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, Biopharma and Pharmatech kazi.helal@pitchbook.com pbinstitutionalresearch@pitchbook.com Publishing Designed by Drew Sanders Published on April 16, 2025 Contents | Key takeaways | 1 | | --- | --- | | American biotech's three-phase e ...