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By late 2025, Boston’s Kendall Square biotech hub faces a severe downturn marked by a "biotech winter" of plummeting venture capital and soaring lab vacancies. Caused by high interest rates, domestic policy uncertainties, and intensifying global competition, this crisis has triggered a significant talent exodus, leaving recent PhD graduates overqualified and underemployed as companies freeze hiring to cut costs. The contraction has stalled critical medical research and threatened Boston’s economic stability, though industry leaders remain cautiously optimistic that adaptation strategies—such as AI integration and renewed merger activity—could spark a recovery by 2026.