On this week’s episode, Chris Garabedian, Paul Matteis, Mike Yee, and Sam Fazeli recap the 2026 J.P. Morgan Healthcare Conference, noting that the biotech outlook for 2026 is broadly positive. Investor sentiment is noted as healthy but not overheated, and from the specialist community, the outlook is similarly upbeat. On the venture side, the M&A landscape also looks strong, with one of the best pre‑JPM financing weeks in at least a decade. The conversation turns to company updates, with Alnylam’s 2030 strategy as well as Moderna’s cost-cutting initiatives and upcoming vaccine readouts. On the deal front, the group covers AbbVie’s $650M partnership with China-based RemeGen on a next‑gen PD‑1/VEGF bispecific antibody. AI developments were another key theme at JPM, including Pfizer’s claim that AI contributed to $5.6B in cost reductions. In regulatory news, FDA flexibility, new CMC guidance for cell and gene therapies, and updates on Dr. Makary’s CNPVs are overviewed. Next, the co-hosts cover the latest obesity news, including new oral GLP-1s and potential competition from Pfizer and Amgen in the monthly injectables market, as well as BMS and AbbVie’s interest in entering the space. The episode concludes with rapid‑fire round of data updates in DMD, gene therapy, myeloma, cystic fibrosis, and Alzheimer’s prevention. *This episode aired on January 16, 2026.

On this week’s episode, Sam Fazeli, Paul Matteis, Brian Skorney, and Tess Cameron discuss biotech market sentiment and the sector’s strong momentum heading into JPM and 2026, with expectations for increased M&A activity. They note that companies showing strong fundamentals have been rewarded, while policy uncertainty remains a risk. The group also overviews the HHS decision to revise pediatric vaccine recommendations -- removing 17 of the 11 previously recommended shots -- and its potential impact on public health and the sector. The conversation shifts to the first IPO of 2026: Lilly-backed Aktis Oncology, which raised $318M. The co-hosts then discuss rumors of AbbVie or Merck purchasing Revolution Medicines, with Merck potentially paying $32B -- a positive sign for industry deal-making. On the data front, Zenas Biopharma’s Phase 3 trial of obexelimab for IgG4-RD met its primary endpoint, while Ultragenyx shared updates on setrusumab for Osteogenesis Imperfecta. The group also highlighted Neumora’s Phase 1b Alzheimer’s agitation results, noting cautious optimism. The episode closes with discussion on late-stage success for Alumis’ envudeucitinib in plaque psoriasis and obesity updates, including Novo Nordisk’s oral GLP-1 pill and Arrowhead’s significant raise. *This episode aired January 9, 2026.

On the final episode of 2025, Daphne Zohar, Bruce Booth, and Eric Schmidt kick off with a general market overview, including a look back at 2025 and some predictions for 2026. The co-hosts discuss biotech rebounding in the last few months of 2025 after years of underperformance, driven by macro rotations and biopharma as an AI-trade hedge. They also discuss some recent follow-on activity from Immunome and Kyverna coming off positive data, before transitioning the conversation to the pros and cons of staying private versus going public. The recent FDA turmoil is also discussed, including reaction to the New York Times article on a potential coup attempt against Dr. Marty Makary led by RFK Jr., as well as an increase in seemingly random CNPV decisions, including J&J’s Tecvayli. The co-hosts then dive into STAT’s best and worst CEOs of 2025, suggesting leadership success can sometimes come down to luck. In data news, Kyverna reported positive results for its CAR‑T miv‑cel in stiff person syndrome, which — if approved — could represent one of the smallest datasets for a cell therapy approval and the first cell therapy for an autoimmune disease. The episode concludes with the breaking news of BioMarin’s $4.8B acquisition of Amicus Therapeutics. *This episode aired December 19, 2025.