U.S. biotechs captured the majority of $54.5 billion in venture capital raised since 2025, with the figures showing strong geographic concentration in San Francisco Bay Area and Boston. A J.P. Morgan-referenced breakdown puts U.S. funding at $37.2 billion (about 68% of global totals) and European funding at $9.2 billion, with overall 2026 pacing toward growth versus 2025.