On this week’s episode, Josh Schimmer, Paul Matteis, Eric Schmidt, Yaron Werber, and special guest STAT’s Allison DeAngelis open with what they describe as “a bananas week for biotech,” highlighting strong substantial secondary offerings, including Cytokinetics and Avalo Therapeutics. The conversation then turns to M&A, with multiple new deals announced in Q1 and continued activity this week, including UCB’s acquisition of Candid Therapeutics for up to $2.2B, Angelini’s $4.1B purchase of Catalyst Pharmaceuticals, and Bayer’s acquisition of Perfuse for up to $2.45B. The group also reflects on what feels like the year of developmental-stage biotech, highlighting investor focus on companies with pipeline events such as Vertex and Biogen, while commercial-stage companies have lagged. In regulatory news, the co-hosts discuss Sanofi’s decision to withdraw diabetes drug, teplizumab, from the Commissioner’s National Priority Review program, broader concerns about shifting goalposts and political influence, and contradicting outcomes including Replimune’s rejection versus Atara’s reversal. On the data front, the hosts discuss Cytokinetics’ Phase 3 results and subsequent $650M raise, as well as encouraging autoimmune data from Artiva Biotherapeutics. They also overview neurofilament as a biomarker following Clene’s data, and J&J’s decision to advance its DUET program despite failing to meet its primary endpoint in IBD. *This episode aired on May 8, 2026.

On this week’s episode, Eric Schmidt, Matt Gline, Chris Garabedian, Sam Fazeli, and Graig Suvannavejh open with a discussion on biotech public‑market dynamics, noting solid year‑to‑date performance for the XBI. Next, the group highlights the reopening of the IPO window, with multiple upsized offerings and strong aftermarket performance, supported by renewed generalist investor interest. The conversation then turns to large‑cap pharma earnings, with focus on Lilly’s continued outperformance driven by its obesity franchise and evolving commercialization strategies. Next, the co-hosts discuss robust deal flow across the sector, led by Lilly’s aggressive M&A activity. On the data front, the co-hosts cover Revolution Medicines’ practice‑changing Phase 3 pancreatic cancer data and the contrasting market reaction to competitor results, as well as key takeaways from Summit Therapeutics’ Harmony‑3 interim analysis in lung cancer. Also in data news, developments in Alzheimer’s disease, including recent trial setbacks, regulatory approvals, and encouraging early commercial traction for new therapies are also mentioned. The episode concludes with reflections on IPO cycles, valuation discipline, and cautious optimism for sustained momentum in biotech markets. *This episode aired on May 1, 2026.

On today’s episode, Chris Carabedian, Paul Matteis, Tess Cameron, and special guest Adam Feuerstein kick off with a discussion of the public markets, highlighting the XBI’s post‑pandemic highs, Kailera’s IPO pricing and more than $625 million raised, the opening of the IPO window with multiple filings, and increasing generalist interest in the biotech sector. The group also discusses Obsidian Therapeutics going public following a reverse merger with Galera, alongside a $350 million PIPE. The conversation shifts to the rise of clinical trial prediction markets and the growing role of AI tools in the life sciences industry. Next, the co‑hosts highlight another acquisition by Lilly, with their $300 million purchase of Crossbridge Bio. In Regulatory news, the group overview the FDA approval of Travere Therapeutics’ kidney disease drug for FSGS and the broader implications for the renal space. On the data front, the group mentions Allogene’s CAR‑T data and the mixed stock reaction, along with Revolution Medicines’ positive Phase 3 data in pancreatic cancer. Spyre’s positive Phase 2 data in ulcerative colitis is also covered. The episode concludes with a discussion on how clinical data continues to drive market dynamics. *This episode aired on April 17, 2026.

On this week’s episode, Greg Suvannavejh, Josh Schimmer, Yaron Werber, Sam Fazeli, and special guest Financial Times journalist Oliver Barnes kick off by highlighting the strength of the biotech sector from a public markets perspective, noting the XBI has outperformed the S&P 500 so far this year. The group agrees biotech is in a solid position overall. In policy news, the co‑hosts discuss the latest on the Trump administration’s proposed 100% pharma tariffs, Most Favored Nation drug pricing, and deals between big pharma and the administration. The conversation shifts to regulatory news, including changes to the CDC’s ACIP charter, vaccine oversight concerns, and FDA Commissioner Dr. Marty Makary’s press conference highlighting progress under his leadership. The group then highlights major deals, including Merck’s $6.7 billion acquisition of Terns and details of the SEC filings, Gilead’s $3.15 billion upfront deal for Tubulis, Neurocrine’s $2.9 billion purchase of Soleno, and Garda Therapeutics’ $125 million acquisition of Assertio. In breaking news, the co-hosts discuss Replimune’s second CRL for its melanoma therapy. In data, the group highlights Ascendis’ encouraging week‑52 achondroplasia data and Insmed’s Phase 2 hidradenitis suppurativa results. The episode concludes with an update on the obesity landscape, including Lilly’s newly approved oral GLP‑1, Novo’s high‑dose Wegovy, and a Nature paper on GLP‑1 response variability. *This episode aired on April 10.

