Biotech venture funding slowed significantly in the first half of 2025, with total proceeds dropping to $12.7 billion from $16.9 billion in 2024, underscoring a contraction in capital availability. HSBC and other reports highlight declines in early-stage financings as the volatility in public markets and cautious investor appetite persist. Concurrently, several biopharma companies, including Sarepta, have initiated layoffs and restructuring to cut costs. IPO activity has seen 36 mainland China-based biotech companies filing to list on the Hong Kong Stock Exchange in the first half of the year, signaling continued regional capital market interest despite global challenges.