DISCLAIMER — Not financial advice. Educational content only, not an offer or solicitation to buy or sell any security. Biotech and small/mid-cap stocks are highly speculative and volatile and can result in a partial or total loss of capital. Do your own research and consult a licensed advisor where appropriate. / Contenuti a solo scopo informativo e didattico, non costituiscono consulenza finanziaria né offerta o sollecitazione al pubblico risparmio ai sensi delle normative CONSOB e SEC. Le azioni biotech e le small/mid cap sono strumenti altamente speculativi e volatili e possono comportare la perdita parziale o totale del capitale investito. Si raccomanda di effettuare sempre le proprie ricerche e, se necessario, di rivolgersi a un consulente abilitato.

Merlintrader Trading Pub
Biotech catalyst news and analysis. FDA PDUFA tracker

Merlintrader Trading Pub
Biotech catalyst news and analysis. FDA PDUFA tracker
FDA PDUFA Calendar – December 2025
Fourteen binary biotech and healthcare catalysts clustered between December 5 and December 31, 2025 – from large-cap label expansions to small/mid-cap survival events.
Executive Summary
December 2025 is the densest FDA decision month of the year. In only 26 days the agency is expected to rule on fourteen key dossiers across oncology (Breyanzi), cardiology (Aficamten), ophthalmology (EYLEA HD, LYTENAVA), rare diseases (Narsoplimab, Mitapivat), endocrine disorders (Relacorilant), infectious diseases (Zoliflodacin) and more.
Binary profile: for the small and mid caps in this list, each PDUFA is effectively a “make or break” moment with historical ranges often between +100–300% on approval and −50–80% on rejection, especially where balance sheets are already stretched.
Liquidity and volatility: around the key dates (December 5–7, 12–16, 26, 30–31) spreads tend to widen, implied volatility spikes and intraday moves can be violent. All scenarios here are indicative ranges, not price targets.
Quick structure overview
- Fourteen cards with trial, efficacy, safety, binary ranges and retail sentiment for each PDUFA.
- Retail sentiment sourced from Stocktwits, Reddit and X; it is noisy and changes quickly.
- No buy/sell calls, no recommendations; this is an educational catalyst dashboard only.
Sentiment methodology: the “Retail sentiment” snippets inside each card are based on a qualitative scan of comments and message volume on Stocktwits, X (Twitter) and Reddit communities (for example r/biotech, r/biotechplays and similar) as of 4 December 2025, 23:45 CET. These are the opinions of non-professional traders, often highly emotional and speculative. They should never be confused with fundamental research or used in isolation for decisions.
Fourteen December PDUFA Catalysts
BMY
Dec 5, 2025
Breyanzi
Relapsed/refractory large B-cell lymphoma
Trial: TRANSCEND
Efficacy:
ORR 97.1%, CR 94.2% in key cohort.
Safety:
No new safety signals disclosed.
Status (as of Dec 27, 2025):
APPROVED
— FDA approval granted 4 December 2025 for relapsed/refractory marginal zone lymphoma (event completed).
Bull scenario
+5–10%
Bear scenario
−2–5%
Critical (label, not survival)
AXGN
Dec 5, 2025
Avance Nerve Graft (BLA)
Peripheral nerve regeneration
Transition:
From tissue product to full biologic license.
Exclusivity:
Up to 12 years if approved as biologic.
Status:
Labeling feedback already received in November 2025.
Status (as of Dec 27, 2025):
APPROVED
— BLA approved 3 December 2025 for AVANCE (acellular nerve allograft–arwx); product now fully licensed in the US.
Bull scenario
$18–25
Bear scenario
$6–9
Critical
Dec 7, 2025
PYRUKYND (mitapivat)
Alpha and beta thalassemia (TD/NTD)
Trial: ENERGIZE / ENERGIZE-T
Regulatory:
Proposed REMS and three-month extension; positive CHMP opinion in November 2025.
Status (as of Dec 27, 2025):
APPROVED
— FDA expanded approval late December 2025 under the brand name Aqvesme (mitapivat) for anemia in adults with alpha- or beta-thalassemia (event completed).
