Investment into spinouts remains heavily concentrated international expansion and further R&D. Growth-stage compared with previous three-year averages. Across the increase in deal numbers compared to their prior three-year in the ‘Golden Triangle' of Oxford, Cambridge and rounds of this scale reinforce Cambridge's position as a UK's 12 regions and nations, average deal value increased averages. The overall drop in deal numbers was therefore London. South Cambridgeshire was the top-performingleading deeptech ecosystem. in six and declined in six relative to their prior three-year not driven by underperformance in any particular region, but local authority with 22 deals, ahead of Cambridge city performance.Thelargest relative increase inaverage dealrepresents a UK-wide contraction in spinout activity. While Outside the South East, Edinburgh ranked second with (19), together forming the UK's largest spinout cluster. value was seen in Wales, which was propelled by af107m Activity is increasingly extending beyond historic 20 deals, while Glasgow City recorded 10, underscoring Scotland's strong university-linked innovation base. investment into Cardiff-based Draig Therapeutics. The and deal numbers, the weaker performance in 2025 relative city centres into surrounding innovation districts, with increases in average deal size, defying the broader more thanasimple normalisation.Instead, it points towards deals. While volumes remain below those of Cambridge national decline in average round values for spinouts. a broader cooling in regional spinout activity. and Oxford, the continued presence of northern cities in The largest deals for both regions were, respectively, a f19.6m investment into Iksuda Therapeutics and af23.0m bio, which raised f37.4m in December 2025 to support