Despite ongoing market instability and funding challenges, venture capital in biotech continues to show resilience. Frazier Life Sciences closed a $1.3 billion fund focused on early-stage biotech startups, marking one of the largest raises in the sector this year. The firm counts notable successes in oncology and kidney disease among its portfolio. However, overall venture funding for seed and Series A rounds has contracted sharply, reflecting investor caution amid scientific funding cuts, tariff pressures, and regulatory uncertainty. The ability of firms like Frazier to raise substantial capital underscores pockets of confidence despite broader industry headwinds.