PitchBook released its 2025 biopharma VC analysis showing $33.8 billion deployed across 1,171 deals, with capital concentrating on later‑stage and asset‑centric companies. The report documents a fundraising environment where investors favor de‑risked programs and platform companies with clear clinical paths, leaving early‑stage startups underfunded relative to 2020–2022 levels. PitchBook warned that early‑stage financing share dropped to roughly 32%, underscoring a pipeline replenishment risk for the sector. The firm expects a disciplined recovery in 2026 but highlighted the need for renewed early‑stage investment to sustain long‑term innovation pipelines.