The biotech funding environment remains challenging, with notable financings reflecting cautious optimism. Catalio Capital closed its $400 million fourth venture fund to invest in immunology and inflammation startups amid a historic buyer’s market. Vor Bio secured $175 million in a private placement after workforce downsizing, signaling renewed focus on autoimmune therapeutics. Apple Tree Partners faces critical funding disputes threatening portfolio biotech stability. Bluebird bio transitioned to private equity ownership, illustrating ongoing industry restructuring amid a protracted funding slump.