Biotech Hangout

On this week’s episode, Brian Skorney, Paul Matteis, Yaron Werber, and Adam Feuerstein opened with a look at what the midterm results could mean for biotech, covering the macro backdrop, the FDA, and drug pricing. The conversation then turned to Vertex’s povetacicept ahead of a potential IgAN approval at the end of November, and the competitive landscape as Vertex enters a market with two formidable competitors. In earnings news, the group discussed Revolution Medicines’ strong Q3 launch sales for Rasonque, which doubled market predictions, and the safety questions and possible label changes facing Neurocrine’s Vykat. The group also covered the race for the first FDA approval of a psilocybin depression treatment, with Compass nearing NDA completion and a reported filing from the Usona Institute, as well as Novartis’ update on tumor cases in Zolgensma-treated patients. The episode closed with the Phase 3 miss for Novartis and Ionis’ pelacarsen despite significant Lp(a) reduction, and what to watch for at AHA 2026 and ASH 2026. This episode aired on November 6, 2026.

On this week's episode, Chris Garabedian, Graig Suvannavejh, Sam Fazeli, Brian Skorney, and Yaron Werber opened with the M&A outlook from recent pharma earnings, with optimism for a stronger fourth quarter than the third. The group discussed Alnylam's post-earnings stock drop and the commercial challenges of launching its own drug. Next, Anthropic's acquisition of Mithril Medicine, a one-person company, and the unveiling of its founder, X user @Prof_Oak_, as Cody Tranbargar sparked a debate among the co-hosts on AI in biotech, with Amgen's fast trial enrollment cited as an early proof point. The group then covered a mixed IPO year, with early-stage companies still drawing investor appetite, and weighed the market outlook against interest rate and post-midterm tariff risks. They also discussed Plowshare Therapies' philanthropy-backed gene therapy approach and IgAN data from Kidney Week, led by Otsuka's Voyxact, whose full two-year results showed it halting disease progression. The episode closed with ESMO 2026, including Moderna and Merck's data and Genmab's run of successes, which largely addresses its 2029/2030 royalty cliff. *This episode aired on October 30, 2026.

On this week's 200th episode, Daphne Zohar, Brad Loncar, Chris Garabedian, Sam Fazeli, Eric Schmidt, Josh Schimmer, Matt Gline, and special guest former Silence CEO Ali Mortazavi kicked off by reflecting on five years of Biotech Hangout, including the show's role as an “open door” resource for those across the industry. The co-hosts then discussed Moderna's stock dip after leaked ESMO 2026 data and how outsized market hopes for the cancer vaccine shaped the reaction. Matt expanded on his "woodchipper" analogy from his STAT Summit panel, while the group examined degrossing as a structural pressure on the sector. They also covered the Endpoints sentiment index turning positive for the first time since the pandemic. In deals, the group discussed Merck KGaA's $1.1 billion acquisition of Silence for its siRNA polycythemia vera candidate, with the company's former CEO, Ali Mortazavi, reflecting on its journey and the future of biotech structure in an AI world. The group also highlighted Lilly CEO Dave Ricks' growing X presence, signs of more big pharma deals ahead in a year tracking toward the second most active for M&A, and how options-driven trading around Abivax is distorting sentiment. The episode closed with reflections on the biggest surprises of the past five years and a look ahead to 2031. *This episode aired on October 23, 2026.

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.

On this week's episode, Daphne Zohar, Eric Schmidt, Sam Fazeli, and Graig Suvannavejh open with a strong week for biotech, partially driven by M&A, noting it's already past 2025's full-year total. The group turns to Moderna, whose melanoma cancer vaccine data sent shares up nearly 200% and stirred some mixed feelings from investors. Contrastly, BioNTech's decision to halt its colorectal cancer vaccine trial was also noted. In data news, Revolution Medicines' FDA approval of daraxonrasib (RASONQUE) for pancreatic cancer drew attention for its potential first-line use and implications for trials behind it, while Akeso/Summit's ivonescimab was approved in China for NSCLC and also reported positive Phase 3 data in biliary tract cancer, reinforcing the case for VEGF/PD-1 bispecifics. Also in data news, AstraZeneca's full dataset of eplontersen for ATTR-CM raised doubts about the class of RNA-targeted silencers over currently marketed drugs that “silence” TTR proteins, while EyePoint's Phase 3 miss in wet AMD sent shares down about 70%. The conversation shifts to policy, where the group discusses pros and cons of FDA commissioner nominee Heidi Overton, the HHS plans for two new deputy roles, alongside concerns over declining U.S. IND filings versus China's rising trial volume. The episode concludes with Amylyx raising over $500 million on strong avexitide data in post-bariatric hypoglycemia, and J&J's Imaavy earning a second indication, expanding the anti-FcRn class. *This episode aired on August 28, 2026.

On this week's episode, Chris Garabedian, Graig Suvannavejh, Paul Matteis, and Tess Cameron open with the biotech market. They describe 2026 as strong but discerning, with 19 Nasdaq IPOs this year and generalist investors still not fully back. The co-hosts also cover recent launches and raises, including Boulevard Bio's launch with Deerfield backing and Epicrispr's $90 million Series C raise for FSHD. In data news, Tenax's HFpEF candidate missed its primary and secondary endpoints, while Sionno's cystic fibrosis drug missed its biomarker target, sending shares down 90%. On the dealmaking front, Jazz acquired epilepsy biotech Actio for $820 million upfront to deepen its rare epilepsy pipeline, and Revolution Medicines struck a RAS-inhibitor partnership covering China development alongside a PRMT5 clinical collaboration. Elsewhere, AbCellera raised $200 million on positive Phase 2 vasomotor data, and Silence Therapeutics raised $175 million on positive polycythemia vera data, while Definium posted positive Phase 3 data for its psychedelic GAD candidate, and Cullinan/Taiho did the same for their lung cancer drug zipalertinib. In regulatory news, Neurocrine's Prader-Willi drug faced new safety scrutiny after reports of seven deaths, and Amgen's Tavneos was pulled by the EMA over misleading trial data. Belite Bio's tinlarebant earned FDA priority review for Stargardt disease, while rival Tarsus acquired Alkeus for about $800 million. The episode closed with a debate on expanding the COINS Act into biosecurity. This episode aired on August 14, 2026.