On this week’s episode, Josh Schimmer, Eric Schmidt, and Tess Cameron kick off with policy, discussing Vinay Prasad’s return to the FDA and the implications for the biotech industry. The conversation turns to NIH’s Jay Bhattacharya, who attributed the decline in public trust in mRNA vaccines to perception rather than safety or efficacy, citing this as the reason to curtail funding. In market trends, the co-hosts discuss investor blind spots, specifically near-term product launches. Next, the group examines whether rising drug prices are sustainable and the six-month IPO drought. They also debate how non-commercial companies approach earnings calls, pointing to Summit Therapeutics’ choice to skip its Q2 call and whether most development-stage biotechs should follow suit. ARS Pharmaceuticals’ earnings/epinephrine nasal spray launch and RTW Investments deal with Aquestive Therapeutics are also overviewed. The episode concludes with data news, covering Insmed’s lung disease approval and Sarepta’s safety update. *This episode aired on August 15, 2025.