Funding round
Pathos Series D
Pathos, which works in precision oncology drug development in Chicago, raised $365M in a Series D round announced on 15 May 2025, at a $1.60B post-money valuation. It is Pathos' second venture round on record; the one before was a Series C in Oct 2024.
$365M
Amount raised
$1.60B
Post-money valuation
2.7x
Step-up from the Series C
$600M in Oct 2024
23%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Pathos at $1.60B after the new money, 2.7 times the $600M of its Series C (Oct 2024). The $365M bought investors about 23% of the company. It came 7 months after Pathos' Series C. It is 85% of the $427M Pathos has raised in the venture rounds on record. No later venture round is on record for Pathos.
Pathos' funding rounds
Pathos has 2 venture rounds on record. This one is highlighted.
- Series C 29 Oct 2024, led by New Enterprise Associates $62M$600M post-money
- Series D this round 15 May 2025 $365M$1.60B post-money
Use of proceeds
What the money is for
According to the announcement, the money goes to product development.
- Product development
Comparable rounds
How it compares
14 Series D rounds in Biotechnology within a year either side disclosed an amount; the median was $138M, and this round was 2.7 times the median. The closest in time, other companies' Series D rounds in Biotechnology:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Biotechnology | 24 Jun 2025 | $97M | not disclosed | healthcare investor |
| Biotechnology | 4 Jun 2025 | $50M | not disclosed | not named |
| Biotechnology | 12 Mar 2025 | $35M | not disclosed | RA Capital |
| Biotechnology | 3 Mar 2025 | $700K | not disclosed | not named |
| Kriya Therapeutics Biotechnology | 10 Sep 2025 | $320M | not disclosed | Patient Square Capital and Premji Invest |
| Enveda Biotechnology | 4 Sep 2025 | $150M | not disclosed | Premji Invest |
| Biotechnology | 30 Sep 2025 | $125M | not disclosed | Sanofi Ventures and Viking Global |
| Biotechnology | 12 Nov 2024 | $181M | not disclosed | OrbiMed and Novo Holdings |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Pathos raise in its Series D round?
Pathos raised $365M in its Series D round, announced in May 2025.
What was Pathos' valuation at the Series D round?
$1.60B post-money.
How does it compare with other Series D rounds in Biotechnology?
14 Series D rounds in Biotechnology within a year either side disclosed an amount; the median was $138M, and this round was 2.7 times the median.