The Biopharma Sentiment Index (BPSI) for Q2 2026 climbed to 96 from 90 in Q1 and 78 in Q4 2025, bringing conditions closer to the neutral 100 line for the first time in years. The report points to improved current conditions and a still-stable outlook, but flags a 13-point drop in the 12-month funding subindex back into negative territory, suggesting fundraising momentum may be peaking.