“Last year was a very business-as-usual year,” said Daniel Chancellor, VP of Thought Leadership at Norstella, “and has been followed by a year that was totally anything but.” His comments came during the presentation of a new report, The State of Emerging Biotech: Investment, Deals, and Pipelines Report, produced by the Biotechnology Innovation Organization (BIO) and Norstella and released at the 2026 BIO International Convention on June 23.