emergingbiotech figures in 2024: did they see growth or decline in 2025?
In the world of biotechnology, the pace of innovation never slows. Here's an update on some of the companies that were highlighted as "ones to watch" in late 2024, and their progress into the first half of 2025.
Lexicon Pharmaceuticals (LXRX) and Context Therapeutics (CNTX)
Both Lexicon Pharmaceuticals and Context Therapeutics have maintained their momentum from 2024 into 2025. Lexicon, with its focus on advanced therapies for diabetes, heart failure, and neuropathic pain, is looking forward to trial results and regulatory updates for sotagliflozin, a potential game-changer in diabetes treatment. Context Therapeutics, on the other hand, is progressing its Phase 1/2 trials in hormone-driven cancers, attracting investor interest with its specialized focus.
ElevateBio, Novo Nordisk, Evotec, and MorphoSys
ElevateBio, a gene and cell therapy platform, is transitioning from funding milestones towards clinical advancement. Their preclinical candidate LETI-101 for Huntington’s disease is moving forward, and the company's partnership-driven business model, coupled with cloud technology partnerships, is enhancing their R&D capabilities.
Novo Nordisk, a leading European biotech, is continuing its pipeline expansion with key assets like bimekizumab and zilucoplan. Evotec, a hybrid biotech offering contract research and drug discovery, has a market cap around €7–8 billion and employs over 3,000 scientists. MorphoSys, despite historic platform and partnerships, has experienced stock value challenges in comparison to its peers.
New Developments and Acquisitions
Several notable developments and acquisitions have taken place. Maze Therapeutics completed an upsized IPO in February 2025, raising $140 million. Capstan Therapeutics was acquired by AbbVie in June 2025 for up to $2.1 billion. Carisma Therapeutics announced a merger agreement with OrthoCellix, a subsidiary of Ocugen, in June 2025. This merger will pivot Carisma away from oncology and macrophage engineering, focusing on NeoCart, a phase 3-ready cartilage repair therapy.
Clinical Trials and Advancements
Cellarity announced the start of a phase 1 trial for CLY-124, an oral globin-switching therapy for sickle cell disease in June 2025. Kriya Therapeutics transitioned key programs into the clinic, including KRIYA-825, a gene therapy for geographic atrophy. OrsoBio's lead candidate, TLC-6740, advanced through phase 1 trials, showing positive safety and metabolic signals in humans.
Restructuring and Collaborations
Quotient Therapeutics secured a strategic collaboration with Flagship Pioneering and Pfizer's joint initiative in August 2024. Aiolos Bio was acquired by GSK in January 2024. Cellarity's partnership with Novo Nordisk expanded further, with a new program in metabolic dysfunction-associated steatohepatitis (MASH). ReNAgade Therapeutics' RNA delivery technology was acquired by Orna Therapeutics in mid-2024.
Vertex launched a $65 million upfront, with up to $1 billion milestone collaboration with Orna to power in vivo gene-editing therapies in January 2025, anchored in ReNAgade's delivery tech. Maze Therapeutics has a cash runway into 2027 and growing clinical momentum.
It's important to note that some companies from the 2024 list, such as Kriya Therapeutics, OrsoBio, and Quotient Therapeutics, have not provided updates on their current status. This overview synthesizes the latest information on biotech "ones to watch" from late 2024 into mid-2025, based on recent reports.
[1] Source: Yahoo Finance, Seeking Alpha, and company press releases [2] Source: Xconomy, Fierce Biotech, and company press releases [3] Source: BioPharma Dive, Fierce Biotech, and company press releases
- Lexicon Pharmaceuticals and Context Therapeutics, known for their focus on diabetes, heart failure, and neuropathic pain, and hormone-driven cancers respectively, have continued their progress into 2025.
- ElevateBio, a gene and cell therapy platform, is moving towards clinical advancement with their preclinical candidate LETI-121 for Huntington’s disease, and a partnership-driven business model that leverages cloud technology.
- Several notable developments and acquisitions occurred during this period, such as Maze Therapeutics' upsized IPO, Capstan Therapeutics' acquisition by AbbVie, and Carisma Therapeutics' merger agreement with OrthoCellix, pivoting their focus to cartilage repair therapy.
- Clinical trials and advancements were made by companies like Cellarity, Kriya Therapeutics, OrsoBio, and Quotient Therapeutics, with promising results in sickle cell disease, geographic atrophy, metabolism, and in vivo gene-editing therapies.
Additionally, restructuring and collaborations between companies like Vertex, Orna Therapeutics, GSK, and ReNAgade have taken place, showcasing the dynamic nature of the biotech industry.
