# Hercules Capital's Biotech Investments: 20 Startups in Its Portfolio (2026) > The 20 Biotech startups Hercules Capital has backed, by stage: $2.7B raised between them. From the rounds we track; updated nightly. Source: https://millionrounds.com/portfolio-maps/hercules-capital-biotech-portfolio (Millionrounds; every figure on the page links to its filing or article) ## Stage not reported 11 - [Phathom Pharmaceuticals](https://millionrounds.com/company/phathom-pharmaceuticals) - [4D Molecular Therapeutics](https://millionrounds.com/company/4d-molecular-therapeutics) - [MoonLake Immunotherapeutics](https://millionrounds.com/company/moonlake-immunotherapeutics) - [X4 Pharmaceuticals](https://millionrounds.com/company/x4-pharmaceuticals) - [Replimune Group](https://millionrounds.com/company/replimune-group) - [Aprecia Pharmaceuticals](https://millionrounds.com/company/aprecia-pharmaceuticals) - [*S* Sebacia](https://millionrounds.com/company/sebacia) - [Eloxx](https://millionrounds.com/company/eloxx) - [Alladapt Immunotherapeutics](https://millionrounds.com/company/alladapt-immunotherapeutics) - [AmplifyBio](https://millionrounds.com/company/amplifybio) - [Gritstone bio](https://millionrounds.com/company/gritstone-bio) ## Series B 5 - [Lucira Health](https://millionrounds.com/company/lucira-health) - [SynOx Therapeutics](https://millionrounds.com/company/synox-therapeutics) - [Provention Bio](https://millionrounds.com/company/provention-bio) - [Locus Biosciences](https://millionrounds.com/company/locus-biosciences) - [Gamma Medica](https://millionrounds.com/company/gamma-medica) ## Series C and later 4 - [Medrobotics](https://millionrounds.com/company/medrobotics) - [908 Devices](https://millionrounds.com/company/908-devices) - [NorthSea Therapeutics](https://millionrounds.com/company/northsea-therapeutics) - [Sight Sciences](https://millionrounds.com/company/sight-sciences) ## Segment by segment ### Stage not reported 11 startups · $1.9B raised - [**Phathom Pharmaceuticals**](https://millionrounds.com/company/phathom-pharmaceuticals) Phathom Pharmaceuticals is a biopharmaceutical company. United States $530M - [**4D Molecular Therapeutics**](https://millionrounds.com/company/4d-molecular-therapeutics) 4D Molecular Therapeutics designs, develops, and commercializes transformative gene therapeutic products for unmet medical conditions. United States $307M - [**MoonLake Immunotherapeutics**](https://millionrounds.com/company/moonlake-immunotherapeutics) MoonLake Immunotherapeutics is a clinical-stage biopharmaceuticals company. Switzerland $275M - [**X4 Pharmaceuticals**](https://millionrounds.com/company/x4-pharmaceuticals) X4 Pharmaceuticals is a clinical-stage oncology company developing oral small molecule CXCR4 antagonists for the treatment. United States $193M - [**Replimune Group**](https://millionrounds.com/company/replimune-group) Replimune Group develop the next generation of ‘oncolytic immunotherapies’ for the treatment of cancer. United States $140M - [**Aprecia Pharmaceuticals**](https://millionrounds.com/company/aprecia-pharmaceuticals) Aprecia Pharmaceuticals develops precision drug delivery systems and products. United States $123M - [*S* **Sebacia**](https://millionrounds.com/company/sebacia) Sebacia is a commercial-stage dermatology company that develops an alternative to the topical and systemic drugs for the treatment of acne. United States $102M - [**Eloxx**](https://millionrounds.com/company/eloxx) Eloxx Pharmaceuticals is a clinical-stage biopharmaceutical company developing novel RNA-modulating drug candidates. United States $66M ### Series B 5 startups · $338M raised - [**Lucira Health**](https://millionrounds.com/company/lucira-health) Lucira Health is a biotechnology company that offers disposable test kits to detect RNA and DNA of infectious diseases. United States $95M - [**SynOx Therapeutics**](https://millionrounds.com/company/synox-therapeutics) SynOx Therapeutics is a late-stage clinical biopharmaceutical company based in Dublin, Ireland. Ireland $92M - [**Provention Bio**](https://millionrounds.com/company/provention-bio) Provention Bio is a clinical stage biopharmaceutical dedicated to sourcing, developing, and commercializing novel therapeutics. United States $63M - [**Locus Biosciences**](https://millionrounds.com/company/locus-biosciences) Locus Biosciences develops CRISPR-engineered precision antibacterial platform designed to revolutionize the treatment of bacterial disease. United States $54M - [**Gamma Medica**](https://millionrounds.com/company/gamma-medica) Gamma Medica offers LumaGEM® MBI System, an FDA-cleared dual-headed digital imaging system. United States $34M ### Series C and later 4 startups · $505M raised - [**Medrobotics**](https://millionrounds.com/company/medrobotics) Medrobotics is a medical robotics company developing and commercializing the Flex Robotic System. United States $176M - [**908 Devices**](https://millionrounds.com/company/908-devices) 908devices manufactures battery-operated, hand-held chemical detection tools used in mass spectrometry. United States $168M - [**NorthSea Therapeutics**](https://millionrounds.com/company/northsea-therapeutics) NorthSea Therapeutics B.V. Netherlands $109M - [**Sight Sciences**](https://millionrounds.com/company/sight-sciences) Sight Sciences is a medical device company that uses a computer-based device designed for the treatment of eye disease. United States $52M **How this map is made.** Every startup here works in Biotech and has raised money in a round we track that names Hercules Capital as an investor. Each sits under the stage of its latest round. Rebuilt nightly; updated 15 November 2026. ## More portfolio maps [All portfolios](https://millionrounds.com/portfolio-maps) [Portfolio map **Hercules Capital portfolio map** 46 startups · $7.7B](https://millionrounds.com/portfolio-maps/hercules-capital-portfolio-map)[Co-investors **Who invests with Hercules Capital** 37 co-investors](https://millionrounds.com/portfolio-maps/hercules-capital-co-investors)[Sector portfolio **Y Combinator's AI portfolio** 1,143 startups · $44B](https://millionrounds.com/portfolio-maps/y-combinator-ai-portfolio)[Sector portfolio **Y Combinator's Fintech portfolio** 338 startups · $24B](https://millionrounds.com/portfolio-maps/y-combinator-fintech-portfolio)[Sector portfolio **Techstars' AI portfolio** 336 startups · $4.9B](https://millionrounds.com/portfolio-maps/techstars-ai-portfolio)[Sector portfolio **Alumni Ventures' AI portfolio** 302 startups · $36B](https://millionrounds.com/portfolio-maps/us-strategic-tech-fund-an-alumni-ventures-fund-ai-portfolio) ## Raising from investors like Hercules Capital? 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