Category Reports Biotech

After a challenging 2025 but with a stable revenue base from XPOVIO, Karyopharm enters 2026 with three critical late-stage selinexor shots on goal: the Phase 3 SENTRY readout in myelofibrosis around March, the Phase 3 XPORT-EC-042 trial in endometrial cancer around mid-year, and the Phase 3 XPORT-MM-031 study in multiple myeloma in the second half of the year. This Daily Hit summarizes the latest management commentary and how the near-term risk/catalyst profile is set up.

How a Mainz-based research project turned into a global vaccine champion, and how the company is now trying to convert an unprecedented Covid cash pile into a multi-product oncology franchise built on mRNA, individualized vaccines and next-generation immunotherapies.

With Q4 2025 results and a strategic update due on March 3, 2026, Arcturus enters a high-stakes phase: the inhaled mRNA program in cystic fibrosis (ARCT-032) must justify its continuation after mixed Phase 2 data, while vaccine royalties, cost controls and a long cash runway are asked to support a pipeline increasingly focused on rare diseases.

A first full-scope look at MannKind after Q4 2025 results and United Therapeutics’ new soft-mist treprostinil product (“Tresmi”), with focus on revenue mix, 2026 catalysts, balance sheet, insider and institutional positioning, analyst expectations and retail sentiment around the latest 35–40% drawdown.

Q4 2025 finally shows what the long Novavax story on Merlintrader was pointing to: revenue above 1.1 billion dollars for the year, a clean return to GAAP profitability in the quarter, and a 2026–2028 roadmap where Sanofi, Pfizer and other partners, not Novavax alone, carry most of the execution risk around Matrix-M.

FY 2025 marks an inflection point for BioCryst. After years of heavy investment to launch ORLADEYO, the company has finally delivered a clearly profitable year: total revenue reached roughly 875M USD in 2025, versus ~451M USD in 2024, and the P&L flipped from a small operating loss to more than 340M USD of operating profit. The key driver was ORLADEYO net revenue of about 602M USD, up nearly 40% year on year, supported by strong new-patient growth in the U.S. and a better-than-guided performance overall.

As of late February 2026, Teva combines a still-massive generics footprint with a focused innovative portfolio in CNS and immunology. After a lost decade of litigation, write-downs and restructuring, the company is now delivering mid-single-digit top-line growth, expanding non-GAAP margins and generating roughly $2.4B of free cash flow per year while steadily reducing debt.

Phase 3 SOL-1 delivered the first statistically significant superiority versus an approved anti-VEGF in wet AMD, with year-long durability from a single injection and a clean safety profile. The market reaction has been volatile; the strategic picture for the next 24–36 months is clearer than the tape suggests.

The first full commercial year of RYTELO brought ~$184M in revenue and a growing base of prescribing centers, but a softer Q4 versus expectations and unchanged 2026 guidance triggered a sharp pullback in the stock. Here is what actually happened, why the market reacted this way, and how it fits into the long-term thesis we’ve been following on Merlintrader.