FCF Healthcare & Life Sciences Venture Capital Monitor – U.S. 02/2026 Published

As of the end of February 2026, we identified the following current VC trends in the United States:

• Total Healthcare & Life Sciences funding reached EUR 5,334m (-43% vs. 2025), representing a steep decline in the US market
• Biotech/Pharma received 47% of the total investment volume (EUR 2,528m), with oncology being the leading indication (40%)
• In February, Third Arc Bio secured the highest transaction volume with EUR 185m, followed by Talkiatry with EUR 178m and Alveus Therapeutics with EUR 166m
• Lightspeed Venture Partners (United States) is the most active investor (by deal volume in 2026), followed by RA Capital Management (United States) and Janus Henderson Investors (United Kingdom)

Overall, we see increased uncertainty in the market in 2026, which is also reflected in the financing figures so far.