Show Notes
On today’s episode, Chris Garabedian, 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.
More from Biotech Hangout
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.