US life sciences venture activity in Q4 2025 reflected a market that remains selective. While overall dealmaking continued to slow, capital deployment held up, reinforcing a multi-year shift toward concentration in fewer, higher-conviction investments. Thus, large rounds remained a defining feature of the market, with a meaningful share of total capital flowing through financings worth $25 million or more. Overall funding levels in 2025 surpassed those of the prior two years despite declining deal counts, highlighting investors’ preference for scale, durability, and clearer paths to value creation rather than broad-based risk-taking.
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