Since the beginning of 2026, the Cell Gene Therapy (CGT) industry has continued its high prosperity and become one of the most capital favored tracks in the field of biomedicine. According to public disclosures and authoritative reports, from January to March this year, a total of 21 domestic cell gene therapy companies completed a new round of financing, with a total amount exceeding 2.5 billion yuan, of which billion yuan financing accounted for nearly 70%, demonstrating the strong development vitality of the industry.

More and more companies are expanding into the field of cell gene therapy, with frequent large-scale financing, cross-border mergers and acquisitions, and clinical breakthroughs. Why can this track continue to ignite the market? What is the underlying logic of capital’s crazy bets? This article will break down the explosive code of cell gene therapy from three dimensions: technological breakthroughs, clinical value, and industry maturity, and interpret the investment logic and development trends behind it.

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1、 Core understanding: What is cellular gene therapy?

Cellular gene therapy refers to a new type of therapy that modifies or replaces a patient’s own cells through gene editing, cell modification, and other technologies to treat diseases at the genetic and cellular levels. It is mainly divided into two directions: cell therapy (such as CAR-T, TCR-T, stem cell therapy) and gene therapy (such as in vivo gene editing, viral vector delivery therapy).

Cell therapy refers to the process of using autologous or allogeneic cells from a person to be introduced (or implanted) into the human body through in vitro procedures for the treatment of diseases. Extracorporeal operations include but are not limited to separation, purification, culture, amplification, activation, establishment of cell lines, cryopreservation and recovery, etc. Cell therapy can be mainly divided into immune cell therapy, stem cell therapy, and other somatic cell therapies.

Gene therapy refers to the treatment of diseases by modifying the expression of individual genes or repairing abnormal genes through gene addition, gene modification, gene silencing, and other methods. Gene therapy can be mainly divided into gene substitution using viruses as carriers and gene editing using non viral vectors.

Unlike the treatment logic of traditional drugs that provide targeted relief, the core of cell gene therapy is to “solve problems from the root” – by modifying pathogenic genes and modifying immune cells, it achieves “curative treatment” for difficult to treat diseases such as genetic diseases, cancer, and neurodegenerative diseases, rather than simply controlling symptoms. This is also its core competitiveness that distinguishes it from traditional drugs, and the core reason why capital favors it.

Simply put, traditional drugs treat the symptoms, while cell gene therapy treats the root cause. For example, traditional chemotherapy drugs can only kill rapidly dividing cells and cannot distinguish between normal cells and cancer cells, which can easily lead to serious side effects; CAR-T cell therapy can accurately identify and kill cancer cells, and patients can achieve long-term remission and even clinical cure after treatment.

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2、 System collaborative innovation, CGT unlocks infinite possibilities

The explosion of cellular gene therapy is essentially the result of technological breakthroughs. In the early years, due to immature delivery technology, difficulty in cell culture, and difficulty in controlling side effects, cell gene therapy remained in the laboratory stage for a long time, making it difficult to achieve large-scale application. In recent years, a series of breakthroughs in key technologies have completely broken the bottleneck of industrial development and laid the foundation for its commercialization.

（1） Deep integration of mRNA and cell therapy, targeted delivery empowers cell efficacy upgrade

The next generation development focus of mRNA technology has shifted from simple protein expression to precise integration with cell therapy. The core is to enhance the therapeutic efficacy of specific cells through targeted delivery technology, break the limitations of traditional cell therapy, and achieve a leapfrog improvement in “cell empowerment”.

In the field of mRNA edited DC cell vaccines, the mRNA-4157/V940 therapy jointly developed by international pharmaceutical company Moderna and Merck utilizes the antigen presentation properties of DC cells to effectively activate the body’s anti-tumor immune response. In the phase III clinical trial of melanoma, it successfully extended the patient’s recurrence free survival by 44%, becoming a benchmark case for the fusion application of mRNA and cell therapy.

In terms of targeted delivery technology, Vertex has developed T cell targeted lipid nanoparticles (tLNP) that achieve precise localization through CD47 antibody modification. mRNA can be efficiently delivered to tumor infiltrating T cells, and the expression of IL-15 cytokines significantly enhances the survival and proliferation ability of T cells. In a solid tumor mouse model, this technology increases the infiltration of T cells at the tumor site by 8 times, opening up a new path for solid tumor treatment.

（2） Gene editing and AI collaborate to promote the clinical implementation of in vivo editing

The next generation breakthrough of gene editing technology focuses on two directions: precise AI design and in vivo cell empowerment. It focuses on solving the key problems of high off target risk and low delivery efficiency in the clinical translation process, allowing gene editing therapy to move from in vitro to in vivo, greatly improving the safety and accessibility of treatment.