On this week’s episode, Graig Suvannavejh, Mike Yee, and Eric Schmidt kick off with a look back at biotech deal activity through the first quarter, highlighting a solid, but not overheated, M&A environment. The group discusses recent transactions, including large, commercially focused deals designed to drive near‑term revenue growth rather than pipeline speculation, particularly Biogen’s $5.6 billion acquisition of Apellis. While total Q1 deal value was roughly in line with historical averages, they note that meaningful capital continues to be recycled back into the sector. In other deals, Lilly’s $6.3 billion upfront acquisition of Contessa is also noted as an opportunity for Lilly diversify its pipeline beyond obesity. Next, the co-hosts highlight growing interest in blood–brain barrier drugs following Korsana’s merger with Cyclerion. The conversation shifts to regulatory news, including the FDA approval of Lilly’s oral GLP‑1, alongside signs of increasing regulatory flexibility in rare disease, such as Scholar Rock’s SMA BLA resubmission, and an upcoming decision for Replimune. The episode concludes with data updates, including Viridian’s Phase 3 thyroid eye disease results and discussion on NLRP3 inhibitors as a potential next wave cardiometabolic and obesity drugs beyond GLP 1s. *This episode aired on April 3, 2026.

On this week’s episode, Grace Colón, Josh Schimmer, Eric Schmidt, and Brian Skorney open with a look at the macro backdrop. With market volatility and interest rate uncertainty, the hosts agree the macro is still “driving the bus,” tempering what might otherwise be stronger bullish sentiment. Even so, biotech continues to demonstrate relative resilience – XBI holding up better than the broader market – reinforcing the view that investors still want to own biotech. In deals, the co-hosts discuss Gilead’s more than $2 billion purchase of Ouro Medicines for its autoimmune disease drug, Merck’s $6.7 billion takeover of Terns to bolster its oncology pipeline, and Novartis’ deal for Exellergy to strengthen its allergy portfolio. The conversation shifts to regulatory news, including the approval of Denali’s Hunter syndrome drug, Avlayah, which comes shortly after the FDA rejected Regenxbio’s gene therapy for the same condition. Other recent rare disease approvals are noted, with the group interpreting them as signs of slightly increased regulatory flexibility following leadership changes, though uncertainty remains across the health agencies. The episode concludes with recent data news and market reactions from Sarepta and Arrowhead, Maze versus Vertex in kidney disease, Beam’s data in AATD, Lyme disease vaccine data from Pfizer and Valneva, and a preview of data to be presented at AAD. *This episode aired on March 27, 2026.

On this week’s episode, Sam Fazeli, Josh Schimmer, Paul Matteis, and Graig Suvannavejh kick off with a discussion on the impact of current geopolitics on biotech investor sentiment, noting that biotech is fundamentally insulated from oil prices and emphasizing that the sector is becoming cash‑flow positive at a pace not previously seen. Shifting to regulatory news, the group discusses Vinay Prasad’s departure from the FDA and highlights that upcoming rare disease readouts will serve as a test of the FDA’s flexibility. They also cover the FDA’s new Adverse Event Monitoring System, which consolidates multiple adverse event reporting databases into a single platform. Next, the co-hosts highlight John Crowley’s opinion piece in STAT News on Biotech’s 50th anniversary (marked by the founding of Genentech), emphasizing the importance of protecting U.S. biotech and pharmaceutical pricing to sustain innovation. On the deal front, the group discusses Servier’s $2.5B cash acquisition of Day One Biopharmaceuticals’ oncology asset, as well as the recurring rumor of an Abivax takeover. The episode closes with a review of recent clinical data and company updates from IDEAYA Biosciences, Roche, Benitec Biopharma, RenovoRx, Vertex, Xenon, and Dianthus, along with broader commentary on FDA decision‑making following the approval of leucovorin. *This episode aired on March 13, 2025.

On this week’s episode, Mike Yee, Eric Schmidt, Matt Gline, and Yaron Werber kick off with a discussion on the sector's resilience amid market volatility, highlighting positive capital markets developments. The fourth quarter of 2025 saw approximately $10 billion in follow-on financing, with the first quarter of 2026 approaching about a $2.5 billion IPO run rate, which would be the highest single quarter in the past few years. The co-hosts express cautious optimism, notingthat after a long period where companies were struggling to capitalize themselves, the overall mood has improved. The discussion then shifts to the big news from this week and intellectual property dynamics including the $2.25B Roivant/Moderna settlement and its impacts on Moderna’s cash position, alongside IP implications for mRNA/LNP platforms. Regulatory updates are mentioned through UniQure’s rejection and FDA decision-making, emphasizing the complexity of FDA reviews. The group also explores the GLP-1 obesity market potential and its impact on consumer sectors, particularly with the emergence of oral GLP-1 therapies; payer dynamics are also discussed. Next, the co-hosts discuss financial guidance and “sandbagging” using the Harrow case as an example in transparency in financial guidance and its impact on investor expectations. The episode concludes with the group highlighting Miami as an emerging hub for biotech and finance conferences, offering efficient scheduling for deal-making. *This episode aired on March 6, 2026.