As understanding of the complexity of human cancers increases, complex biologic products may be able to take a more patient-centric and targeted approach.
On the other hand, oncology dropped from 46 percent of asset-focused VC funding in 2021 to 22 percent in 2022. This trend may reflect tempered excitement in the immuno-oncology space because the field has yet to find the “next PD-L1 inhibitor” and replicate its broad success.11Zihai Li et al., “Next-generation immuno-oncology agents: Current momentum shifts in cancer immunotherapy,” Journal of Hematology & Oncology, 2020, Volume 13, Number 29.;) Investors may have also turned their focus toward platform innovations such as cell therapies, patient-specific precision medicines, and engineered multispecific antibody platforms over more traditional small-molecule and antibody approaches. As understanding of the complexity of human cancers increases, complex biologic products may be able to take a more patient-centric and targeted approach.