On this week's episode, Graig Suvannavejh, Tim Opler, Yaron Werber, Paul Matteis, and Brian Skorney kicked off with a review of the market, noting pressure in the XBI despite a longer-term bounce-back from trough levels, though they see biotech fundamentals as largely intact. The group also discussed the trend of reverse mergers as an alternative to traditional IPOs, along with AI's expansion and uncertain role in accelerating drug discovery. In regulatory news, the co-hosts welcomed the return of FDA advisory committee meetings, including those for Capricor and Replimune, and highlighted Anthony Fauci's recent Senate testimony on the handling of the COVID-19 pandemic. In deals, J&J struck an in vivo CAR-T partnership with Sail Biomedicines, with potential readthroughs for Legend Biotech, and Argenx is set to acquire Forte Biosciences to bolster its immunology pipeline. The group also highlighted Lilly's recent acquisition of psychedelics company AtaiBeckley, opening a broader discussion on deals in the psychedelics space. The episode concluded with company news including Alnylam shares dropping 30% following disappointing updated guidance, Novo Nordisk’s Phase 3 study for its anti-IL-6 ligand antibody, and MapLight’s Phase 2 schizophrenia readout. *This episode aired on July 31, 2026.