Biotech Distilled
| Platform |  | Pricing | Freemium | Publishes | Daily |
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Distilled Pro: Verdict Changes — September 23, 2026
September 23, 2026
September 23, 2026
UPDATE: Ionis Pharmaceuticals (IONS) - Two for Two, Minus the Number
Roche’s sefaxersen hit its Phase 3 proteinuria endpoint in IgA nephropathy. It’s a second win in two days, but Ionis disclosed no effect size, eGFR is still blinded, and the stock slipped 4% anyway.
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UPDATE: Moleculin Biotech (MBRX) - The Ratchet Fires
A $0.48M ATM trickle reset 37.1M Series I warrants from $0.75 to $0.51, the exact downgrade trigger I set in both prior posts. The stock fell 31.7% to $0.53.
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UPDATE: Zymeworks (ZYME) - Theravance Is In the Building
The YUPELRI deal closed today on $350M of OMERS notes. The fine print shows who gets paid first, and it quietly rules out most takeover scenarios.
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UPDATE: AC Immune (ACIU) - The Numbers That Weren’t There
VacSYn’s week-100 cut met its safety and immunogenicity endpoints. But none of the four biomarkers I set as the real test came with a number, and Part 2 now waits on the FDA in 2027.
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PhD in Medicinal Chemistry. Senior Patent Agent. Extensive experience evaluating drug discovery programs — from molecular mechanism to clinical plausibility.
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