Adam Feuerstein

Chris Garabedian × Paul Matteis × Tess Cameron × Adam Feuerstein

XBI strength, Kylera’s IPO above $625M before the shoe, and fresh S-1 and PIPE activity suggest financing is reopening, though the index now favors larger, liquid companies.Revolution Medicines’ 0.4 overall-survival hazard ratio in second-line pancreatic cancer and $2B raise could fund commercialization, while Travere’s proteinuria-based FSGS approval despite eGFR underperformance leaves Vertex’s high-risk enaxopin Phase 3 regulatory bar unresolved.

Tess Cameron × Josh Schimmer × Brian Skorney × Adam Feuerstein

Roughly 200 tracked public biotechs trade at negative enterprise value, while Taysha’s revival below cash contrasts with Cargo Therapeutics’ failed experiment and raises capital-allocation questions.Solid reported about 110% average microdystrophin expression in three Duchenne patients and planned a midyear FDA discussion, but its $200 million pre-data financing at $4 per share raised pricing concerns.

Graig Suvannavejh × Paul Matteis × Brian Skorney × Yaron Werber × Chris Garabedian × Adam Feuerstein

George Tidmarsh’s CBER departure and UniQure’s rejected filing after FDA alignment expose a widening gap between flexible guidance and unpredictable execution.UniQure reported 80% disease slowing at two years and 75% at three years for high dose, while Sarepta’s failed ESSENCE study and December’s Stoke meeting will test evidence standards and early-filing appetite.

Josh Schimmer × Chris Garabedian × Sam Fazeli × Yaron Werber × Adam Feuerstein

Sarepta’s credibility crisis deepened after reporters disclosed a patient death tied to the rAAVrh74 vector, prompting FDA to request halting all Elevidys shipments and a trading halt.Ultragenyx’s CMC-only CRL and GSK’s failed Blenrep ODAC votes signal tighter scrutiny, while large-biopharma M&A and FDA encouragement leave catalysts alongside governance and regulatory risks.

Eric Schmidt × Sam Fazeli × Adam Feuerstein × Peter Kolchinsky

Biotech’s three-week XBI rebound is supported by strong launches, better-than-feared earnings and returning deals, but panelists viewed it as stabilization while FDA disruption, vaccine policy and tariffs continue to discount the sector.BridgeBio’s Attruby highlights commercial execution, while Summit’s ivonescimab—with a 0.77 preliminary overall-survival hazard ratio versus Keytruda—faces pivotal midyear U.S.HARMONi validation; transparency and franchise risks remain visible across the sector.

Brad Loncar × Eric Schmidt × Tess Cameron × Luba Greenwood × Tim Opler × Adam Feuerstein

About 200 of roughly 700 public biotechs trade at negative enterprise value, making the sector’s “army of zombies” a capital-allocation and governance problem rather than a diagnosis.Cash-out optionality could test shareholder support for a failed pivot, but management incentives resist returning capital; Taysha shows revival is possible, while CARGO illustrates when the funded experiment simply fails.