Biotech's $348 Million Week: Brain Drugs, Radiopharma and Gene Therapy

Four biotech financings worth a combined $348.5 million were announced in the week of November 11, 2026, spanning schizophrenia drugs, non-hallucinogenic psychedelics, radiopharmaceuticals and an ALS gene therapy. Taken together, they offer a snapshot of where life-sciences venture money is flowing right now — and it is flowing toward the brain, toward radiation, and toward platforms that big pharma is already circling.

The largest round of the week was Neurosterix, which closed a $105 million Series B on November 11. The Geneva-based company is a spin-out of Addex Therapeutics, and the money will mainly fund a planned Phase 2 study of NTX-253, a highly selective muscarinic M4 positive allosteric modulator for schizophrenia. The approach is part of a new wave in psychiatry: drugs that target muscarinic receptors rather than dopamine, aiming to ease psychosis without the movement disorders tied to older antipsychotics. Neurosterix recently completed Phase 1 studies, and it has recruited several figures behind Cobenfy, Bristol Myers Squibb's muscarinic antipsychotic. The financing follows a roughly $63 million launch round in 2024 led by Perceptive Advisors. Addex did not participate in the new round, and its remaining 8.5% stake is valued at $18.6 million.

Depression, Radiopharma and ALS

The second-largest round was Delix Therapeutics, which raised $100 million in a Series C announced November 9. Delix is advancing a phase 2-ready, non-hallucinogenic psychedelic therapy for depression, backed by Johnson & Johnson's venture arm JJDC and SV Health Investors' Dementia Discovery Fund, with existing investors participating. The idea behind the programme is to keep the neuroplasticity benefits associated with psychedelic compounds while removing the hallucinogenic experience — and with it, the need for supervised dosing sessions that make first-generation psychedelic therapies expensive to deliver.

In China, Hangzhou Eli Radiopharma completed a Series A of nearly 400 million yuan, about $60 million, announced November 11. The round was led by Huagai Capital, with Bayland Capital as co-lead and a long list of participants including Boyu Ventures. Eli, founded in 2024 and led by chief executive Dr. Feng Yu, builds integrated diagnostics and therapeutics — radiopharmaceuticals that both image and treat cancers and neurological diseases. The proceeds will support preclinical research, clinical trial applications and early-stage development. Several programmes are approaching investigational new drug submissions, and the company had already raised about 300 million yuan in earlier angel and pre-A rounds.

The fourth deal was VectorY Therapeutics, which announced €74.5 million, about $83.5 million, in new financing on November 11. The Amsterdam-based company is advancing VTx-002, a vectorized antibody gene therapy in a Phase 1/2 study for amyotrophic lateral sclerosis, known as ALS. The financing includes a €30 million convertible loan from the European Investment Bank, supported by the European Commission's InvestEU programme, and adds to the company's $138 million Series A from 2023 rather than opening a new series. New participants include Angelini Ventures and Invest-NL; returning backers include Forbion, EQT Life Sciences, MRL Ventures, Insight Partners, BioGeneration Ventures, Eli Lilly and the ALS Investment Fund.

What the Mix Says About the Market

Three patterns are worth noting. First, neuropsychiatry is having a moment. Two of the four rounds — Neurosterix and Delix — target schizophrenia and depression with new mechanisms, and both follow the validation of muscarinic drugs and psychedelic research. Investors are funding the second generation of these ideas: refined molecules, better delivery, fewer side effects. The lesson for founders is that a validated mechanism with a known weakness is often a better bet than an entirely new one.

Second, radiopharma is now a mainstream venture category. Eli's round is one of several large Chinese radiopharma financings this year, and the company notes that two business-development deals in 2026 between multinational pharmaceutical companies and Chinese radiopharmaceutical innovators show growing global recognition of the field. Radiopharma combines a diagnostic and a therapy in one platform, which makes it attractive to acquirers — but it also requires isotope supply chains and specialised manufacturing that few startups can build alone.

Third, big pharma's venture arms are deeply involved. Johnson & Johnson's JJDC backed Delix, Eli Lilly invested in VectorY, and the European Investment Bank effectively co-funded an ALS gene therapy. When corporate venture money joins a round, it is usually a signal about future acquisition appetite as much as about the science.

The caution is the same as ever in biotech: none of these companies has proven its drug works in patients yet. NTX-253 has completed Phase 1 but not shown efficacy. VTx-002 is in an early safety study. The money buys the chance to find out. For founders, the week's lesson is that capital is available for credible science with a clear clinical plan — and that the syndicate you raise from may matter as much as the amount.

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