Just as a disciplined a soccer player might pass on a hopeful shot in favor of a better chance later on, the biopharma venture capital market reflected a preference for de-risked assts over platforms and is expected to display a “continued, albeit disciplined” recovery in 2026, according to a fourth-quarter PitchBook report.

After bottoming out post-pandemic surge, biopharma venture capital continued to make a modest rebound in 2025. For the second consecutive quarter, deal value rose as capital became more selective and concentrated on fewer, larger deals. READ MORE