Funding Daily Summary
Funding Daily Summary: What Happened on October 26, 2026
Pathos AI raises $237 million to advance cancer pipeline
UK biotech companies raised £421 million in equity during the third quarter, bringing their 2026 total to £2.8 billion.
Today in brief
Pathos AI raised $237 million in a Series E led by Bristol Myers Squibb, putting its post-financing valuation at about $3 billion.1 UK biotech companies raised £421 million in equity in the third quarter, bringing their total for the first nine months of 2026 to £2.8 billion.2
Pathos AI raises $237 million for cancer programs
Pathos AI raised $237 million in a Series E led by Bristol Myers Squibb, with existing investors also participating.1 The financing valued the company at about $3 billion after the investment.1
Pathos plans to use the proceeds to expand Foundry, its platform for assessing biological, clinical, genomic and competitor information, and advance four active cancer programs.1 Its clinical assets include AZD4241, developed with AstraZeneca, and DO-2.1 Pathos is preparing JSKN016 for registrational trials and developing pocenbrodib for prostate cancer and multiple myeloma.1
Pathos raised $365 million in a Series D round in May 2025.1
UK biotech raises £2.8 billion through the third quarter
UK biotech companies raised £421 million in equity in the third quarter of 2026, up 113% from the same quarter in 2025.2 Venture capital made up £270 million of the total, a 44% year-on-year increase.2
The third-quarter venture-capital total was below the £2.05 billion raised in the second quarter, which included Isomorphic Labs’ £1.6 billion Series B.2 By the end of the third quarter, UK biotech had raised £2.8 billion in 2026, more than in any full year from 2022 through 2025.2
The BioIndustry Association said the sector could record its highest annual venture-capital total since 2021.2