Biopharma financings across all categories totaled $59.76 billion on 567 deals in the first half (H1) of 2026, more than double H1 2025’s $29.53 billion across 501 transactions. The year-over-year jump was driven largely by a resurgence in follow-on activity, which accounted for roughly half of total H1 2026 proceeds. June closed out the quarter with $10.32 billion raised from 99 transactions, trailing May’s $10.71 billion on 103 deals and April’s $13.21 billion.