Lots and lots of NIH grants were terminated, some of them abruptly, and a lot were steered into other more questionable avenues, but the overall spending by the NIH, including in new grants, is only down a bit.

There is at least some work being done that is still federally funded, specifically in this space of cartilage regeneration. The ARPA-H “NITRO” project is one I’ve been watching, and has been continuing even though it predates the second Trump term.