Eric Schmidt

Josh Schimmer × Eric Schmidt × Paul Matteis × Adam Feuerstein

XBI fell roughly 4% month to date and 9%-10% from its highs, but remained up about 30% for the year, suggesting nervous consolidation rather than a broken thesis.Xenon’s nearly 30% selloff after pausing depression enrollment came despite no clinical hold and about 360 patients enrolled, showing how bounded safety data can become a franchise scare.Sionna’s failed add-on study reinforced Vertex’s cystic-fibrosis moat, while a switch study remains the key test.

Daphne Zohar × Eric Schmidt × Sam Fazeli × Graig Suvannavejh

Biotech’s 80% XBI rally is structurally M&A-led, with roughly $138B announced against $59B of equity issuance, compressing premiums and leaving no preclinical IPOs.Moderna’s melanoma vaccine suggests a durable trade-secret franchise, while BioNTech’s colorectal failure leaves tumor context unresolved; daraxonrasib’s $478K price and frontline label, and ivonescimab’s HARMONi-3 in 6–9 months, set the key monitoring points.

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 × Josh Schimmer × Eric Schmidt × Paul Matteis × Matt Herper

AstraZeneca’s eplontersen failed its ATTR cardiomyopathy outcomes trial, with Ionis reporting no benefit in the tafamidis-combination group, including no CV-biomarker effect.The readout improves Alnylam’s perception, but royalty-free Nucresiran must still show whether its adjunctive outcomes study preserves silencer-plus-tafamidis synergy; Agios’ mitapivat won priority review despite missing its co-primary VOC endpoint.Atumelnant’s liver-enzyme elevations remain a risk to monitor.

Graig Suvannavejh × Eric Schmidt × Paul Matteis × Oliver Barnes

Biotech is outperforming healthcare, with XBI up 10.5% year-to-date and Parabilis Medicines setting a $771M IPO record.Selective capital remains pivotal: Summit withdrew its $500M offering before the binary global HARMONi-3 readout, while Tango and Revolution reported a 90%+ response rate.Major deals and regulatory shifts offer catalysts, but financing needs, commercial competition, and follow-on capital allocation remain unresolved risks.

Sam Fazeli × Josh Schimmer × Eric Schmidt × Tess Cameron

Bristol Myers’ BMS–Hengrui deal gives Hengrui options to co-develop select assets and conduct certain commercialization activities globally, alongside up to $950M in payments and $15.2B potential value.China’s low-cost, high-speed innovation creates licensing opportunity now, but three-to-five-year global-commercialization plans could shift value capture toward Chinese developers; REGENXBIO’s held DMD filing and Biogen’s Phase 3 tau decision keep precedent and capital allocation in focus.

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.

Graig Suvannavejh × Mike Yee × Eric Schmidt

Biotech is up 7.4% YTD versus the S&P 500 down 4%, as Q1 delivered a record first quarter for public-company M&A: nine deals totaling $32B.Biogen’s $5.6B Apellis acquisition paid a 140% premium to address a potential $1.5B Ocrevus royalty shortfall in 2029–2030, but Alexion and Regeneron Phase 3 GA readouts later this year could test the economics.

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.

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.