Biotech

18/652 → 9/707; -1.49 percentage points of formation share.

The label "biotech" now mostly hides a shift toward software that sits on top of drug discovery rather than discovery itself, and that split explains why the category reads as cooling even as adjacent formations move at very different speeds. Convexia, 10x Science, and Enjamb Labs pitch themselves as running entire drug programs end to end, but the more numerous pattern is narrower infrastructure: Panoptive turns monitoring reports into audit trails, Scoop automates IND document prep, and Infera converts plain-English experiment descriptions into instrument-ready lab runs. That is a bet on the paperwork and validation layer of biology rather than on new molecules, which is a very different business than what "biotech" meant a decade ago when the term implied wet-lab discovery itself. The gap against Oncology, growing 3.08× while this formation sits at 0.46×, suggests capital is concentrating in disease-specific therapeutic bets rather than the tooling layer, even though tools like Anto Biosciences' microbiome model or TwentyTwo's biosecurity stack are arguably prerequisites for that same therapeutic work to scale safely. Interest in this tooling layer is arriving now largely because 2023 and 2024 saw large language models become good enough to parse messy scientific documents and lab protocols reliably, which is the specific capability Panoptive, Scoop, and Infera all depend on. The net effect is a formation that looks stagnant by dollar or company-count share while quietly repositioning itself as the compliance and orchestration backbone for a therapeutics boom happening one category over.

No comparable outside activity is connected yet.