Here’s our monthly look at the NIH funding data. The US government shutdown only ended on November 12th, with most workers returning on the 13th, but we can see that November is always a bit quiet anyway. Overall YTD 2025 stands at $37bn – a $1bn (3.3%) deficit vs the same point in 2024.
Figure 1: NIH Funding by month 2024 versus 2025
October and November are always low, we can see from looking at the 2024 figures (and even 2023, lower down). This November 2025 was particularly low though, with just $34.9m awarded (Nov 2024 was $285m).
Figure 2: NIH Funding by difference each month between 2024 and 2025
While Q3 was a big increase vs the year prior, Q4 is shaping up to be a lot less. November 2025 saw $250m less awarded than at this point in November 2024.
Figure 3: Cumulative NIH Funding 2023 vs 2024 vs 2025
Looking further back to 2023, when there was a different administration, we can see that a quiet Q4 is fairly normal. Overall YTD 2025 is sitting at $37bn which is 3.3% lower than 2024, and 6% lower than 2023.
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We’ll be back in December with the month-end and full year update.
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