Chris Garabedian

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.

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.

Chris Garabedian × Josh Schimmer × Nina Kjellson × Mike Yee × Tim Opler

Summit’s PD-1×VEGF bispecific missed overall survival at p=0.0575, sending shares down 25% despite a PFS hit and 20% lower mortality risk in Western patients.Tim Opler sees VEGF×PD-1 becoming oncology’s backbone, while Pfizer’s 3SBio license and Seagen acquisition give it control for ADC combinations.Macro uncertainty favors discounted commercial-stage M&A, and Gilead’s June 19 lenacapavir PDUFA will test FDA functionality.

Chris Garabedian × Brad Loncar × Eric Schmidt × Paul Matteis × Tess Cameron

Biotech markets face policy and macro instability as rising bond yields and a weaker dollar overshadow a temporary tariff-pause rally.With private capital confronting scarce company formation and weaker public comparables, catalysts must prove their case, while royalty financing offers earlier funding but can leave debt-like repayment obligations when programs fail.

Chris Garabedian × Yaron Werber × Sam Fazeli × Steve Usdin

Biotech sentiment has reversed as investors discount financing needs, competition, and distant catalysts.Profits at BeiGene, argenx, Legend, Ascendis, SpringWorks, and eventually Ultragenyx may support valuations only with significant growth or productive R&D reinvestment.Moderna’s cancer-vaccine readout, a possible SpringWorks deal, and FDA and NIH policy changes are catalysts amid liquidity, trial, and review-capacity risks.

Chris Garabedian × Brad Loncar × Sam Fazeli × Yaron Werber

Biotech entered JPM 2025 after a five-year negative 5% return, versus nearly 200% for tech and 80% for the S&P, suggesting structural capital competition beyond rates.China now supplies one-third of big pharma’s newly in-licensed molecules, with roughly $6 billion of upfronts over the last year, while Washington may make partnerships harder and put U.S. discovery funding and jobs at risk.JPM’s muted setup shifts attention to catalysts such as setrusumab’s May or June second interim and Pfizer’s $1 billion 2025 Part D hit.