Brian Skorney

Chris Garabedian × Brian Skorney × Graig Suvannavejh × Jason Kelly

Biotech capital markets are recovering: Cardigan is the 11th 2026 IPO filing, while Endpoints sentiment reached 96 and finance/investment stakeholders reached 120.Ginkgo’s cell-engineering thesis, Lilly’s up-to-$3.8B vaccine buying, Apogee’s up-to-$1.3B financing, and ASCO’s RESOLUTE 302 readout leave regulation and tolerability to monitor.

Grace Colón × Josh Schimmer × Eric Schmidt × Brian Skorney

Novo’s CagriSema delivered 12.6% placebo-adjusted weight loss in REDEFINE 2, broadly in line with Zepbound, but the stock fell roughly 8–10%.Policy risks include MFN pricing, tariffs and vaccine trust, while PBM reform, IRA fixes and the tax bill offer upside; a report expected the week of April 7 could be a catalyst.

Josh Schimmer × Sam Fazeli × Brian Skorney × Yaron Werber × John Crowley

BIO CEO John Crowley says rising US trial costs and regulatory uncertainty make capital flowing to China “perfectly rational.”His FDA prescription—stability, consistency, transparency, and modernization—puts “the next 6 months” in focus.MFN codification could be “devastating” and “unmanageable” before Section 232 action due by the last week of March, while ReGenix’s PLAG1 integration tests AAV safety.

Josh Schimmer × Brian Skorney × Paul Matteis × Graig Suvannavejh

Biotech enters 2026 on launches rather than dreams, with limited pricing pressure, more M&A, XBI still cheap over five years, and rates the key macro risk.IPO expectations range from 15 to roughly 50 or more, but preclinical FOMO remains a crash signal; meanwhile, FDA turnover makes uniQure’s reversal a test of whether prespecified agreements still carry weight, while Capricor and Praxis offer near-term approval catalysts.

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.

Daphne Zohar × Josh Schimmer × Brian Skorney × Paul Matteis × Sam Fazeli × Brad Loncar × Matt Gline

Trump’s letters to 17 pharma CEOs make MFN a risk, though no statutory authority was cited and implementation remains discounted.Medicaid and direct-to-consumer pricing may be easier; tougher IRA negotiations remain possible around September 29.GSK–Hengrui’s Phase 1 options and China’s 30% share of global trial starts sharpen outsourcing concerns; AHEAD’s 85%–90% screen-failure rate remains unresolved.

Eric Schmidt × Paul Matteis × Sam Fazeli × Brian Skorney

Elevidys escalated from restructuring to an FDA-requested, then accepted, full shipment halt after a third death, exposing regulatory, disclosure, debt, and political risks for Sarepta.Replimune’s RP1 delivered low-30s ORR with roughly half complete responses versus single-digit standard-of-care rates but received a CRL over its single-arm study, while Tidmarsh’s industry background and shifting FDA signals leave approval flexibility and small-biotech capital costs unresolved.