Despite market pressures, biopharma financing maintains significant activity through 2025. Year-to-date, $47.1 billion has been raised, albeit down from 2024 peaks, primarily due to diminished follow-on offerings. IPOs have declined to $2 billion, but private funding rounds remain robust. Significant seed and series B financings closed, such as Cirrus Therapeutics’ $11 million seed for ocular therapies and Cartography Biosciences’ $67 million series B for T-cell engager antibodies. Health tech and specialty CRO markets show growth, reflecting diversified investor interest in novel healthcare platforms.