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 Quarterly Totals

Q1 $11.7B/605 Deals

Q2 $12.1B/549 Deals

Q3 $12.0B/536 Deals

Q4 $10.9/535 Deals

'23

2023 Total Activity $46.7B / 2,225 Deals

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 Platform Oncology Neuro Metabolic
$1.1B/40 Deals $1.0B/48 Deals $675M/20 Deals $192M/13 Deals

Ophthalmology Anti Infective Auto-Immune Orphan/Rare

$163M/4 Deals $147M/6 Deals $117M/5 Deals $81M/5 Deals

$245M $215M $145M $139M $108M

$100M $100M $88M $81M $80M

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 JAN FEB MAR
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 Platform Oncology Neuro Auto-Immune
$6.7B/120 Deals $5.5B/162 Deals $2.6B/87 Deals $1.1B/21 Deals

Anti Infective Ophthalmology Orphan/Rare Metabolic

$1.0B/33 Deals $802M/21 Deals $702M/19 Deals $639M/34 Deals

$430M $401M $300M $300M $275M

$273M $270M $260M $245M $227M

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%

Q1 2023 Q2 2023 Q3 2023 Q4 2023

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15.1x 14.3x

Seed to Series A step-ups Series B and later step-ups

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 CV

$1B+ Total Deal Value M&A

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 M&A Median Values Notable M&A Deals

$1B+ Total Deal Value M&A

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IPO Activity 2018-2023 2023 Largest IPOs by Dollars Raised

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Q2
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JUL AUG SEPT

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OCT NOV DEC

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Prelim

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R&D Tools Dx Analytics Dx Test
$589M $278M $272M
66 Deals 26 Deals 32 Deals

Metabolic $36M
$90M $64M $57M $50M
$43M/5 Deals

$36M $30M $29M $25M

$35M

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 JAN FEB MAR
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 R&D Tools Dx Analytics Dx Test
$3.3B $1.4B $1.4B
187 Deals 99 Deals 119 Deals

Ag Bio Metabolic
$255M $215M $175M $150M $140M
$68M/5 Deals $43M/5 Deals

$133M $103M $100M $90M $84M

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Q1 2023 Q2 2023 Q3 2023 Q4 2023

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 + 15.0x
9.1x

Seed to Series A step-ups Series B and later step-ups

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$1B+ Total Deal Value M&A

CV

Ortho

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M&A Median Values Notable M&A Deals

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Four main comp bio categories

HyperSpectral
•

EvolutionaryScale

Atommap •

Data Sources: PitchBook, company websites, internal analysis. First-

Financing defined as the first equity round of at least $2M
.
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 AIDD IPI DX CRP Comp Bio Non-Comp Bio
$84M
$280M $17.6B (525)
$334M

$88M $166M

$108M
$413M
$40M $201M
$169M $1,232M
$302M $4.3B (211) $4.1B (114)
$212M
$605M
$334M $335M $0.8B (51)

2023Q1 2023Q2 2023Q3 2023Q4 First-Financing Post First-Financing

Company Deal Size Valuation Company Deal Size Valuation

$141M $3.6B $175M $1.2B Investor Deals Investor Deals

$273M $2.0B $100M $500M 2 7

$224M $424M $60M $310M 2 5

Company Deal Size Valuation Company Deal Size Valuation 2 5

$140M $520M $15M $265M 2 3

$44M $449M $60M $230M 2 3

$84M $169M $30M $205M 2 3

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 6.0x 5.8x $150M
$130M
5.0x
$110M
$84M
4.0x
$90M
3.4x $60M
3.0x 2.9x $70M
$50M
2.0x
$30M
1.0x
$10M
0.0x -$10M

New VC- Pre-Money Deal Size Step-Up # Down

Company Category Deal Size Step-Up Round Valuation Round
led Deals (Median) (Median) (Median) Rounds

IPI $175M 9.6x A→B $1.2B Seed → A 12 $23M $16M 1.5x 1

`

CRP $30M 5.8x A→B $205M

A→B 16 $91M $27M 1.4x 2
CRP $12.81 5.7x Seed → A $46M
B→C 7 $175M $60M 1.4x 3
IPI $100M 4.0x Seed → A $500M

AIDD $35M 3.4x Seed → A $125M Post C 1 $115M $38M 1.3x 0

Data from PitchBook as of 12/15/23. 1Companies shown include only ones with reported new-round valuation on PitchBook as of 12/15/2023. Step-Ups calculated using Pitchbook valuation data for
previous and new 2023 financing. Calculated as follows: Divide new 2023 Pre-money Valuation by previous round post-money valuation. Deal Sources: PitchBook, company websites, internal analysis.

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 Imaging Orthopedic Surgical Drug Delivery
$149M $94M $89M $64M
20 Deals 10 Deals 13 Deals 5 Deals

Vascular NIM Neuro Uro/Gyn

$57M $50M $48M $46M
7 Deals 12 Deals 8 Deals 6 Deals

Respiratory Cardiovascular
$33M $27M $60M $35M $32M $29M

8 Deals 3 Deals
$25M $23M $23M $22M

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 Neuro Imaging Surgical Orthopedic
$1.3B $903M $852M $692M
43 Deals 65 Deals 46 Deals 50 Deals

NIM Cardiovascular Vascular Ophthalmology

$630M $557M $302M $254M
66 Deals 28 Deals 27 Deals 16 Deals

$323M $165M $153M $150M $145M

$129M $105M $100M $92M $90M

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%

Q1 2023 Q2 2023 Q3 2023 Q4 2023

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 +

Seed to Series A step-ups Series B and later step-ups

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Round Stage Lead Investor(s)

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 Surgical

Vascular

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M&A Median Values Notable M&A Deals

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 Alternative Care Provider Ops Clinical Trial
$4.2B $5.4B $1.3B
234 Deals 372 Deals 69 Deals

Mental Health / Clinical

Women’s
Primary Care1 Behavioral Specialty Care Workflow Discovery Workflow
Health Support
$1.1B Health $1.3B $3.2B $517M $457M
$579M $1.8B
34 Deals $1.0B 57 Deals 206 Deals 24 Deals 29 Deals
84 Deals 32 Deals 134 Deals

Medication Wellness Healthcare

Management $659M Navigation
$587M
87 Deals $463M
30 Deals
27 Deals
$375M $315M $260M $215M

$203M $200M $191M $166M

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