Biotech Hangout

Daphne Zohar × Brad Loncar × Chris Garabedian × Sam Fazeli × Eric Schmidt × Josh Schimmer × Matt Gline × Ali Mortazavi

Moderna’s selloff puts a near-$100 billion valuation against $2.2–2.3 billion in annual revenue and established melanoma competition, though Loncar says the data strengthened the medical and commercial case.Tango’s PRMT5 inhibitor delivered an 82% response rate and 88% non-progression at nine months in heavily pretreated pancreatic cancer, but its shares fell; the MTAP-deleted opportunity may cover 30–40% of patients.

Daphne Zohar × Bruce Booth × Eric Schmidt

Biotech’s year-end pause looks like healthy stock-picker consolidation, with XBI near 124 while mediocre data from Pyxis and Nektar were heavily punished.Nearly $9B of October-November follow-ons is creating indigestion, as first-day performance increasingly sets discounts for subsequent deals.Confidential S-1 flips could fuel a Q1 IPO rush, but recycled issuers and a disrupted FDA policy backdrop make quality and execution the key risks.