Dispatches from J.P. Morgan Week | Life Sciences Snapshot – Q1 2026

U.S. life sciences venture activity declined for the fourth consecutive year in 2025. While deal counts fell in Q4, capital deployment remained resilient, reflecting investors’ preference for fewer, larger, high-conviction bets. Unlike broader venture markets driven by AI narratives, life sciences investors focused on companies addressing well-defined medical needs with clear paths to commercialization. Exit conditions remained challenging, as muted IPO activity extended liquidity timelines and reinforced M&A as the primary exit route.

Read Orrick’s Q1 2026 Life Sciences Snapshot for insights on capital allocation, late-stage momentum, and what this means for founders navigating a prolonged exit environment. This issue includes a roundtable featuring leaders from the legal, banking, public markets and investment communities, sharing takeaways from J.P. Morgan Week and their outlook for 2026.

Read the report (14 minute read)

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