3.1 Women’s cancer therapeutics Current activity Women’s cancers are among the most commercially active segments in global oncology, with a total addressable market estimated at approximately $25 billion in North America and approximately $70 billion globally in 2025. Between 2020 and 2025, the sector raised approximately $119 billion across approximately 650 transactions, making it the largest subsector within women’s health. While only 6% of these events were M&A, they together accounted for approximately 83% of capital flow. After a surge of large transactions in 2021 and 2022, including more than 30 rounds of $100 million-plus, investment activity moderated in 2023. Private-sector funding into the women’s cancer therapeutic innovation pipeline has also been robust: the NIH allocated approximately $1.1 billion in 2024 to women’s cancers, led by breast cancer (approximately $740 million).64 Dedicated women’s health-specific companies focused exclusively on women’s cancer represent nearly one-fifth of firms but capture only 6% of total investment dollars. This imbalance creates opportunities for investors to back specialized, women-specific cancer companies and build on proven commercialization pathways established by large, diversified oncology players. Notably, 21% of disclosed women’s health-specific deals in the past five years have occurred at the seed, series A or series B stages (very early or early stage). In parallel, breakthroughs in antibody-drug conjugates (ADCs) targeting cancer-specific biomarkers are expanding treatment options for women’s cancer.65 Investment events, women’s cancer therapeutics FIGURE 9 Source: Pitchbook, CapIQ, Crunchbase, Boston Consulting GroupPre-seed/seed Early-stage VC Later -stage VC Other Private funding $ UndisclosedPrivate investment funding deals for women’s cancer therapeutics 39% of deals disclosed funding 0 0 20 40 60 810002 1 0 1 2 3 4 Deal3 20213 20221 20231 2024113 113 105 89 Total funding ($B) Women’s Health Investment Outlook 21

Womens Health Investment Outlook 2026