In the field of AI guided precision gene editing, Beam Therapeutics has developed BEAM-101 base editing therapy, which relies on structural biology technology to optimize editing guides and accurately repair pathogenic gene mutations in sickle cell anemia, achieving functional empowerment of red blood cell precursor cells. This therapy does not require myeloablative pretreatment and has a cure rate of up to 92% in phase I/II clinical trials, effectively promoting the clinical translation process of in vivo gene editing technology.

The iteration of new gene editing tools has also injected new impetus into clinical translation. Sandstone Biotechnology uses high fidelity AaCas12bMax editing tool to develop the next generation of gene knockout tumor infiltrating lymphocyte (TIL) products. Among the three TIL therapy data announced at the ASCO Annual Meeting in 2026, the CRISPR/Cas12b gene edited GT300, as the world’s first gene edited TIL therapy to enter clinical practice, achieved an objective response rate (ORR) of 60% in 5 gynecological malignant tumor patients and overall good safety.

（3） Integration of multiple cell therapy technologies to achieve large-scale clinical translation

The core of the next generation development of cell therapy is to solve the scaling problem of traditional autologous cell therapy through the model of “allogeneic technology+multi technology fusion”, so that “cell empowerment” can benefit more patients, which is also the key direction of capital layout.

In the fusion application of gene editing and allogeneic CAR-T, Allogene’s Allo-501A (targeting CD19 allogeneic CAR-T) successfully achieved precise exclusion by knocking out TCR and CD52 genes through gene editing technology. In phase I/II clinical trials, this therapy achieved an objective response rate (ORR) of up to 75% in patients with relapsed/refractory large B-cell lymphoma, and demonstrated excellent safety performance; More importantly, its preparation cycle has been shortened from several weeks of traditional autologous therapy to 3-5 days, with a cost reduction of about 60%, promoting the transformation of cell therapy from “sky high noble treatment” to “universal treatment”.

The fusion of induced pluripotent stem cells (iPSCs) and cell therapy further solves the problem of cell source shortage. FT596 (iPSC derived CAR-NK) developed by Fate Therapeutics utilizes the infinite proliferation property of iPSCs to achieve industrial mass production of cell therapy without relying on patient autologous cells. In phase I/II clinical trials, this therapy was targeted at patients with relapsed/refractory B-cell lymphoma, with an objective response rate (ORR) of 71%, including a complete response (CR) rate of approximately 50%, demonstrating good clinical value.

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3、 The core logic behind the crazy bet on cellular gene therapy

The CGT track with a financing scale of 2.5 billion yuan and a financing proportion of nearly 70% in the billion yuan level at the beginning of 2026 is not an irrational layout of capital following the trend. Behind it is the deep synergy resonance of three core elements: technological breakthroughs, clinical needs, and industrial maturity, which precisely matches the core demands of the investment and financing field for “high certainty, high growth, and high return rate”. This is also the underlying logic of capital’s long-term heavy position in the CGT track – the track has clear development prospects, solid landing support, and considerable profit space, and has become the core layout direction for capital to cross the cycle of the biopharmaceutical industry and seize the future industry discourse power.

（1） Reduce investment risks and lock in long-term advantages

Capital investment places the greatest emphasis on whether technology can be implemented and whether risks can be controlled. The technological innovation in the CGT field in recent years has precisely solved the pain point of difficult industrialization of laboratory technology in the early years, turning capital expectations into truly profitable commercial value.

The breakthroughs in technologies such as mRNA+cell therapy, AI+gene editing, allogeneic CAR-T, and iPSC universal cells mentioned earlier not only solve the problems of large side effects, slow production, and high cost of traditional CGT therapy, but also transform the therapy from “one person, one system” to large-scale production, greatly improving its commercial prospects.

More importantly, the CGT industry has extremely high barriers to entry: involving interdisciplinary technologies, a product development cost of over 1.9 billion US dollars, a clinical cycle of 10-15 years, a global clinical failure rate of over 90%, and a staggering 95% in the field of solid tumors. It is precisely this high investment, high difficulty, and high barriers that keep many followers out, and instead make truly successful enterprises rarer and more valuable.

Meanwhile, core patents are also reinforcing barriers. The core CRISPR patents worldwide are mostly controlled by a few overseas companies, while domestic companies are accelerating the layout of independent intellectual property rights in fields such as universal CAR-T, in vivo gene editing, and new editing tools. For example, the GMP grade AaCas12bMax of nearshore protein has completed FDA DMF filing, building a solid patent defense line for domestic CGT enterprises.

