Grant Witness analysis found that NIH has issued fewer grant awards than the five-year norm, even while total funding obligations remain roughly level with last year. In fiscal year 2026 through September 24, NIH awarded 60,924 grant awards—the lowest count at the same point in the past six fiscal years—about 11% below the 2021–2025 average. The analysis attributes much of the drop to NIH’s shift toward multiyear funding structures that reduce the number of discrete awards counted per year, rather than necessarily cutting total spending. Grant Witness noted caveats that NIH may retrospectively change ExPORTER datasets during accounting finalization, meaning the final award count could move. The timing also intersects with reported disruptions during a prior review freeze, contributing to frustration among scientists even as obligations show less contraction. The broader implication for biotech and academic researchers is that award volume and operational continuity may not mirror headline budget figures.