Biotech Market ChallengesBiotech investments and therefore biotech activity remains subdued due to macro pressures like weaker funding, FDA turmoil, NIH cuts, and tariff pressure.
Elevated CancellationsHigher cancellation rates were a significant concern, with 1Q cancellations amounting to approximately 25% of gross bookings.
Large Pharma Budget VolatilityLarge pharma demand continues to be mixed with RFP opportunities muted, linked to company-specific exposure to loss of exclusivity and overall budgetary spend.