Global biopharma fundraising has experienced a marked slow-down in 2025, with total capital raised through September reaching $47.1 billion, substantially lower than the $86.7 billion raised during the same period in 2024 and well below 2020-21 highs. This contraction predominantly results from decreased follow-on offerings, which have dropped to $12.9 billion from over $40 billion last year. Despite this, September witnessed a 54% increase in financings to $7.12 billion, driven in part by a resurgence in IPO activity and private financings. This trend signals cautious but improving investor enthusiasm amid industry uncertainty.