Science magazine’s analysis of fiscal‑2025 funding shows the National Science Foundation and NIH committed roughly the same total grant dollars as the prior year—but the number of new awards fell sharply. NSF awarded fewer new research project grants (about 8,800 in 2025 versus 11,000 in 2024) and cut the number of new continuing grants, while NIH showed similar stability in total spending but reduced new awards. The agencies appear to be managing commitments to limit future obligations amid a politically uncertain appropriations picture: a continuing resolution through Jan. 30 and administration requests for steep cuts. University research offices should prepare for flatter pipelines of new awards, increased competition for limited solicitations, and adjustments in forward funding and grant portfolio management.