Biotech Thesis changes

Reverse merger pivots near-insolvent oncology firm into immunology bispecific play; PRA-216 Phase 2 readouts across four indications will decide the bet

Arbutus returns $230M to shareholders and pivots to a Phase 2b HBV trial — whether enough capital survives the tender to fund it decides the story

Erasca's pan-RAS molecular glue ERAS-0015 showed early responses in lung and pancreatic cancer and three Phase 3 starts are planned from 2027; Revolution Medicines alleges patent infringement, which Erasca disputes

Casdatifan leads Arcus's case; completed equity raise strengthens funding while diluting ownership

Keros dosed the first patient in rinvatercept's Phase 2 in Duchenne muscular dystrophy, with initial data due in 1H 2027; Takeda's elritercept Phase 3s are paying milestones

NVG-291 enters Phase 3 under partial FDA clinical hold; 2028 trial outcome hinges on hold removal and new capital

Palatin reports going-concern doubt with $7.5 million in cash as it prepares its first MC4R obesity trials for 2027

Recursion raised $200 million and extended its runway into 2029 as REC-4881's polyp data held up; FDA talks will set the 2H 2027 registrational start

Nectin-4 ADC with 43% ORR in OPSCC enters registrational trial; interim readout will determine accelerated approval path

QUILT-2.005 topline in November tests ANKTIVA's expansion into BCG-naive bladder cancer

Verastem's KRAS G12D drug VS-7375 showed a 41% confirmed response rate in previously treated pancreatic cancer and 43% in lung cancer; a first-line pancreatic Phase 3 opens by year-end after a $250M raise

Harrow must more than double first-half revenue in the second half to meet guidance

FDA reviews deramiocel for upper limb function in Duchenne; decision due November 22

Jasper needs stockholders to approve its $132 million preferred conversion; IgAN data due

AMT-130 BLA filed on three-year data; four-year analysis missed significance on cUHDRS

Kodiak plans a Zenkuda BLA after five Phase 3 wins but needs funding

ZUNVEYL sales are climbing, but Alpha Cognition still uses about $9 million a quarter

AC Immune expects initial data by year-end on whether its NLRP3 inhibitor ACI-19764 lowers inflammation in patients, and plans FDA meetings on a Phase 2 expansion for its Parkinson's vaccine ACI-7104 in early 2027; cash of CHF 75.4 million lasts into Q4 2027