Biotech Hangout

Episode 170 - January 23, 2026

Jan 23, 2026
The conversation covers a bullish case for biotech driven by macro stabilization, M&A activity, and a reopening IPO market. They debate FDA unpredictability, valuation risks, and geopolitical headwinds from the U.S. withdrawal from the WHO. Recent deals and data sparks are highlighted, from GSK and Janux collaborations to Corvus’s atopic dermatitis results. Growing momentum and investment in women’s health are also discussed.
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INSIGHT

Private Maturation Creates IPO Supply

  • Graig and Eric note many companies matured privately and could now IPO attractively because valuations stayed disciplined.
  • Cantor expects well‑seasoned, proof‑of‑concept firms to perform well in the reopening market.
ANECDOTE

RAPT's Pivot Turned $35M Into $2.2B

  • Graig recounts RAPT's comeback: after earlier failures they licensed a Chinese asset for $35M and sold to GSK for ~$2.2B.
  • He frames it as a classic biotech pivot that delivered huge returns to shareholders.
INSIGHT

Masked Antibodies Are A Foundational Play

  • Janux's masked‑antibody platform attracted BMS for PSMA‑target opportunities, validating tumor‑activated strategies.
  • Repetitive success with this approach could create foundational oncology tools with high value.
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