Bruce Booth

Daphne Zohar × Bruce Booth × Eric Schmidt

Biotech’s year-end pause looks like healthy stock-picker consolidation, with XBI near 124 while mediocre data from Pyxis and Nektar were heavily punished.Nearly $9B of October-November follow-ons is creating indigestion, as first-day performance increasingly sets discounts for subsequent deals.Confidential S-1 flips could fuel a Q1 IPO rush, but recycled issuers and a disrupted FDA policy backdrop make quality and execution the key risks.

Daphne Zohar × Bruce Booth × Sam Fazeli × Brian Skorney × Yaron Werber × Eric Schmidt

Biotech's rebound is broadening as sub-cash companies fall from 200+ to 50 and M&A approaches its strongest year since 2019.Bruce sees IPOs reopening in early 2026, but $40-50M in first-two-year costs favor private financing.Avidity's $12B pre-Phase 3 sale, Catalent's CMC failures, and Intellia's day-30 toxicity keep platform durability, manufacturing, and safety in focus.

Chris Garabedian × Tim Opler × Bruce Booth × Sam Fazeli

Biotech’s 2025 selloff appears driven more by forced selling and weak marginal demand than deteriorating science, with XBI at $84.45, down 4% for the week.Venture capital remains near $5 billion quarterly while new financings have fallen to barely above 50 and average rounds reached $65 million, concentrating capital in fewer, more disciplined companies.Reported HHS reductions create FDA execution risk as China expands, while Tagrisso’s EGFR-lung-cancer defense keeps physician adoption—not headline efficacy—the key catalyst.