The Nobel Committee announced today that it has awarded the 2025 Nobel Prize in Physiology or Medicine to three scientists for their discovery of regulatory T cells, which are a critical part of the way the body prevents autoimmune attacks.

Biopharma financings from January through September 2025 totaled $47.1 billion, a sharp decline from 2024’s $86.7 billion during the same period and well below the highs of 2020 and 2021. The slowdown was driven largely by weaker follow-on activity, which brought in $12.9 billion compared to more than $40 billion last year.

Although type 2 diabetes tends to get more airtime, type 1 diabetes also had drawn a number of the developers to the table. Recently winning the attention of Wall Street is SAB Biotherapeutics Inc., which offered data during the European Association for the Study of Diabetes annual meeting. Vertex Pharmaceuticals Inc. and Biomea Fusion Inc. are among the other players.

Takeda Pharmaceutical Co. Ltd. is exiting all work in cell therapies and will seek an external partner to advance the company’s research and clinic-ready cell therapy programs, the company said, noting that it is not currently running any clinical trials using cell therapy technology.

The BioWorld Cancer Index closed the third quarter (Q3) of 2025 with a 24.15% gain, marking its highest level of the year. The climb reversed earlier declines, including a 12.81% drop at the end of Q1, and half-year performance of 2.21%. Broader markets showed a similar rebound, with the Nasdaq Biotechnology Index up 13.21% and the Dow Jones Industrial Average rising 9.06%, both finishing Q3 at their highest points of 2025.