Biopharmaceutical fundraising in 2025 shows a nuanced landscape characterized by a total of approximately $34.89 billion raised through various financing mechanisms in the first seven months, marking a decline relative to previous years but surpassing post-pandemic lows. Notable funding rounds include Minghui Pharmaceutical's $131 million pre-IPO raise targeting PD-1/VEGF bispecific antibodies and ADCs and Strand Therapeutics' $153 million Series B round to advance programmable mRNA-based oncology therapeutics. Additionally, major biopharma equity and debt financing activities indicate continued investor interest amidst fluctuating market conditions.