Luba Greenwood

Eric Schmidt × Paul Matteis × Sam Fazeli × Graig Suvannavejh × Luba Greenwood

Graig Suvannavejh’s 15-year Sentometer shifted from record small-cap enthusiasm to “winter is coming,” pointing to probably another three months before biotech sentiment bottoms.Profitability is approaching across SMID biotech, but its value depends on reinvestment-driven growth, not modest earnings.SpringWorks’ expected Merck KGaA catalyst and Moderna’s cancer-vaccine timeline lead the watchlist, while FDA and NIH changes remain unresolved risks.

Tess Cameron × Brian Skorney × Sam Fazeli × Yaron Werber × Luba Greenwood

The XBI’s return to 104–105 coincides with roughly $81B of biotech M&A through September, as pharma companies seek pipeline.Novo Nordisk’s agreement to pay up to $5.2B for Akero highlights efruxifermin’s efficacy, while GI side effects, dosing, and bone mineral density remain unresolved.

Daphne Zohar × Josh Schimmer × Luba Greenwood × Matt Gline × Michal Preminger

The XBI is up over 40% since April's “Liberation Day” lows, and Josh Schimmer sees it on the cusp of profitability, with a meaningful inflection over the next two to three years.The panel says successful launches matter more than acquisition exits, while Roche's up-to-$3.5B 89bio deal validates FGF-21 but leaves Phase 3 until 2027 and CVR value uncertain.

Brad Loncar × Eric Schmidt × Tess Cameron × Luba Greenwood × Tim Opler × Adam Feuerstein

About 200 of roughly 700 public biotechs trade at negative enterprise value, making the sector’s “army of zombies” a capital-allocation and governance problem rather than a diagnosis.Cash-out optionality could test shareholder support for a failed pivot, but management incentives resist returning capital; Taysha shows revival is possible, while CARGO illustrates when the funded experiment simply fails.

Chris Garabedian × Tim Opler × Sam Fazeli × Brian Skorney × Luba Greenwood

Novo Nordisk’s Amycretin delivered 22% weight loss at 36 weeks among patients reaching 20 mg and remaining on treatment, but undisclosed discontinuations and limited tolerability data make the as-treated result provisional, making those disclosures the key valuation catalyst.Meanwhile, a roughly 5% technical XBI rebound contrasted with Stifel’s “historic high” M&A pipeline and 17 deals above $75 million upfront in 2024, while health-agency freezes threaten timelines.