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It’s no secret that biotech industry funding has fallen from its Covid highs. But with just a few months left in the year, it’s on track to hit lows that predate the pandemic.

New data from Pitchbook and the National Venture Capital Association show that both the number of deals and the amount of money that’s being invested in life science companies are down significantly. So far this year, there have been 1,384 VC deals struck in the field, the lowest figure since 2013. For comparison, there were roughly 2,122 financing deals made last year.

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If dealmaking remains consistent for the rest of the year, it would put this year on par with the number of deals made in 2017.

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