The J.P. Morgan Healthcare Conference showed renewed optimism but also scrutiny over whether deal and funding momentum will persist; attendees flagged fewer headline M&A deals and more targeted partnership activity. Industry voices described JPM as a testing ground for market confidence rather than a guaranteed bellwether for big transactions. Data through 2025 underscore the uneven recovery: biopharma financings surged in Q4 to about $33.2 billion, the strongest quarter since early 2024, but annual flows remain volatile. Investors are warming to risk again, yet deal timing, regulatory clarity and clinical readouts will dictate how durable the rebound becomes.