Rankings · Q3 2025 · Biotechnology
Broker-dealers ranked by the operating-company rounds they were paid to place in biotechnology, as filed with the SEC on Form D. Funds, real estate and insurance products are left out.
Since Q2 2025
13 of this quarter's top 18 placed no company round at all the quarter before.
What it costs
The sales commission filed on each Form D, as a share of the money sold, across 675 placements in the four quarters to Q3 2025. Half fall between 3.5% and 7.4%; the middle one is 6%. Finder's fees and warrants are not in the figure, so the real cost is often higher.
Filed in Q3 2025
Every fundraiser we have seen place a company round, with their deals, fees and the industries they work in.
From the SEC's Form D data sets. A company raising privately files a Form D, and when a broker-dealer is paid to sell the round, the filing names it with its commission. We count each new filing once per firm named on it, and leave out amendments, funds and real estate. Insurance and investing filings are left out too: they are an insurer's policy accounts and investment vehicles, sold through dozens of firms at once, not companies raising a round.
The SEC publishes the data sets quarterly, after the quarter closes. A quarter only appears here once its filings are in.
No. The table is computed from filings alone. A firm can claim its page and add to it, but cannot change what it placed.
Firms in the overall top 10, or the top 3 of an industry, can show their standing on their own site with a badge from their page. It updates when the next quarter arrives.
Rounds where nobody was paid to sell, which is most venture rounds, and placements a firm makes without filing. A low rank is not a verdict on a firm; it is what the filings show.