$80M	13.9M shares	4-year warrants, $2.8825/share

Table 2: Key Investors by Deal

Deal	Lead Investor(s)	Other Major Participants
Vor Bio (June)	RA Capital Management	Mingxin Capital, Forbion, Venrock Healthcare, Caligan Partners, NEXTBio
Vor Bio (Dec)	Reid Hoffman, RA Capital	Board representation granted to both
SAB Bio	RA Capital, Sanofi (Strategic)	Commodore Capital, Vivo Capital, Blackstone Multi-Asset, Spruce Street, Forge Life Science, Woodline Partners, Sessa Capital, T1D Fund, ATW Partners
Belite Bio	RA Capital Management	Eventide Asset Management, Marshall Wace, RTW Investments, Soleus Capital, Vestal Point Capital
Lexeo	Frazier Life Sciences, Janus Henderson	Adar1 Capital, Affinity Healthcare Fund, Ally Bridge Group, Coastlands Capital, Surveyor Capital (Citadel), Vestal Point, Woodline Partners

Table 3: Investment Banks and Advisors

Company	Placement Agent(s)	Law Firms
Vor Bio	Not disclosed	Not disclosed
SAB Bio	Leerink Partners (Lead), UBS Investment Bank, Chardan, Oppenheimer & Co. (Joint)	Not disclosed
Belite Bio	Morgan Stanley (Sole)	O'Melveny (Company counsel)
Lexeo	J.P. Morgan, Oppenheimer & Co. (Co-Lead), Baird	Paul Hastings (Bank counsel), Wilson Sonsini (Company counsel)

Table 4: Deal Structure Comparison

Feature	Traditional Discount Model	2025 Premium Model
Pricing	10-20% discount to market	At market or premium
Warrants	Coverage ratio 0.5-1.0x	Coverage ratio 1.0-1.5x
Exercise Price	At or below market	20%+ premium to offering
Term	3-5 years	2-7 years variable
Investor Type	Opportunistic	Strategic/Long-term

Table 5: Market Metrics Q2 2025 vs Q2 2024

Metric	Q2 2025	Q2 2024	Change
PIPE Volume	$0.6B	$2.3B	-65%
Number of Deals	22	43	-49%
Average Deal Size	$27M	$53M	-49%
% Confidential	87%	62%	+25pp
IPOs Priced	0	8	-100%

Table 6: Use of Proceeds Summary

Company	Primary Use	Secondary Use	Cash Runway Extension
Vor Bio	Autoimmune disease programs, VBP301/VBP101 trials	General corporate purposes	Through 2025 data releases
SAB Bio	Phase 2b SAFEGUARD study (SAB-142)	Working capital	Into mid-2028
Belite Bio	Commercialization preparation (tinlarebant)	Working capital	Not disclosed
Lexeo	Clinical stage programs (LX2006)	General corporate	Into 2028

Table 7: Clinical Milestones Tied to Financing

Company	Program	Indication	Expected Milestone	Timeline
Vor Bio	VBP301 (VCAR33ALLO)	Autoimmune	Phase 1/2 data	H1 2025
Vor Bio	VBP101 (trem-cel)	AML	Phase 1/2a data	H2 2025
SAB Bio	SAB-142	Type 1 Diabetes	Phase 2b completion	2027-2028
Belite Bio	Tinlarebant	Stargardt Disease	Commercialization	2025-2026
Lexeo	LX2006	FA Cardiomyopathy	Efficacy readout	2027

Table 8: Strategic Elements by Transaction

Deal Feature	Vor Bio	SAB Bio	Belite Bio	Lexeo
Strategic Investor	Reid Hoffman	Sanofi	None	None
Board Representation	Yes (2 seats)	No	No	No
Prefunded Structure	Yes	No	No	Yes
Convertible Preferred	No	Yes	No	No
Premium Warrants	No	Yes	Yes	No
Registration Required	Yes	Yes	Yes	Yes