The National Institutes of Health has approximately $10.6 billion in unspent funds remaining as the fiscal year approaches its conclusion on September 30, according to an analysis of agency data released by the Association of American Medical Colleges. Through the end of July, the NIH has obligated $23.3 billion across 38,858 grants, representing roughly 69 percent of its total grant budget allocation.
The agency’s spending trajectory shows mixed progress compared to prior fiscal years. The NIH currently stands approximately $1 billion ahead of its spending pace from the equivalent period last year, though it remains roughly $2.4 billion behind the allocation levels achieved during fiscal year 2024. Notably, the agency accelerated its spending rate during July, according to AAMC analysis.
A significant portion of this year’s funding has taken the form of multiyear grants awarded upfront. The NIH has allocated $1.1 billion in multiyear funding to 1,402 research grants during the current fiscal year—a substantial increase compared to previous years. This amount nearly quadruples the $290.6 million awarded through multiyear competitive project grants by the same point in fiscal year 2024 and nearly doubles the $556.4 million distributed in fiscal year 2025.
The agency’s reliance on multiyear funding mechanisms presents potential challenges, as Congress has imposed caps on how much the NIH can allocate through this approach. The AAMC raised questions regarding how the agency plans to distribute remaining funds given these congressional limitations, particularly if the multiyear mechanism becomes unavailable as an alternative. The NIH stated that it remains on track to obligate its complete fiscal year 2026 budget, noting that it has exceeded the previous year’s pace in both the quantity of awards issued and total funding obligated.
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