Correction to: Nature Biotechnology https://doi.org/10.1038/s41587-021-01007-1, published online 30 August 2021.

In the version of this article initially published, there were errors in the numbers shown in Table 1 and Fig. 3. Specifically, in Table 1, second column, third row, the Preclinical, Total, Phase success rate (%), the entry now reading “35” initially appeared as 45%. In the Fig. 3a “Deals per series” graphic, in the slice corresponding to Series D+, the amount shown was clarified to read “$77 M.” In Fig. 3a caption, the text now reading “a, 1,050 venture financing rounds” initially read 1,051. These changes have been made to the online version of the paper.