The Top Line

Biotech Graveyard

Oct 31, 2025
Darren Incorvaia, an experienced biotech reporter and analyst, dives into the haunting tales of the 2025 Biotech Graveyard. He discusses the shocking rise in cell therapy failures, spotlighting the chaotic saga of Charisma and the remarkable comeback of Vorbio. The conversation reveals insights on macro headwinds affecting biotech, innovative 'mad science' startups, and the ongoing struggle for funding in a post-COVID landscape. Through a mix of humor and analysis, Darren sheds light on the industry's uncertain future and the strategies being employed to navigate these turbulent waters.
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INSIGHT

2025 Closure Tally And Trend

  • Fierce Biotech counted 16 closures and three 'living dead' companies in 2025.
  • That 19 total is slightly down from recent years but stays near the mid-20s trend.
INSIGHT

Regulatory Turmoil Raised Closure Risk

  • Biotech faced a tumultuous regulatory and funding environment in 2025 that amplified closures.
  • Policy uncertainty, federal layoffs, and funding cuts created wide industry volatility.
INSIGHT

Cell Therapy Wave Of Failures

  • Cell therapy deserved its own mausoleum in the report with multiple company shutdowns.
  • Charisma cut to a skeleton staff, attempted a reverse merger, then saw a deal collapse and wind down.
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