Biopharma financing showed a 54% rise in September 2025, reaching $7.12 billion, contributing to a $47.1 billion total for the first nine months of the year. Despite being markedly lower than 2024's $86.7 billion and prior highs, the increase was driven by resurging IPOs and robust private funding, with follow-on offerings lagging. Concurrently, layoffs remained steady, signaling ongoing sector adjustments amid economic uncertainty. This mixed landscape reflects both resilience and challenges within biopharma capital markets.