U.S. Biotech Stocks Up 60% in July 2025: What’s Behind the Surge and What Risks Remain

A few thoughts about the state of our sector as of today. Biotech rebuilt its momentum after “Liberation Day” on April 7. Global indices have gained 60%+ and now sit 20% above January. XBI index is back to January numbers. The rally looks convincing, but policy and execution risks remain. Headwinds to track MFN price […]

Q1 2025 Snapshot: Biopharma financing is consolidating

Fewer bets, bigger checks, and a narrower focus. That’s biopharma financing in Q1 of 2025 in a nutshell. The money flowed to only 109 companies, down from 457 last year. This is a structural shift we should not miss. Early “platform” plays raised a median of around $30m.Late-stage rounds have ballooned to over $200m. What’s […]

Sidelining small molecules: Economic hypotheses

I keep coming back to one question: In our sector’s race to extract margin, are we sidelining the very engine that once ensured broad patient access: small molecules? I wrote down my three economic hypotheses. 1. Investor behavior isn’t strictly rational. Biopharma isn’t an efficient market; too complex, too probabilistic. Early-stage investors often optimize for […]