With more than 90% of the biopharmaceutical industry made up of small, emerging companies, it is important for BIO to better understand early-stage investor and deal-making trends in order to determine where scientific or policy issues may be impacting the industry’s ability to maintain a robust pipeline of innovative medicines. The ability to access capital and form strategic alliances is vital for small therapeutic-focused companies to succeed in translating novel drug candidates into approved medical products for patients.