Bio­phar­ma's mood is­n't just run­ning on hope any­more.

The Bio­phar­ma Sen­ti­ment In­dex took an­oth­er step for­ward in Q2. The head­line sen­ti­ment score climbed to 96, up from 90 in Q1 and 78 in Q4 2025. In­dus­try sen­ti­ment is now with­in strik­ing dis­tance of the neu­tral (100) line for the first time since the four-year down­turn that fol­lowed the pan­dem­ic.

Pre­vi­ous im­prove­ments in sen­ti­ment were led by growth in ex­pec­ta­tions for the fu­ture. This quar­ter, cur­rent con­di­tions surged while the 12-month out­look bare­ly budged. It's a sign the re­cov­ery is show­ing up in the day-to-day.

WuXi Bi­o­log­ics has signed at least two new deals with no­table US biotechs this year so far, sig­nal­ing that the ser­vice provider is emerg­ing from the shad­ow of the Biose­cure Act.

The Chi­nese CDR­MO has se­cured a five-year con­tract with Virid­i­an Ther­a­peu­tics to man­u­fac­ture and sup­ply com­mer­cial batch­es of its mon­o­clon­al an­ti­body called veli­gro­tug, ac­cord­ing to a Tues­day SEC fil­ing. Veli­gro­tug has a PDU­FA date of June 30 for thy­roid eye dis­ease.

This is the sec­ond con­tract that WuXi Bio spot­light­ed this year. In Feb­ru­ary, it an­nounced that Ver­tex Phar­ma­ceu­ti­cals will de­vel­op and po­ten­tial­ly com­mer­cial­ize its pre­clin­i­cal trispe­cif­ic T-cell en­gager for B-cell me­di­at­ed au­toim­mune dis­eases. At that time, it was WuXi Bio’s first pub­licly-an­nounced deal with a well-known US biotech in at least a year.

Sig­nos, a start­up that aims to help peo­ple lose weight by un­der­stand­ing their blood sug­ar, raised $20 mil­lion as it looks be­yond its di­rect-to-con­sumer roots to em­ploy­ers, health in­sur­ers and phar­ma com­pa­nies.

Pa­lo Al­to, CA-based Sig­nos, which has raised $57 mil­lion to date, of­fers an FDA-cleared phone app that an­a­lyzes re­al-time da­ta from a user’s con­tin­u­ous glu­cose mon­i­tor. The app is meant to help users fig­ure out what caus­es their blood sug­ar to spike, so they can change their di­ets or oth­er be­hav­iors to min­i­mize big jumps and thus bet­ter con­trol their weight. The pro­gram can cost as much as $300 per month.

We’ve spent the past year on Post-Hoc Live talk­ing about ex­is­ten­tial mo­ments for US biotech — the down­turn, the re­cov­ery, Chi­na, MFN and more. On to­day's show, we were joined by one of the lead­ing in­dus­try vet­er­ans sound­ing the alarm.

Je­re­my Levin has seen bio­phar­ma from prac­ti­cal­ly every van­tage point — he’s led deal­mak­ing in big phar­ma, found­ed biotechs and tak­en the big-pic­ture per­spec­tive as chair­man of BIO. Like many ex­pe­ri­enced bio­phar­ma lead­ers, he’s wor­ried about US pol­i­cy and he’s wor­ried about Chi­na.

I spoke with Dr. Levin about what the biggest prob­lems have been, and what so­lu­tions US pol­i­cy­mak­ers should put in place. (He al­so has a new book out where he talks about many of these is­sues.)

Plus news about Kail­era, Al­fasig­ma, Jun­shi and Ku­ra.

⏰ FDA de­lays As­traZeneca’s camizes­trant PDU­FA date: The FDA has ex­tend­ed its PDU­FA date for As­traZeneca’s breast can­cer drug camizes­trant, a few days af­ter the drug won back­ing from EU reg­u­la­tors. The US agency has re­quest­ed ad­di­tion­al da­ta to sup­port camizes­trant’s ap­pli­ca­tion, which is be­ing re­viewed in com­bi­na­tion with a cy­clin-de­pen­dent ki­nase 4/6 in­hibitor as a first-line treat­ment for pa­tients with hor­mone re­cep­tor-pos­i­tive, HER2-neg­a­tive ad­vanced breast can­cer with an emer­gent ESR1 mu­ta­tion. An FDA com­mit­tee vot­ed against camizes­trant last month not­ing its Phase 3 study didn’t show a “clin­i­cal­ly mean­ing­ful” ben­e­fit. — An­na Brown