Biopharma fundraising totaled $28.7 billion in the first half of 2025, down 59% from 2024 but aligning with levels from recent years prior to record highs. Notable financings include Quantum-Si and Realheart, with a mix of public and private deals. The sector shows sustained investor interest though moderated from peak pandemic-era volumes. Meanwhile, companies such as CSL restructure R&D teams to focus on external partnerships amid dynamic global environments. Market sentiment is cautiously optimistic with technology and therapeutic innovation remaining key drivers.