PitchBook：2025年生物技术风险投资基金的演变报告（英文版）

Complete ecosystem cycle: The biotech VC ecosystem underwent dramatic transformation from $12.1 billion in 2012 to a peak of $152.3 billion in 2018 (a 12-fold increase) before experiencing significant market correction, declining steadily to return almost exactly to 2012 levels with $12 billion in 2024, demonstrating a complete boom-bust-reset cycle across three distinct phases: steady ascent (2012- 2017), explosive expansion (2018-2021), and market rationalization (2022-2024). • Specialist-g