PitchBook年二季度生物制药领域的风险投资趋势（英）

CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 1Q2 2025 Biopharma VC TrendsEMERGING TECH RESEARCHBiopharma VC TrendsVC activity across the biopharma ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Biopharma VC TrendsInstitutional Research GroupAnalysisBen Riccio Associate Research Analyst ben.riccio@pitchbook.comDataMatthew Nacionales Senior Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Josie Doan, Jenna O’Malley, and Drew SandersPublished on August 5, 2025Biopharma landscape 3Biopharma VC ecosystem market map 4VC activity 5Biopharma VC deal summary 21CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Biopharma VC TrendsBiopharma landscapeMature modalitiesAdvanced modalitiesEmerging modalities123CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Biopharma VC TrendsBiopharma VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Biopharma VC TrendsVC activityIn Q2 2025, biopharma VC investment totaled $5.4 billion across 198 deals—both the lowest quarterly figures recorded since data tracking began in 2020. Persistent headwinds for both the broader VC asset class and the biopharma sector specifically have contributed to a steady decline in investment since activity peaked in 2021. Across industries, VC investors are prioritizing capital efficiency, investing in startups with faster exit timelines, and focusing on high-growth technologies such as AI. Within biopharma, this risk-off sentiment has shifted investment away from high-risk preclinical assets. Instead, capital is being consolidated in larger deals for assets that have demonstrated clinical trial success, as well as startups deploying AI to reduce research & development costs. Additionally, staffing cuts and evolving guidelines in the Food and Drug Administration have increased uncertainty around approval timelines, adding further risk to an already cautious investing environment. Through the first half of 2025, biopharma VC funding totaled $14.5 billion across 467 deals, marking 14% and 9.7% declines, respectively, from H1 2024. On a trailing 12-month (TTM) basis, deal counts are down 8.6% YoY, while total funding is up 1.7%. With investors flocking to de-risked assets, the median pre-money valuation reached $54 million in Q2, compared with $42 million across 2024. However, median deal values have stayed flat, indicating investors are willingly to pay a premium for differentiated assets with faster exit timelines in the current environment. Source: PitchBook • Geography: Global • As of June 30, 2025Biopharma VC deal activity$39.7$54.6$37.1$29.8$33.7$14.51,4851,7751,2831,085990467202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of June 30, 2025Biopharma VC deal activity by quarter 0100200300400500600$0$5$10$15$20Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4202020212022202320242025Deal value ($B)