This session will begin with an overview of the HSBC Innovation Banking annual report summarizing financing trends in 2024. First-financing dollars more than doubled in 2024 compared to 2023, with 14 rounds of $100M+ accounting for 72% of first-financing dollars. This increase in megarounds highlights a concentration of capital around sought after therapeutic areas and proven management teams. Positive indicators included an overall increase in venture investment of 33% and a sharp increase in M&A exits for private companies. After the presentation, investors and executives discuss what investors want to see to fund new companies and how biotech executives size rounds appropriately to achieve differentiation in the market and complete their rounds efficiently. The discussion aims to provide perspectives on venture financing opportunities for the year ahead and insights on how to stand out in a dynamic funding landscape.