Biotech Hangout

On this week’s episode, Graig Suvannavejh, Paul Matteis, Brian Skorney, Yaron Werber, and Jake Becraft opened with a look at the biotech market, with the XBI down roughly 700 basis points in two weeks but still up about 20% year to date. The IPO window remains open, though M&A has quieted. The co-hosts then discussed degrossing, overviewing a Goldman Sachs report that showed degrossing at the largest in over five years. The group also covered valuations, rate and midterm uncertainty, and M&A as a potential catalyst. In data news, the group discussed BMS’ admilparant in IPF, where only the low dose reached significance, and the read-through to Contineum. Next, they discussed Mirum’s Livmarli success in cholestatic pruritus, and celiac programs from Teva, argenx, and First Tracks, which all showed encouraging early data,ahead of November’s celiac meeting. The group also covered argenx’s Sjögren’s futility termination, Arrowhead’s first clinical data for a TfR-delivered tau siRNA, Alector’s brain shuttle update and $75 million raise, and Verastem’s KRAS G12D inhibitor data in pancreatic cancer. The episode closed with a preview of Moderna and Merck’s cancer vaccine data at ESMO 2026 and the open question of its placebo control. *This episode aired on October 16, 2026.

On this week's episode, Graig Suvannavejh, Sam Fazeli, Eric Schmidt, and Brian Skorney open with a look at the public markets, noting the XBI is up 27% year-to-date but down about 9% since its August high. The co-hosts then touched on Oura's pulled IPO, seeing little read-through for the broader biotech space. In deals, Sanofi and Regeneron extended their antibody collaboration for $1 billion upfront and up to $7 billion in milestones, while AstraZeneca and Daiichi Sankyo struck deals with Summit Therapeutics worth $2 billion in equity and pipeline access ahead of its high-stakes HARMONi-3 readout. Several additional licensing deals with Chinese biotechs were also announced. On approvals, the FDA cleared Mirum's FOP drug and AbbVie's novel D1/D5 Parkinson's therapy Juvmo (tavapadon). In data news, Dyne shared Phase 1/2 DM1 results, Kodiak's wet AMD combination hit its primary endpoint, Immix Biopharma reported positive interim AL amyloidosis data, and uniQure's Huntington's gene therapy data was also highlighted, prompting a broader group discussion on the challenges facing gene therapy. The episode closed with recaps of World Conference on Lung Cancer (WCLC) and European Association for the Study of Diabetes (EASD) touching on lung cancer bispecifics and strong new obesity data from Lilly. This episode aired on October 2, 2026.

On this week's episode, Sam Fazeli, Yaron Werber, Brian Skorney, and Matt Gline open with the IPO market, noting record average raise sizes even as XBI softens. The group turns to policy, unpacking newly FOIA-disclosed details of Pfizer's MFN agreement, including a revenue-share provision tied to price increases abroad. The co-hosts call the equalization concept constructive but warn cash-strapped European governments may ration access rather than pay more. They also discuss FDA commissioner nominee Heidi Overton's confirmation hearing, where innovation-forward opening remarks were read as a positive signal despite lingering questions about her MAHA alignment. In data news, Compass Therapeutics pushed ahead with bispecific tovecimig despite FDA’s request for an overall-survival trial, while Vertex's inaxaplin data broadened the case for efficacy beyond FSGS kidney patients. Amgen's dazodalibep for Sjögren's hit its primary endpoint in a Phase 3 trial, and Viking's VK2735 posted strong Phase 1 maintenance-dosing data in obesity. Celdex's barzolvolimab cleared both primary and secondary endpoints in urticaria, and Alkermes' ALKS 7290 succeeded in ADHD, adding to orexin-agonist momentum. The episode closed with Moderna's melanoma vaccine data tapped for ESMO's top plenary slot and Lexeo's $8.3 billion acquisition of Mantle Therapeutics. *This episode aired on September 25, 2026.

On this week's episode, Josh Schimmer, Eric Schmidt, Paul Matteis, and guest Adam Feuerstein open with the OpenAI/Hugging Face AI agent controversy, debating whether calls for AI regulation reflect genuine safety concern or capital rotating out of biotech into AI. Turning to markets, the group describes a choppy September for biotech, driven more by rate jitters and a quiet M&A backdrop than any real shift in FDA or drug-pricing sentiment. In data news, Xenon Pharmaceuticals voluntarily paused enrollment in its Phase 3 depression trial after adverse events, sending shares down as investors worry about the company’s epilepsy franchise. The hosts then cover North Immunology's reverse merger, framing the ongoing wave of reverse mergers as a viable, capital-efficient alternative to IPOs. The conversation turns to Sionna Therapeutics failed cystic fibrosis study, leading to a broader discussion of Vertex's durable moat in CF—its proprietary cell-based assay, willingness to cannibalize its own pipeline, and multimodal drug combinations. The episode closed on rare disease, citing recent approvals as signs of a resurgence, along with the measles outbreak and RFK Jr.'s renewed ties to anti-vaccine groups. *This episode aired on September 18, 2026.

On this week's episode, Tess Cameron, Brian Skorney, Paul Matteis, and Yaron Werber open with a look at markets, noting the XBI slipped just over 3% amid concerns about energy prices, inflation, and long-term U.S. fiscal health weighing on the rate-sensitive sector. The conversation then turns to policy, discussing new FDA leadership appointments including Karim Mikhail as CBER director, with hosts noting the industry's hope for a calmer, less chaotic regulatory tone. They highlight the FDA's apparent openness to psychedelics, pointing to stock reactions across the space. On the data front, Novartis's pelacarsen missed expectations reducing Lp(a) relative to rival programs from Amgen and Eli Lilly, while its DM1 program also fell short, shifting attention to Dyne Therapeutics' upcoming expansion cohort data. The hosts debate whether Novartis's setbacks make early-commercial, post-Phase 3 companies more attractive acquisition targets given looming loss-of-exclusivity pressure across large pharma. In other data news, Roivant's mosliciguat hit its Phase 2 primary endpoints in interstitial lung disease, with the company already advancing to Phase 3. The episode closes with Biohaven's epilepsy trial hold pending further metabolite data, and questions over whether the hold could affect its recent SK Pharma deal. This episode aired on September 11, 2026.