Each year we step back to examine the broader patterns emerging from our work—discovering where innovation pathways intersect, and where new possibilities emerge. Beyond individual data points, we gain insights into the direction of our industry: the innovations entrepreneurs are pursuing, the modalities attracting investment, the treatments moving closer to patients, and the emerging areas capturing our collective imagination.
Looking back, 2024 tells a hopeful story of recovery. It’s the year that biotech innovation began to normalize after much of 2023 had been impacted by a severe correction that presented our startups with a challenging fundraising environment. As a cyclical industry, we’re familiar with the peaks, valleys and recoveries and were grateful that 2024 was showing signs of a funding thaw with a few ‘green shoots' on the horizon.
For LabCentral, 2024 was a year that we re-focused on our mission, finding creative new ways to innovate on the value we bring to both the entrepreneurs who build their companies here and the other members of our ecosystem who are part of this work. We continued to deliver on our promise of being the best place for entrepreneurs to pursue their science, build their businesses and support their teams. Some of those initiatives included:
The impact is clear: In 2024, our resident companies and graduates raised $2 billion in fresh funding, bringing the total to over $20 billion raised for science since our opening. Behind these financial numbers are the incredible innovations that will transform patient care and advance scientific understanding - see for yourself in the coming pages!
As we stand at the intersection of what is and what will be, we remain committed to building unique environments where innovators thrive, transformation flourishes, and emerging technologies, including AI, accelerate discovery. It is science that offers the solutions for the world's most pressing problems; we are proud to stand for science and honored to journey alongside such extraordinary partners and pioneers.
At LabCentral, this balanced blend drives innovation. From clinical trials to major funding rounds, from patent approvals to new jobs created—our resident and alumni companies are proving that when you get the elements right, amazing things happen. Here's how they moved mountains (and molecules) in 2024.
In 2024, 73% of companies transitioning out of LabCentral continued operations, demonstrating the enduring impact of our ecosystem on sustainable biotech ventures.
LabCentral resident and alumni companies raised $806M in early-stage funding, spanning Seed and Series A rounds.
“Now that we’re building a team here, LabCentral gives us access to a lot of early seed startups. Reaching out to other people in the ecosystem that are walking that path with you and learning from their experiences, that's been incredibly helpful for us.”
Since its inception, LabCentral has built a strong pipeline of residents and alumni launching clinical trials, driving steady growth in clinical research. Oncology has consistently led the way, thanks to well-established funding channels, clear clinical pathways, and an urgent need for new therapies. Meanwhile, neurological disease research has grown steadily, reaching its highest level among LabCentral company trials with five new studies launched in 2024. This increase is supported by advances in our understanding of neurobiology, recent market approvals for neurological therapies from industry leaders such as Biogen and Eli Lilly, and improvements in companion diagnostics and biomarkers that enable earlier and more precise treatment assessment.
In 2024, LabCentral residents and alumni advanced 158 active clinical trials, up from 132 in 2023, reflecting strong momentum in bringing breakthrough science closer to bedside. Interventional trials reached 141, with a 44% increase in Phase 1 studies, highlighting early-stage innovation. With 7 therapies in Phase 3, our community is making real progress toward life-changing treatments.
"What [LabCentral] has done for entrepreneurship in Kendall Square is very special. You essentially created this incredible home for entrepreneurs. I don't know if you ever think about that impact and legacy of what that means for founders like us."
In 2024, companies innovating across LabCentral sites explored new frontiers in therapeutic innovation, from modulating genes with small molecules to developing combination therapies for targeted disease treatment. Their advancements in cell and gene therapies, precision medicine, and biomaterials are driving the next generation of healthcare solutions.
At LabCentral, the true measure of our impact is the success of our residents. Their breakthroughs, milestones, and momentum inspire us every day—driving us to provide the best possible support for our community.
In 2024, our residents and alumni continued to push the boundaries of science—securing major investments, forging industry-shaping partnerships, and advancing transformative therapies. These are just a few of the incredible stories we are proud to celebrate this year.
Advancing Neuromedicines
Axonis Therapeutics is developing therapies that restore brain inhibition by targeting KCC2, a key CNS chloride transporter—offering new hope for epilepsy, pain, and other neurological disorders.
A $115M Boost to Power Clinical Advancements
Oct 30, 2024–With an oversubscribed $115M Series A, Axonis will advance its lead candidate, AXN-027, through clinical proof of concept while expanding KCC2-targeting therapies into psychiatric and neurodevelopmental disorders.
Rewriting the Future of RNA Therapies
Korro Bio is revolutionizing RNA therapeutics with a proprietary RNA editing platform, offering a highly precise and reversible approach to treating genetic diseases—without altering DNA.
A Strategic Partnership with Novo Nordisk
Sep 16, 2024–In a major milestone, Novo Nordisk inked a deal worth up to $530 million in potential payments to leverage Korro’s technology. This collaboration marks a significant step in expanding RNA-based treatments for metabolic and rare diseases.
READ MORE >
Synthetic Biology Meets Therapeutics
Pearl Bio is developing programmable biologics by using genomically engineered organisms to combine synthetic chemistry with advanced biologics, aiming to improve therapeutic properties.
Merck Backs Pearl with a $1B Deal
Mar 12, 2024–Pearl Bio’s cutting-edge platform caught the attention of Merck, leading to a landmark collaboration worth up to $1 billion in milestone payments. This partnership accelerates Pearl’s mission to develop novel biologics for cancer and other complex diseases.
READ MORE >
"One of the reasons we chose LabCentral is that people who've done this time and again are right down the hall. You just knock on their door, and they're willing to have coffee."
AI is becoming an essential tool in biotech, with ~30% of LabCentral residents integrating AI/ML into their work—primarily for internal research and data analysis.
AI is also accelerating R&D more broadly, with research showing that AI-assisted scientists file 39% more patents and drive 17% more product innovation (Toner-Rodgers, 2024). As this technology reshapes biotech, LabCentral remains committed to expanding resources and infrastructure to support AI-powered breakthroughs—more to come.
