2026 NEURO-ONCOLOGY BUSINESS LANDSCAPE: Markets, opportunities,financing rounds and exits
Updated: Sep 9
Presented by Sandrine Courtès for Paris Saclay Cancer Cluster (PSCC) and Brain and Mind (B&M) at the Deeptech in Glioblastoma Symposium, on January 22th 2026.
Glioblastoma has historically been labelled a “graveyard for molecules”: over 40 years of research, only four months of survival have been gained, compared with approximately 20 years on average in other cancers. While clinical failure rates are indeed high, they are nevertheless “only” two to three times higher than in oncology overall.
These challenges are historically explained by BBB penetration issues, strong tumour and inter-patient heterogeneity, the invasive nature of GBM, an immunosuppressive microenvironment, limited preclinical models predictivity, patient recruitment complexity and chronic underfunding. However, the GBM ecosystem has evolved significantly in recent
years, with the emergence of novel approaches addressing these scientific and clinical
barriers.
In terms of population size, targetable GBM patient numbers are comparable to certain high-unmet-need subpopulations within more common cancers (focusing on patients with 5 year survival rate under 5% for example). Unlike these highly competitive markets, GBM remains relatively uncrowded, representing a strategic advantage.
GBM is also associated with the highest per-patient care costs according to US payer analyses, ranking it among the most costly cancers for society and supporting payer acceptance of premium pricing.
The sector’s recent momentum since 2020 is reflected in the increasing number of clinical trials since the 2000s, including advanced phases, and in a marked rise in industry sponsored trials. Many pharmaceutical and biotech companies are now active in GBM, including GSK, Bayer, Roche, Merck, BioNTech, BMS, Pfizer, Servier, Boehringer Ingelheim, Jazz Pharmaceuticals, AbbVie, Novartis, Celgene, Oblato, Biommetix, Kintara, Lilly and Denovo Biopharma.
Industrial interest primarily materialises through research partnerships in academic lead clinical trials and in licensing agreements.
Analysis of recent transactions (notable examples including Chimerix, Modifi Bio, Day One and Agios) suggests two particularly attractive strategies:
technological platforms
indication expansion
Investor enthusiasm, however, remains more limited. Over the past decade, private investments in GBM have been approximately 100 times lower than in oncology overall despite the unaddressed medical need.
Nevertheless, this trend is shifting, with GBM investments increasing by over 40%, compared with only 9% for cancer overall, which is an encouraging signal.
In addition to scientific robustness and strategic relevance to reduce GBM-associated risk, investors identify financial discipline (non-dilutive co-funding efficacy) and realistic exit strategies as key success factors.
In conclusion, while glioblastoma remains globally underfunded, a positive dynamic is emerging with a gradual increase in funding and pharma traction in recent years, suggesting more favourable prospects for the future.
The conference was featured in the journal Biotech Finance (link here):
Download the conference ppt here :
Contact us Here if you have a questions or need an update !
