How Shifting Trade Dynamics Are Reshaping U.S. Healthcare | Life Sciences Snapshot – Q2 2025
A Quarterly Report on Financing Trends
11 minute read | May.12.2025
Q1 2025 marked another strong quarter for life sciences VC financing, with momentum continuing. This edition highlights quarterly investment trends and features a roundtable discussion on how shifting trade dynamics are reshaping U.S. healthcare.
Key findings include:
- Deal value rose 10.6% QoQ despite a 15.0% decline in deal count.
- Median pre-money valuations grew at all stages except pre-seed/seed, which dropped 20.6%, reversing most of 2024's gains.
- Median check sizes increased QoQ, led by venture-growth at 85.9%. Deals of $100M+ represented 41.3% of the total, down from 49.4% in 2024.
- Exit activity slowed, but IPOs picked up with seven filings, on track to surpass annual listings since 2021. These IPOs generated $3.7B, exceeding acquisition values for the first time since 2021, despite market volatility concerns.
