Grace Colón

Grace Colón × Josh Schimmer × Eric Schmidt × Brian Skorney

Novo’s CagriSema delivered 12.6% placebo-adjusted weight loss in REDEFINE 2, broadly in line with Zepbound, but the stock fell roughly 8–10%.Policy risks include MFN pricing, tariffs and vaccine trust, while PBM reform, IRA fixes and the tax bill offer upside; a report expected the week of April 7 could be a catalyst.

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.

Grace Colón × John Maraganore × Paul Matteis × Eric Schmidt

MFN, not tariffs, is the sector’s key overhang; Paul Matteis says worst cases are “nowhere near priced into stocks.”Novo’s ex-Catalent Indianapolis facility has 43 Form 483 observations and two Regeneron CRLs, putting Scholar Rock’s September 22 SMA PDUFA at manufacturing risk.Vertex’s over-20% drop after a next-generation pain failure and slow suzetrigine launch makes strategy a key catalyst.

Grace Colón × Josh Schimmer × Sam Fazeli × Tess Cameron × Eric Schmidt × Yaron Werber

Vinay Prasad’s CBER appointment erased 7% from XBI in a day, but his conciliatory debut shifted the key signal from rhetoric to approvals.MRD as a myeloma filing endpoint is the live test: a reversal could lengthen cell-therapy trials, while CDER bispecifics may retain it.Sarepta’s guidance cut to $2.3–2.6B exposed capacity risk, while Novavax and a possible MFN order leave regulatory and pricing catalysts unresolved.