HSBC’s mid-year report signaled the challenges that many small and mid-sized biotech companies have shared; first financings declined in Q2 of 2025 and entrepreneurs and companies have had to make tough staffing decisions and adjust their pipelines and programs. While interest rates have started to lower, macroeconomic uncertainties remain in addition to the risk embedded in developing novel medicines. This session will begin with an overview of financing in 2025 followed by a discussion on how companies and investors have remained nimble. The role of venture capital and how family offices are participating in financing will also be featured.