The bio/pharma IPO market reopened in H1 2026, as we predicted based on the bullish public bio/pharma market starting in the 2nd half of 2025. However, the bio/pharma IPO activity remains far below its historical peak in 2020/2021. BPIQ recorded 15 IPOs in H1 2026, up 114% from seven in H1 2025. This was the highest first-half total since 2021, but only narrowly above the 14 IPOs recorded in H1 2022 and still far below the 61 recorded in H1 2021. Quarterly Activity Shows a Gr

H1 2026 private bio/pharma funding reached its highest total amount invested of the past three years, but the number of funding events declined by almost 33%. Total capital increased slightly compared with H1 2024 and H1 2025, while funding activity remained well below prior-year levels. This points to an investment environment where capital is still available, but fewer companies are securing it. In total, private companies raised approximately $20.3B across 366 funding even

Q1 2026 private biotech funding remains low and did not match the January-driven peak seen in early 2025, but overall capital deployment remained broadly comparable. Unlike Q1 2025’s front-loaded start, funding in Q1 2026 was more evenly distributed across the quarter, pointing to a more stable, though still selective, investment environment. We still believe the stage is set for a rebound in private biotech funding starting in the 2nd half of 2026. In total, private companie

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