The split-screen story of 2026: a letter from the Editor

Finally, I can launch a new year message on a positive note. Not just searching for silver linings in a sea of darkness, but pointing to real movement in capital markets and palpable optimism that the financial gears of biotech are grinding back into action.

But there’s a split-screen story, where the upending of FDA, dismantling of longstanding public health policy, and continued pressure on drug prices will present a parallel track of risk and uncertainty that could temper moods, if not the recovery itself...