Biopharma financings have totaled $47.1 billion from January through September 2025, marking a notable decline from $86.7 billion in the same period of 2024. This downturn is attributed mainly to reduced follow-on activity, which dropped to $12.9 billion from over $40 billion last year. Despite the overall slowdown, September saw a 54% increase in financings, raising $7.12 billion fueled by resurgent IPO activity and private investments. Mega-rounds include Splice Bio’s $135 million series B for gene therapy and Cartography Biosciences’ $67 million series B for bispecific antibodies, reflecting ongoing strategic capital deployment in rare disease and oncology domains.