Total biopharma financings reached $22.82 billion in the first quarter (Q1) 2026, rising about 74% from $13.12 billion in Q1 2025 but declining 31% from $33.16 billion in Q4 2025. The strong start places 2026 well above the subdued levels seen from 2022 through 2025, though is still below the highs of $38.35 billion in Q1 2021 and $47.25 billion in Q1 2024. Overall, the data indicate a meaningful rebound in financing activity to begin 2026, following a more uneven 2025.