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6、from Morgan Stanley at Work 10Healthcare 12Investor trends 13Liquidity 14Returns 17Sponsored by4Q2 2025 US VC VALUATIONS AND RETURNS REPORTSponsored by25.5%33.2%18.2%30.2%29.0%36.7%10.1%32.0%0%20%40%60%80%100%120%140%20152016201720182019202020212022202320242025SeedABCSource:PitchBook Geography:US As