Brad Loncar

Josh Schimmer × Brian Skorney × Eric Schmidt × Brad Loncar

Scribe’s IPO raised roughly $120M for a TGA-cleared PCSK9 gene-silencing therapy, reopening the very-early-stage biotech window.Six biotech reverse mergers paired with $200M-plus PIPEs, including Xometry’s nearly $200M transaction into InMed, show a faster, increasingly IPO-like financing route.Next week’s RP1 and deramiocel AdComs could clarify whether FDA flexibility is emerging or negative findings signal a more stringent posture.

Sam Fazeli × Brian Skorney × Yaron Werber × Brad Loncar

Pfizer’s agreement with Trump reduces threatened tariff and most-favored-nation pricing risks, while industry pledges could encourage U.S.-first launches.Rising FDA execution risk, including CMC-driven CRLs, makes ESMO readouts important tests of regulatory flexibility.Biotech rotation and M&A remain active, but clinical differentiation, pricing pressure, capacity constraints, and deal durability remain unresolved.

Sam Fazeli × Eric Schmidt × PaulMatteis × Brian Skorney × Brad Loncar

Biotech’s tape has turned: XBI rose 11.9% versus 2% for the S&P over the past month.Sanofi’s 10% drop after amlitelimab met its primary endpoint highlights Dupixent’s expected $2.5B 2030 sales and 2031 patent loss.Fall HARMONi OS, FLAURA-2 OS and neuro readouts hinge on confidence intervals, China/ex-China consistency, screening failure and regulatory flexibility.

Chris Garabedian × Tess Cameron × Eric Schmidt × Sam Fazeli × Brad Loncar

Financing showed signs of reopening: LB Pharmaceuticals’ IPO rose and held, while Maze, Rapport, CAMP4 and Amylyx raised, though Eric Schmidt urged caution.A drafted China-biotech executive order could mandate CFIUS review of licensing deals and make FDA ignore China data, potentially freezing deals and pushing pharma beyond U.S. biotech.Revolution Medicines’ 55% first-line pancreatic ORR is promising; PFS and duration remain pending.

Brad Loncar × Eric Schmidt × Sam Fazeli

Sanofi’s $9.1B Blueprint acquisition turns a ten-year, $18 IPO story into an “almost 10-bagger,” with a possible $2B drug by 2030.Summit/Akeso’s HARMONi showed a 0.52 PFS HR, while OS missed at p=0.057, leaving translation and mechanism risks unresolved.Kymera’s STAT6 degrader achieved 90% degradation with clean safety; Q4 atopic-dermatitis data will test its once-daily oral Dupixent-competitor thesis.

Brad Loncar × Chris Garabedian × Eric Schmidt × Paul Matteis × Sam Fazeli

Policy uncertainty around RFK Jr.’s confirmation, IRA negotiations, international reference pricing, and march-in rights has become a biotech valuation input, though transparency could restore trust.Journavx separates analgesia from opioid-like reinforcement, but acute-care adoption remains difficult; selective IPOs, Akero’s 96-week MASH data, Sarepta’s EMBARK results, and Cargo’s reversal show quality can be rewarded while binary risk persists.