JPM 2026: Shifting market dynamics and a return to optimism

Here are our key takeaways from the week:

1. The "upbeat" reality check

The sentiment is that 2026 will be a substantial improvement. While bankers were less visible on the ground – with much of the action shifting toward the Jefferies conference – those close to the Street are increasingly energized. There is optimism for a resurgence in IPO activity, fueled by several key H1 2026 readouts that could materially lift market sentiment.

2. High conviction themes and AI skepticism

Private biotech fundraising remains tough. Capital is flowing, but it is highly concentrated in "high conviction" themes. While AI continues to draw significant interest, investors are becoming more skeptical of "over-positioned" capabilities, looking instead for deep, data-driven evidence of impact on discovery and development.

3. The power of inflammation and metabolic disease

These are no longer just "hot areas" and there is a growing recognition that these fields sit at the root of many other conditions, offering the potential to fundamentally reshape how multiple disease areas are tackled.

4. Community and solidarity

Beyond the deals, JPM remains a vital hub for connection. A highlight for us was Nicholas Green and Nona Footz joining the Biotech CEO Sisterhood in Union Square. It was a powerful moment of solidarity, celebrating the strength of women leaders and the importance of allyship in driving this industry forward.

Thank you to everyone who took the time to share their vision with Nicholas, Nona and Chris. We’re heading into 2026 ready to help you build the leadership teams that will define this "unwritten future."