The biotech and healthcare sectors are navigating significant regulatory and structural shifts. Legal rulings have halted or challenged sweeping Department of Health and Human Services layoffs and reorganizations, highlighting tensions between executive orders and legislative authority. 4D Molecular Therapeutics implemented workforce reductions alongside accelerated phase 3 timelines for its gene therapy in wet AMD, focusing resources on late-stage assets. Meanwhile, Nordic Capital acquired health data platform Arcadia, seeking to accelerate value-based care initiatives through AI. Additionally, several significant mergers and acquisitions occurred, including Concentra's acquisition of antibody biotech IGM Biosciences, underscoring ongoing market consolidation amid funding challenges.