The biotech investment landscape is experiencing contraction and concentration of capital. Brandon Capital Partners closed its largest life sciences fund at A$439 million ($290 million), targeting companies with strong commercial prospects. However, industry reports indicate bearish venture capital trends, with funding increasingly concentrated in fewer companies at higher amounts. The number of new biopharma startups receiving initial Series A-1 investments has plateaued, reverting to pre-COVID levels after a pandemic-driven surge. Notably, 2024 marked the first year clinical-stage programs raised more venture dollars than preclinical efforts. These dynamics highlight a more selective investment climate with increasing competition for capital in the biotech sector.