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Combination strategies led Day 2. A T-cell engager plus checkpoint blockade extended survival in small-cell lung cancer. An ADC–immunotherapy regimen delivered a bladder-cancer survival win. Personalized vaccines and newer bispecifics added evidence across different stages of development.

ESMO had not even started when the first bombshell landed. Yesterday’s leak of Moderna/Merck’s Phase 3 melanoma vaccine data sent Moderna sharply lower, despite the trial meeting its endpoints.

Q2 earnings reports are arriving quickly, with several notable Bio/Pharma companies scheduled to report between August 5 and August 12. For this earnings watchlist, BPIQ evaluated its model-portfolio positions, tracked hedge-fund participation, financial indicators, commercial performance and upcoming clinical and regulatory catalysts. The strongest concentration of signals is found in CYTK, RVMD, MIRM, XENE and CMPS. Five additional companies complete BPIQ’s Top 10, ad

Private bio/pharma funding activity rose sharply in Q3 2026 after a difficult first half. BiopharmIQ recorded approximately $15.33B across 365 funding events covering 349 companies. Both event counts and funding amounts exceeded Q2 2026 and Q3 2024 and 2025. Early-stage funding also improved from Q3 2025, although amounts remained below Q3 2024. Large debt and refinancing transactions contributed significantly to the overall funding total. Please note: In this report, funding

Bio/pharma IPO activity increased in Q3 2026, with BPIQ recording 10 priced offerings, compared with seven in Q1 and eight in Q2. July brought three listings, August five, and September two. That puts 2026 at 25 IPOs through September, already above the full-year total for each year from 2022 through 2025. The Quarterly View Q3 was the busiest quarter since 2021 in BPIQ’s dataset. Still, its 10 IPOs were well below the 25 recorded in Q3 2021. Activity is recovering, but the m

We've been working with BPIQ AI to provide more information about upcoming catalysts for investors to consider in their diligence of smid-cap biopharma companies. For October and November 2026, BPIQ AI estimated the probability (FN1) that each of 20 Phase 2 and Phase 3 readouts will read out as a clean positive, a clean negative, or with mixed data, along with the potential stock move for each outcome. In this free post, we reveal one of them: the readout BPIQ AI likes least.

We've been working with BPIQ AI to provide more information about upcoming catalysts for investors to consider in their diligence of smid-cap biopharma companies. The table below shows BPIQ AI's predicted probabilities (FN1) that each of 20 October and November 2026 Phase 2 and Phase 3 readouts, across 16 companies, will read out as a clean positive, a clean negative, or with mixed data, along with its predicted stock move for each outcome. Keep in mind that predicting cataly

ADCs offer a compelling prospect: deliver a potent cancer drug to tumors with greater precision, then turn that approach into meaningful patient benefit. Enhertu has shown what that can look like. It improved survival in HER2-positive metastatic breast cancer and has since expanded into earlier treatment settings. It was also the only ADC in the top 10 oncology drugs by sales for 2025 and H1 2026. For bio/pharma investors, the question is which programs have the evidence to f

Our September Pro pick is VRDN. With Lumvoa approved and positive follow-on Phase 3 results, attention turns to its TED launch and planned Q1 2027 filing. Read the full VRDN report.

3 September hedge fund picks face different tests: VRDN’s TED launch, MAZE’s updated kidney-disease data, and ANNX’s pivotal GA assessment. Compare the catalysts and risks behind each.