Early-stage venture funding for U.S. cell and gene therapy start-ups has fallen sharply, with seed and Series A rounds contracting and China emerging as a rare bright spot for capital, according to BioCentury. Founders cite higher manufacturing costs, tougher preclinical efficacy requirements, and investor caution. At the same time, biopharma financing broadly has begun to normalize: November’s deal count and dollar volume moderated after October’s spike, reflecting a market that remains active but more selective. The funding mix suggests larger later-stage financings and strategic partnerships are carrying development activity while seed investors retrench.