Biotechnology
Case studies in biotechnology.
4D Molecular Therapeutics: Focus Before the Next Readout?
4D Molecular Therapeutics is approaching a consequential allocation choice. Its lead retinal gene-therapy candidate, 4D-150, is preparing to move from Phase 1/2 evidence toward a planned Phase 3 program in wet age-related macular degeneration (wet AMD). Read case
AbbVie and Apogee: Who Owns the Next Clinical Decision?
On September 3, 2026, AbbVie completed its all-cash acquisition of Apogee Therapeutics, with an approximately $10.9 billion equity value. Apogee shareholders received $135.11 per share. The transaction added a clinical-stage portfolio focused on inflammatory and immunological diseases, including atopic dermatitis and asthma. Read case
Abeona Therapeutics: Scaling an individualized launch after NTAP
On October 1, a new Medicare hospital payment pathway for ZEVASKYN took effect. Two days later, Abeona Therapeutics had an early launch to assess: Q2 product revenue had risen sequentially, treatment centers were being added, and the company had disclosed a batch that could not be commercially released under its specifications. Read case
Absci’s ABS-201: Sequencing Two Development Paths
Absci Corporation was advancing ABS-201 in two indications: pattern hair loss and endometriosis. Its August update described blinded interim Phase 1 data from the HEADLINE trial as favorable for early safety and tolerability, with pharmacokinetic data suggesting a half-life of at least 65 days. Those data were not an efficacy readout. Read case
Acadia Pharmaceuticals: How to Commit After Mixed Phase 2 Evidence?
On September 24, 2026, Acadia Pharmaceuticals announced topline results from RADIANT, a Phase 2 study of remlifanserin for ADP. The 60 mg dose narrowly missed the study’s primary endpoint, while a key secondary measure was nominally significant. Read case
Amgen Inc.: Pricing Amjevita for the U.S. Humira market
Amgen had a date for entering the U.S. market with Amjevita, its biosimilar to AbbVie’s Humira, but no public launch price or payer-contracting offer. The agreed U.S. license date was 31 January 2023, four months away. Read case
Biogen: Turning a Major Acquisition into Sustainable Growth
On May 14, 2026, Biogen completed its acquisition of Apellis Pharmaceuticals. The deal added two marketed medicines, SYFOVRE for geographic atrophy (GA) associated with age-related macular degeneration, and EMPAVELI for paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and primary immune complex membranoproliferative glomerulonephritis (primary IC-MPGN). Read case
CAMP4 Therapeutics: Sequencing Capital Across a Platform
On May 14, 2025, CAMP4 Therapeutics had three distinct demands on its capital: continue a clinical program for urea cycle disorders (UCDs), advance a newly nominated SYNGAP1 candidate toward toxicology and clinical testing, and sustain the discovery platform and partnership work that could generate future programs. Read case
Candel Therapeutics: Should It Commit to the Next Glioblastoma Trial?
On October 2, 2026, Candel Therapeutics was preparing for a possible prostate-cancer biologics license application (BLA), starting a global pivotal lung-cancer trial, and advancing a separate viral immunotherapy for recurrent glioblastoma. Each program carried scientific promise and uncertainty. Read case
Canton Strategic Holdings: when should a treasury company buy back its shares?
Canton Strategic Holdings, Inc. had recently changed both its business focus and its name. Formerly Tharimmune, the company began trading as CNTN in February 2026 after launching a Canton Coin (CC) treasury strategy in November 2025. Read case
Capricor Therapeutics — Readiness Before Resolution
Capricor Therapeutics was preparing for a potential U.S. launch of Deramiocel, an investigational cell therapy for Duchenne muscular dystrophy (DMD), while the FDA continued reviewing its biologics license application (BLA). Read case
Evommune: Funding the Next Clinical Evidence
Evommune, Inc. is a clinical-stage biotechnology company developing medicines for inflammatory diseases. Its September 8, 2026 update reported that EVO756 did not meet the primary or secondary endpoints in a Phase 2b atopic dermatitis (AD) study. Read case
Exelixis: Pacing the Buyback
In May 2026, Exelixis’s Board authorized up to $750 million in additional share repurchases through December 31, 2027. At the period the company labels June 30, about $597.8 million remained under that authorization. The program does not require Exelixis to buy shares and may be changed or suspended at any time. Read case
Gilead Sciences — Where Should the Next Pipeline Inflow Come From?
Gilead Sciences develops medicines in areas including HIV, viral hepatitis, COVID-19 and cancer. At the end of 2023, HIV products accounted for approximately 67% of Gilead’s product sales. Biktarvy, a once-daily HIV treatment, generated $11.85 billion in 2023 sales, up 14% from the prior year. Read case
Incyte — Where Should the Next R&D Dollar Go?
Incyte had grown from a company built around hematology into a biopharmaceutical portfolio spanning hematology, oncology and dermatology. Its February 2024 year-end results showed $3.696 billion in product and royalty revenue for 2023, up 14%. Of this, $3.165 billion was net product revenue, up 15%. Read case
Moderna — Funding the Platform After the Pandemic
You are advising Moderna’s leadership on how to allocate clinical, manufacturing and commercial capacity while the company works toward a lower operating-cost base. The May 1 update sets 2027 GAAP operating costs at $4.7–$5.0 billion, down $1.4–$1.7 billion from the 2025 estimate, while the company says it is advancing as many as ten products toward approval. Read case
OnKure Therapeutics: how fast to advance two programs?
OnKure Therapeutics was preparing two preclinical programs for planned Investigational New Drug (IND) submissions in the first half of 2027. At June 30, it reported $176.4 million in cash, cash equivalents and marketable securities, and management expected that balance to fund operations into 2029. Read case
Regeneron: where should the next commercial push go?
On August 3, 2026, Biocon announced that Yesafili, a biosimilar to Regeneron’s EYLEA 2 mg, was commercially available in the United States. The launch followed several years of patent litigation and other biosimilar approvals. Regeneron had already reported that Amgen’s Pavblu had launched and expected additional 2 mg competitors. Read case
Solid Biosciences: Choosing the Next DMD Gene-Therapy Bet
By September 2022, Solid Biosciences had two Duchenne muscular dystrophy (DMD) gene-therapy programs at very different stages. SGT-001 had already been dosed in people and had generated encouraging but small, uncontrolled interim observations alongside a serious safety history. Read case
Vertex Pharmaceuticals: Organizing for Several Commercial Models
By early 2024, Vertex was preparing to commercialize products that would reach patients through different channels. Its established cystic fibrosis (CF) medicines moved primarily through a limited number of specialty pharmacies and distributors, supported by a small U.S. field-based commercial team focused on a relatively small prescriber group, many at accredited CF centers. Read case
After the Raise: Sequencing Zura Bio’s Clinical Portfolio
On May 9, Zura Bio reported that it had closed an oversubscribed private placement for approximately $112.5 million in gross proceeds. Cash and cash equivalents had been $89.817 million at March 31. Management said the placement, together with its current plans, should support operations through 2027. Read case
Strategy Case: Zymeworks — A Bid for the Pipeline
On 19 May 2022, All Blue Falcons repeated its proposal to acquire Zymeworks for $10.50 in cash per share. In a public release, the bidder said it had received no response, urged Zymeworks to engage, and threatened to take the proposal directly to shareholders. Read case