Bull scenario
+20–40%
Bear scenario
−15–25%
High
Dec 12, 2025
ORLADEYO (berotralstat) – pediatric
Hereditary angioedema (ages 2–11)
Trial: APeX-P
Attack reduction:
More than 90% vs baseline.
Positioning:
First oral prophylactic HAE option in this pediatric segment.
Status (as of Dec 27, 2025):
APPROVED
— sNDA approved 12 December 2025 for Orladeyo oral granules (pellets) for children aged 2 to <12 years with HAE.
Bull scenario
$12–18
Bear scenario
$6–8
High
Dec 13, 2025
CARDAMYST (etripamil nasal spray)
Paroxysmal supraventricular tachycardia
Trial: RAPID Phase 3
Formulation:
Self-administered intranasal calcium-channel blocker.
IP:
Intellectual property protection into July 2042.
Status (as of Dec 27, 2025):
APPROVED
— FDA approval announced 12 December 2025 for CARDAMYST (etripamil) nasal spray for PSVT (event completed).
Bull scenario
+100–200%
Bear scenario
−50–70%
Critical
AMGN
Dec 14, 2025
UPLIZNA – generalized myasthenia gravis
gMG patients
Trial: MINT Phase 3
Efficacy:
72% achieved at least 3-point improvement in MG-ADL.
Safety:
No new safety signals reported.
Status (as of Dec 27, 2025):
APPROVED
— FDA approval announced 11 December 2025 for adults with generalized myasthenia gravis (AChR+ and MuSK+).
Bull scenario
+3–6%
Bear scenario
−2–4%
Moderate
Dec 15, 2025
Zoliflodacin
Antibiotic-resistant gonorrhea
First-in-class:
First new oral therapy for gonorrhea in decades.
Efficacy:
90.9% urethral cure vs 96.2% for standard regimen.
Mechanism:
Distinct DNA gyrase inhibitor, important for resistance patterns.
Status (as of Dec 27, 2025):
APPROVED
— FDA approved 12 December 2025 as Nuzolvence (zoliflodacin) for uncomplicated urogenital gonorrhea (event completed).
Bull scenario
+120–250%
Bear scenario
−50–75%
Critical
Dec 16, 2025
Reproxalap (CHAMBER)
Dry eye disease and allergic conjunctivitis
Regulatory:
CRL in April 2025, resubmission filed in July after running an additional trial meeting its primary endpoint.
Mechanism:
Novel RASP modulator.
Status (as of Dec 27, 2025):
DELAYED
— FDA has extended the PDUFA target action date to 16 March 2026; no US approval yet, decision formally delayed.
Bull scenario
$10–16
Bear scenario
$1–2
High
Dec 26, 2025
Narsoplimab
HSCT-TMA (post-transplant complication)
Mechanism:
MASP-2 inhibitor targeting the lectin pathway.
Response rate:
Around 61% in pivotal data.
Financing risk:
Balance sheet strained; this is a genuine survival-type event.
Status (as of Dec 27, 2025):
APPROVED
— FDA approval announced 24 December 2025 as Yartemlea (narsoplimab-wuug), the first and only therapy indicated for TA-TMA (event completed).
Bull scenario
$20–40
Bear scenario
$1–3
Critical (survival)
Dec 26, 2025
Aficamten
Obstructive hypertrophic cardiomyopathy (oHCM)
Trials: SEQUOIA-HCM / MAPLE-HCM
pVO2:
Superior to metoprolol with p < 0.0001.
NYHA class:
Improvement in 51% of treated vs 26% control.
Status (as of Dec 27, 2025):
APPROVED
— FDA approval announced 19 December 2025 as Myqorzo (aficamten) for adults with symptomatic obstructive HCM to improve functional capacity and symptoms.
Bull scenario
$70–100
Bear scenario
$25–35
Critical
CORT
Dec 30, 2025
Relacorilant
Endogenous Cushing’s syndrome
Trials: GRACE / GRADIENT
Safety:
No adrenal insufficiency, no hypokalaemia in pivotal data.
Financials:
Around 603M cash and roughly 675M revenue in 2024; not a survival event.
Status (as of Dec 31, 2025):
CRL (NOT APPROVED)
— on 31 December 2025 the FDA issued a Complete Response Letter (CRL) for relacorilant in endogenous Cushing’s syndrome; the NDA was not approved and Corcept will have to discuss additional data/analyses with the agency before a potential resubmission.
