Ep. 388 - Biotech IPOs, CAR T safety & pharma tariffs

Biotech IPO momentum, CAR-T safety, and undefined pharma tariffs create near-term uncertainty ahead of a pivotal September 29 deadline.

• Electra IPO snaps streak: Electra priced its upsized $350M offering at midpoint (9th largest of 22 NASDAQ biotech IPOs in 2025) but fell 12% on debut, ending a run of 9 straight first-day gainers and 18-of-21 aftermarket winners.
• Reverse mergers rival IPOs: Roughly as many companies have gone public via reverse mergers/PIPEs as traditional IPOs this year, including North Immunology ($180M) and Lesata's acquisition of Mireya ($225M).

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.