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.