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.

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.