J.P. Morgan’s Q1 Biopharma Venture Report: Early-Stage Funding Slows as Capital Concentrates in Later-Stage and Larger Deals
J.P. Morgan’s Q1 2026 biopharma venture report shows that seed and Series A financing cooled noticeably, while funding at Series B and beyond remained relatively active. At the same time, three sources point to a consistent view: capital is flowing more heavily into more mature, lower-risk projects, and the IPO and M&A windows are recovering unevenly. However, some sources do not provide enough information on the underlying causes, the full industry picture, or the subsequent trend.