The biotech world is going through a tough time right now. So far this year, big companies buying smaller ones has been rare, and when it happens, the deals are usually small. Investors aren’t as excited about good news from drug trials as they used to be. On top of that, the rules for approving new medicines are changing. The new FDA leader, Martin Makary, has made some moves that some people like, but he’s also made it harder to approve vaccines and has been getting involved in decisions that usually stay with FDA experts. Meanwhile, Robert F. Kennedy Jr. at the Department of Health and Human Services is pushing his anti-vaccine beliefs. Despite these challenges, important new research results could bring good news. One big trial to watch is for Eli Lilly’s follow-up drug to their popular weight-loss medicine, Zepbound. Other trial results could also help build confidence in new types of medicines and treatments. We’ve added 10 more trials to watch in the second half of 2025 to our earlier list of 10 from the first half. Some of those are still waiting for results, while others have already finished. We’ve noted which is which.