Bull scenario
+20–40%
Bear scenario
−10–20%
High
VNDA
Dec 30, 2025
Tradipitant (NEREUS)
Prevention of vomiting induced by motion
Novelty:
First new dedicated motion sickness drug in roughly forty years.
Regulatory:
Partial clinical hold on tradipitant for motion sickness was lifted on 4 December 2025 ahead of the PDUFA date.
Status (as of Dec 31, 2025):
APPROVED
— FDA approval announced 30 December 2025 under the brand name NEREUS (tradipitant) for the prevention of vomiting induced by motion in adults (event completed).
Bull scenario
+60–120%
Bear scenario
−50–70%
Moderate/high
REGN
Q4 2025 (TBD)
EYLEA HD
Macular edema from retinal vein occlusion (RVO)
Timing:
Decision pushed into Q4 2025 after manufacturing issues.
Trial: QUASAR Phase 3
Dosing:
Higher-dose formulation supporting less frequent dosing; RVO expansion on top of existing approvals.
Status (as of Dec 27, 2025):
APPROVED
— indication approved in November 2025; Eylea HD 8 mg now labeled for macular edema following RVO with up to q8-week dosing (event completed).
Bull scenario
+4–8%
Bear scenario
−3–6%
Moderate
Dec 31, 2025
LYTENAVA (bevacizumab-vikg)
Wet age-related macular degeneration
First-in-market:
First FDA-approved ophthalmic bevacizumab formulation.
Trial:
NORSE EIGHT – week 8 endpoint missed, week 12 met.
EU/UK:
Already commercialised since Q2 2025 with emerging real-world data.
Status (as of Dec 31, 2025):
CRL (NOT APPROVED)
— on 31 December 2025 the FDA issued a Complete Response Letter (CRL) for the resubmitted BLA for ONS-5010/LYTENAVA in wet AMD; the application was not approved and the agency has again requested additional confirmatory efficacy evidence before any potential future approval in the U.S.
Bull scenario
+150–300%
Bear scenario
−60–80%
Critical
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Legal and risk disclaimer
Nature of this page: this PDUFA calendar is provided exclusively for informational and educational purposes. It does not contain and must not be interpreted as investment advice, individual financial guidance or a solicitation to buy or sell any security.
No recommendations: all tickers mentioned are presented only as examples of upcoming catalysts. Nothing here is a target price, a rating, or a suggestion to open, close or modify positions. Every reader remains fully responsible for his or her own decisions.
Data and accuracy: the information has been built from public sources such as SEC filings, FDA calendars and official company press releases. Even with double-checks, errors, omissions or subsequent changes are always possible. Regulatory dates, labels and trial details can change with new documents.
Risk profile: biotech securities, especially small-cap names around binary FDA events, are among the most volatile instruments in the market. It is possible to lose a substantial part or even the totality of the capital invested in a very short time.
Regulatory compliance: this page is written with the intention of remaining compatible with CONSOB rules for Italian readers and with SEC and Regulation FD principles for readers in the United States. It is not research produced by a regulated broker-dealer or investment firm.
Medical information: descriptions of diseases and therapies are simplified and strictly for context. They are not medical advice and must not be used to make health-related decisions. For any medical matter, always refer to qualified healthcare professionals.
Deep Dive Reports – Quick Index
A curated list of the most detailed catalyst analyses published on Merlintrader Trading Blog.
-
BCRX – BioCryst Pharmaceuticals (Full Report)
BCRX BioCryst Pharmaceuticals nov 21
-
AGIO – Thalassemia Deep Dive (Mitapivat)
AGIO
-
MIST – Cardamyst FDA Decision (Dec 13)
$MIST Pdufa dec 13
-
INVA – Zoliflodacin Antibiotic Catalyst
INVA Innoviva Inc
-
ALDX – Reproxalap FDA Update (Dec 12)
ALDX Aldeyra Therapeutics Update dec 12
-
OMER – Narsoplimab “Path o’ the Force”
OMER The Path of the Force Update dec 9
-
OTLK – Lytenava (Wet AMD) Analysis
OTLK Outlook Therapeutics, Inc.
Biotech Catalyst Calendar
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