Private bio/pharma funding in 2025 totaled approximately $40.0 B  across 1,045 private funding events, slightly below 2024’s $40.4 B , but substantially below 2024’s 1,367  deals (FN1). Activity was heavily front-loaded, with January 2025  alone accounting for $6.3 B  and 138 deals , the single most active month of the year.  After a mid-year lull in deal volume and capital deployment, the market saw modest late-year momentum, particularly in October ($6.0 B) and December ($3

After a difficult 3 years of private biotech funding for early-stage biotech companies (FN1, FN2), we predict that 2026 will be a breakout year. Why? Public smid-cap biotech stocks soared in the 2nd half of 2025; Historical data shows that when public smid-cap biotech stocks soar, the biotech IPO market opens up the following year; Once the biotech IPO market opens, private funding should follow in subsequent quarters Public smid-cap biotech stocks soared in the 2nd half of 2