Chris Garabedian

Chris Garabedian × Graig Suvannavejh × Paul Matteis × Tess Cameron

Biotech’s tape is “healthy but discerning,” with 19 Nasdaq issues year-to-date and the XBI outperforming, yet market-neutral shorts have struggled as heavily shorted names such as Crinetics and Apogee were acquired.Tenex and Sionna failures show how sharply negative data is punished, while MindMed’s durable Phase 3 LSD effect and Belite’s February 12, 2027 PDUFA create catalysts amid continuing diligence and competitive risks.

Eric Schmidt × Matt Gline × Chris Garabedian × Sam Fazeli × Graig Suvannavejh

Biotech’s IPO window remains open: ten deals have raised $3.2B YTD, with the respiratory IPO moving from $18 to near $29.Yet no governor limits the cycle, and generalists remain selective around de-risked clinical- or commercial-stage names.Lilly’s six acquisitions and $14.5B upfront make it a category of one, leaving 2026 M&A and the XBI’s shrinking lead to monitor.

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.

Graig Suvannavejh × Chris Garabedian × Eric Schmidt × Yaron Werber

Sanofi’s $9.1B Blueprint Medicines acquisition combines a 27% premium with rare-disease and immunology expansion.Consensus supports a $2B drug by 2030, while Summit’s HARMONi-A showed a 0.52 PFS hazard ratio across China and US cohorts.OS missed at p=0.057, and Kymera’s 90% STAT6 degradation, clean safety and Q4 atopic-dermatitis data keep filing and differentiation risks in focus.

Chris Garabedian × Paul Matteis × Mike Yee × Sam Fazeli

JPM 2026 sentiment settled at a healthy seven out of 10, while record financing and cash-rich companies shifted biotech toward a sellers’ market.Generalists are moving from renting the space to wanting to own the group, broadening interest beyond Lilly and AbbVie.Moderna’s March Arbutus trial and Lilly’s 2027 TRAILBLAZER-ALZ 3 readout are catalysts, with patent damages and safety still unresolved.

Grace Colón × Chris Garabedian × Sam Fazeli × Paul Matteis × Yaron Werber × John Stanford

House-passed FY2026 NDAA would make biotech a national-security asset through a new DoD office and SBIR-like funding, while a watered down BIOSECURE Act could constrain listed suppliers.Nearly $2B raised and XBI up 35%–36% YTD signal a thaw, but IPOs remain unconfirmed; ASH challenged BeiGene and favored anito-cel, while Dyne’s DMD path remains clouded by biomarker uncertainty.

Chris Garabedian × Brian Skorney × Sam Fazeli

Biotech’s catch-up trade is gaining traction as healthcare ranks among the month’s most net-bought sectors and exposure approaches five-year highs without “crazy valuations.”Financings are shifting from dilution overhang to FOMO, with Alto Neuroscience up 65% around a $50M PIPE and Nurix’s $250M registered direct, while ivonescimab’s PFS win leaves OS and the VEGF contribution unresolved.

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.

Chris Garabedian × Daphne Zohar × Sam Fazeli × Tess Cameron × Paul Matteis × Tim Opler

XBI remains down YTD, but this year's IPO cohort is up 50–60% and follow-ons work, signaling a fund-specific recovery amid scarce private capital.China biotech rose almost 40% last month on rumored "$500 million plus" deals, while copycat competition discounts exposed US smid-caps; FDA subjectivity remains a tail risk as KalVista's approval is "very likely" despite an inferential CRL report.

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.