This report series examines quarterly trends in life sciences venture investment. Key findings for Q2 2022 include:

• The industry generated $8.8 billion in deal value across 362 deals in Q2, a material decline from Q1, as the public market decline and macroeconomic pressures continued.

• Median deal sizes remained flat from 2021 for all stages except Series A. Median pre-money valuations rose across the board. A smaller population of deals may account for some of this increase.

• Public market turmoil continued to create ripple effects across the industry, particularly for exit activity. IPO conditions remain unfavorable, and acquisition activity was subdued.