On this week’s episode, Chris Garabedian, Daphne Zohar, Sam Fazeli, Tess Cameron, Paul Matteis and Tim Opler share cautious optimism about the biotech market as IPOs and follow-ons gain momentum. Continuing on market sentiment, competitive pressure looms for small and mid-sized U.S. biotechs as the Chinese biotech market grows and big pharma continues to invest in these assets. Next, the group recapped #BIO2025, where sentiment was mixed due to sector uncertainty. In regulatory news, Daphne reflects on her time with Makary and Prasad at the FDA’s listening tour, highlighting positive opportunities for biotech as the new administration takes shape. However, a report linking Makary to KalVista’s rejection request stirred concerns. At ADA 2025, Lilly dominated the with positive results across its weight loss portfolio; Novo’s data was also discussed. The group then covered Novo’s cancellation of its partnership with HIMS due to concerns about the compounded versionof Wegovy. The conversation shifts to data, with Cidara’s positive flu vaccine results, Compass’ psilocybin data and Nektar’s atopic dermatitis win. Additionally, Sarepta’s Elevidys faces further safety questions and Capricor’scancelled AdCom raises worries of the FDA’s flexibility.  The first ACIP meeting was also mentioned. On deals, Revolution Medicines’ $2B deal with Royalty Pharma, Illumina’s acquisition of SomaLogic and BlueRock’s shutdown were overviewed. The episode concluded with a summary of the Royalty Pharma conference. *This episode aired on June 27, 2025.