For capital, the higher the industry barriers, the less competition there is, and the stronger the pricing power of enterprises. By investing in high-quality enterprises with core technologies, they can occupy exclusive profits for a long time, which is also the core logic of capital’s continued heavy holdings in CGT.

（2） Trillion dollar track support, clear profit path

The key to choosing a track for capital is whether there is a genuine and rigid demand. CGT has precisely solved the problem of traditional medical treatment being ineffective, supported the trillion dollar market, and provided a clear path for capital to make money and exit.

On the one hand, CGT meets the urgent needs of advanced cancer patients: there are over 20 million new cancer patients worldwide each year, and over 4 million in China. Many relapsed and refractory patients have developed resistance to chemotherapy and targeted drugs, and there is no cure for them. CGT can achieve precise treatment and even clinical cure: CAR-T therapy has an objective remission rate of up to 98% for multiple myeloma, Gravel Bio GT300 TIL therapy has an ORR of 60% in gynecological tumors, and Shanghai Cell Therapy Group BZD1901 CAR-T has an ORR of 63.6% in solid tumors. This’ life-saving ‘value makes both patients and payers willing to pay.

On the other hand, CGT is the only hope for curing rare and chronic diseases: out of over 7000 rare diseases worldwide, 95% do not have effective drugs, of which 80% are genetic diseases. CGT can achieve ‘one-time treatment, lifelong benefit’. For example, Novartis’ SMA gene therapy Zolgensma, which costs $2.125 million per injection, can completely cure the disease; The regenerative islet technology developed by the domestic team can help patients with type 1 diabetes get rid of insulin dependence. It has been approved by clinical trials in China and the United States, marking the transition of chronic diseases from “disease control” to “functional cure”.

According to data from institutions such as Guanyan Report Network, the global CGT market size will reach 11.11 billion US dollars in 2023, increase to 18.51 billion US dollars in 2024, and have exceeded 30.54 billion US dollars by 2025; The growth rate of the Chinese market is faster, with a scale of over 3 billion yuan in 2023, reaching 18.631 billion yuan in 2025, and a compound annual growth rate of 134.7% from 2023 to 2025.The image is sourced from Guanyan Report website

By 2026, the global CGT market is expected to exceed 40 billion US dollars, and the Chinese market is expected to exceed 26 billion yuan. The explosive growth of the market, coupled with various exit methods such as IPO, mergers and acquisitions, and product commercialization, provides sufficient motivation for capital to continue its layout.

（3） Full chain collaboration enhances investment certainty

If technological breakthroughs are the foundation and clinical needs are fundamental, then the maturity of the industry chain greatly increases the “certainty” of capital investment, and there is no longer a concern that the track is just a false fire.

At present, CGT has formed a complete industrial chain: upstream raw material equipment → midstream research and development production → downstream clinical commercialization, with each link supporting and developing together.

Upstream: Enterprises such as nearshore protein provide GMP grade raw material enzymes, cytokines, and gene editing tools, solving the problem of key raw material bottlenecks. Midstream: CGT CDMO is rapidly developing, such as providing one-stop services with Yuanbio to help enterprises reduce research and development production costs and accelerate product implementation. Downstream: Multiple CGT products in China have been approved for listing, such as Amimatosa Injection and Xidakiolenzai Injection, accelerating commercialization and allowing capital to truly see returns.

Meanwhile, an industrial cluster centered around Shanghai has been formed, gathering over 200 CGT enterprises, accounting for one-third of the domestic industrial chain. Since the 14th Five Year Plan, 5 products have been launched, more than 150 projects have entered clinical trials, and the total pipeline has reached 397, providing a large number of high-quality investment targets for capital.

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4. Summary:

In summary, the financing boom of the CGT track in 2026 is not accidental, but the inevitable result of the resonance of three factors: technological breakthroughs, clinical needs, and industrial maturity. It is also a rational layout and firm recognition of high-quality tracks by capital. High industry barriers build a solid foundation for competition, rigid market demand provides growth momentum, a sound industrial chain ensures development confidence, and multiple advantages combine to make CGT the most promising golden track in the biopharmaceutical field and the core direction of capital layout.

In the future, with continuous technological iteration, cost optimization, and accelerated commercialization, CGT will gradually break free from the label of “sky high therapy” and move towards inclusive development, with the growth space of the track continuing to expand. For investment institutions and industry partners, this is not only an opportunity brought by the transformation of medical technology, but also an important opportunity to lay out the future. Opportunities and risks coexist, only by adhering to rational layout and focusing on core values can we fully grasp the growth dividends of the industry.

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