The annual MassBio report paints a grim picture with public and private funding in Massachusetts biotech plunging. Venture capital investment dropped over 17% to $2.75 billion, the lowest since 2017, coupled with a projected NIH funding shortfall of approximately $463 million. Industry leaders attribute the decline to federal policy shifts and post-pandemic market corrections, leading to lab shutdowns and a challenging funding environment for startups and academic institutions.