Biopharma financing activity accelerated in the first half of 2026, with total capital raised across public, private, and other financings reaching $59.76 billion across 567 deals—more than double the $29.53 billion raised in the same period of 2025. The jump was driven largely by follow-on rounds, which accounted for roughly half of H1 proceeds. Deal counts stayed high, and June closed the quarter with $10.32 billion raised across 99 transactions, slightly below May’s $10.71 billion across 103 deals and below April’s $13.21 billion across an elevated set of issuances. The numbers point to renewed investor risk appetite for already-public and later-stage companies, even as the market continues to selectively fund earlier programs.