March 2025 Life Sciences Update

Phoenix

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Fast Lab Stats

• Arizona remains focused on building its burgeoning life sciences industries with several key initiatives, including AZAdvances, an initiative of the Opportunity Through Entrepreneurship Foundation, and The Arizona Health Innovation Trust Fund, an endowment administered by the Office of the Arizona State Treasurer. • Set to open in 2027 as Discovery Oasis, the Phoenix City Council recently approved zoning changes to allow the construction of Mayo Clinic Arizona’s new 120 -acre biotech innovation hub near their existing campus in north Phoenix. This addition will increase Mayo Clinic's clinical practice, research, education and advanced manufacturing facilities. • In November 2024, the University of Arizona broke ground on its new Center for Advanced Molecular and Immunological Therapies (CAMI). The project is financed by $20 million from the City of Phoenix and $150 million from the State of Arizona, as well as financing from smaller donors. CAMI's goal is to act as a hub for immunology and immunotherapy research, and to facilitate biotechnology companies using this data to deliver medical breakthroughs to treat autoimmune diseases and cancer. CAMI is expected to be complete in 2027. • The Phoenix metro area has received over $620 million in total life sciences VC funding between 2019 and 2023. Additionally, the region ranks first in the U.S. for National Institute of Health (NIH) funding growth over the past five years. • There are 26,000 bioscience and bioscience-related jobs in the Phoenix metro area. This is an increase of 66% over the past 10 years and more than double the national growth rate. Phoenix ranks fourth in the U.S. for bioscience-related job growth.

Company

Deal Type

Completed

VC Round

$ Raised (MM)

772K SF Total Inventory 0 Under Construction 600K SF Proposed 9.4K Total Life Sciences Employment 50.2% Life Sciences Employment 10-Year Growth Rate

Nectero Medical

Later Stage VC

May 2024

4th Round

$96.0

Anuncia Medical

Later Stage VC

Sep 2024

5th Round

$14.2

RxMapper

Seed Round

Jun 2024

1st Round

$9.9

CND Life Sciences

Later Stage VC

Mar 2024

4th Round

$3.5

Anuncia Medical

Later Stage VC

Apr 2024

5th Round

$3.4

Axolotl Biologix

Accelerator/Incubator

Jan 2024

Representative Lease Transactions (2024)

Company

Address

Size (SF) New/Renewal

Type Quarter Landlord

Stockdale Capital Partners

SPOC Proteomics

19001 N Scottsdale Road

9,605 Renewal

Direct

Q4

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Company

Type

800

HQ

Sonora Quest Laboratories

700

Caris Life Sciences

Research Facility

600

500

TGen

HQ

400

Regenesis Biomedical

HQ

300

HQ

Systems Oncology

200

Exact Sciences

Research Facility

100

HQ

VisionGate

-

Vidium Animal Health

HQ

2020 2021

2022 2023 2024

INanoBio

HQ

Hires Unique Postings

Calviri

HQ

Top NIH-Funded Institutions (2020-2024)

Bio Degree-Awarding Institutions, Metro Area Arizona State University University of Arizona

Annual Life Sciences Degree Completions 2013 1,980

$300M Arizona State University - Tempe $92M Mayo Clinic Arizona $83M St. Joseph's Hospital and Medical Center

• • • • • •

Northern Arizona University

2023 3,983 Up 101%

Grand Canyon University

Phoenix College

Maricopa Community College

Jared Lewis jared.lewis@cushwake.com Research Contributors

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Flinn Foundation, AZ Big Media, Phoenix Bioscience Core, GPEC, Lightcast, Pitchbook

Jeff Cooledge jeffrey.cooledge@cushwake.com

Cushman & Wakefield

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