Eric Schmidt

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.

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.

Eric Schmidt × Yaron Werber × Tess Cameron × Sam Fazeli

Biotech M&A is setting records across stages: Alkermes appears to have won Avadel at $2.4B, while J&J paid $3B for Phase 1 Halda, the highest-priced Phase 1 acquisition ever per Tess Cameron.Competition is intensifying as pharma prices in 2026-27 patent cliffs, but 82% of surveyed companies worry about FDA function; early-program delays could last two or three years, while falling drug prices make volume response a key watchpoint.

Peter Diamandis × Eric Schmidt × Dave Blundin

Eric Schmidt expects America to retain the top-end AGI lead while China embeds AI everywhere and dominates inexpensive physical systems, including Unitree’s $6,000 R1; electricity, not chips, may become America’s binding constraint.Falling compute costs and open Chinese models weaken static controls and could establish global standards through price, while biology remains the catalyst most likely to force coordinated policy and a major test of startup defensibility.

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.

Sam Fazeli × Eric Schmidt × Brian Skorney × Matthew Gline

Twice-yearly lenacapavir could drive Gilead’s PrEP revenue toward about $4 billion by 2030; CDC spending near $1.3 billion makes policy a valuation variable.Immunovant’s 680 mg batoclimab cut MG-ADL 5.6 versus 3.6 for placebo, keeping IMVT-1402 differentiation under debate.DMD exon skippers reached 10–25% dystrophin and near-normal CK, but functional benefit and AAV risk remain unresolved.