Cancer Therapeutics

13/936 → 8/1288; -0.77 percentage points of formation share.

The most striking thing about this batch is how few of these companies are actually building a drug in the conventional sense of one molecule against one target. SFA Therapeutics and Guardian Bio both work by redirecting the immune system rather than attacking tumors directly, while Alixia goes after the metabolic conditions of the tumor microenvironment instead of the cancer cells themselves, and Eugit Therapeutics is trying to solve tissue targeting as a platform problem that sits underneath any given drug. Rosebud Biosciences and Invitris push the shift further upstream still, one building patient-matched organoids to screen compounds and the other manufacturing synthetic proteins at scale, meaning the product being sold is often the infrastructure for finding or making a therapy rather than the therapy itself. That framing helps explain a real tension in the numbers: this formation is cooling at 0.45x, matching the broader Therapeutics and Biotech categories almost exactly, yet Oncology as a related formation is accelerating at 3.08x. Capital and founders seem to be migrating toward oncology-labeled, clinically-focused efforts and away from the earlier wave of platform and immune-modulation biotechs that defined 2021 and 2022 vintages like SFA and Guardian Bio. Yemaachi Biotechnology stands apart by expanding who gets access to precision diagnostics at all, sourcing from African patient populations largely absent from existing genomic databases, a reminder that part of this cooling reflects unglamorous, non-oncology-coded work still getting built. The pullback likely tracks tightening biotech venture funding since 2022 rather than any loss of scientific promise in tumor microenvironment or immune-based approaches.

No comparable outside activity is connected yet.

These share a word with “Cancer Therapeutics” but are tracked as separate categories. The real overlap below is the actual share of Cancer Therapeutics’s companies also found in that category — not a guess.