Biotech venture financing slowed in 1H25

Global venture fundraising by biotechs fell to $12.7 billion in the first half of 2025, down 25% from 1H24 and 60% from the peak in 1H21. The last year with a 1H total less than this year’s was 2017.

Companies that are raising money are doing well, at an average of $40.1 million and a median of $33 million per round. The median is the highest in the past decade. 1H21 had a higher average round size, at $44.1 million, with 1H25’s figure the second-highest in the window.  Last year, the average offering was $34.8 million and the median $16.4 million...