Biopharma companies raised $34.89 billion through financings in the first seven months of 2025, including $5.66 billion in July, down from $7.38 billion in June. This year’s total falls short of $74.03 billion in the first seven months of 2024 and more than $80 billion in 2020 and 2021. However, 2025 is on track to outperform post-pandemic lows of 2022 and 2023, when the seven-month totals reached $33.14 billion and $36.47 billion, respectively.