Private Company Edition: After its acquisition by an investor earlier this year, NGM Bio has raised a $122m series A round, adding to a recent surge in large venture capital financings. Also, Vanqua Bio disclosed $45m in new funding and Renalys completed a $38.4m series A.

Private Company Edition: First quarter data again confirm fewer but larger VC rounds in Q1. Big Q2 rounds include a $132.5m series C round for Endeavor Biomedicines, a $103m series A round for Reunion Neuroscience and Enlaza’s $100m series A.

Private Company Edition: Publicly held Ascendis outsourced its preclinical AMD program to private Eyconis. Also, Innovation Endeavors revealed a new $630m VC fund and Mirae raised $50m for its first life science fund, while Accent, Comanche and Tr1X each brought in $75m rounds.

Two early-stage companies have merged to form Calluna Therapeutics, which is targeting immunological diseases and hopes to get to proof of concept by mid-2026.