BIO International Convention programming highlighted that venture capital is increasingly able to place large bets again, with more biotech companies crossing $100 million “mega-round” thresholds. In a sector-focused review, speakers cited BIO’s State of Emerging Biotech Report, noting biotech venture investment rose 23% year over year in 2025 to $23 billion. The panelists said 40 companies closed financing rounds above $100 million in the first half of 2026 versus 33 in the first half of 2025. The discussions also emphasized practical deal-making: investors appear to demand sharper product differentiation and more robust clinical data, with companies describing the strategy changes required to win funding in a volatile market. The session framed the renewed capital availability as a thaw from several years of funding stagnation, while underscoring that investors remain selective on commercial risk and clinical milestone clarity.