The Catalyst

The XBI fell 6.1% in a broad risk-off week, but the selling again concentrated in smaller and development-stage biotechs, while commercial-stage names held up better at every size. Plus: selective financing, including two IPOs priced at the midpoint, Liquidia's settlement, and Contineum's read-through.

The median clinical-stage biotech is down 19% since June 30 versus 5% for the XBI, with the steepest declines in $100M to $2B companies and specialist-heavy names. Plus: Caribou's program halt, Viatris and Pacira, and financings that did not fit last week's read.

The Fed's fully-priced rate hike landed as a non-event, but the real median biotech stock lagged the index anyway. Plus: Xenon's good-news-bad-news NDA filing, Schrodinger's AI-driven rally, and on-the-ground color from NYC investor conferences.

A hot CPI report pushed rate-hike odds to 90% and biotech sold off broadly -- but small-caps fell twice as hard as mid/large-cap. Plus: BridgeBio's mixed data and new leadership, and seven real financings.

Ultragenyx fell sharply on a late-stage clinical setback; Summit Therapeutics gained on data beating Keytruda head-to-head; eight real financings, macro sector performance, and more.

The first edition: Capricor's regulatory reprieve, hyperlinked financings, sector performance by market cap, and short interest positioning.