PitchBook：2025年二季度生物制药领域的风险投资趋势报告（英文版）

In 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