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.