PitchBook Data, Inc. Nizar Tarhuni Executive Vice President of Research and Market Intelligence Paul Condra Global Head of Private Markets Research James Ulan Director of Emerging Technology Research Institutional Research Group Analysis Kazi Helal, Ph.D. Senior Research Analyst, Biotech and Pharma Data Sara Good Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Designed by Jenna O'Malley Published on May 29, 2025 Contents | Key takeaways | 1 | | --- | --- | | Introduction: Biotech VC fund ecosy ...