5 questions facing emerging biotech in 2025

As 2025 begins, emerging biotechnology firms can be sorted into two groups: haves and have-nots.

Venture funding rose last year, but a good portion of that money was concentrated into nine-figure “megarounds” that became more common. Initial public offerings were primarily open only to companies that fit a certain profile. And among already public U.S. biotechs, many saw their stock prices slide as pharmaceutical companies looked elsewhere for deals.