Despite a challenging equity landscape for biotech in 2025, several investors continue to amass significant capital focused on healthcare innovation. OrbiMed raised $1.86 billion for its fifth royalty and credit fund, emphasizing non-dilutive financing amid volatile markets. Xoma Royalty acquired two biotechs with recent clinical setbacks in a strategic move. Contrasting these successes, San Diego's biotech sector confronts a 'winter' with scarce jobs and rising lab vacancies, deeply affecting experienced staff and signaling a regional contraction. These divergent trends illustrate a biotech market grappling with uncertainty while selective opportunities and funding remain active.