The outcome of any clinical study is uncertain but the choice of active comparator and sometimes even the placebo arm can magnify unpredictability. Emgality’s recent head-to-head failure in migraine is just the latest in a long list of casualties.

Raising money will be difficult for the foreseeable future, so every part of the ecosystem from start-ups to public companies to VC firms is figuring out how to survive until cash is easily accessible again.

An awaited update on early data for a CAR-NK therapeutic shows disappointing efficacy and duration, but a different chemotherapy conditioning regimen for lymphodepletion is showing early promise in acute myeloid leukemia.

Execs offer a guarded reaction, noting the need for continued dialogue, but emphasize the dire threat that the pricing program poses to the pharma business model.