The final day of JPM 2026 didn’t bring any late-breaking megadeals or big surprise announcements but there was plenty to keep biotech watchers engaged to the end. Our Biomedtracker team has summarized all the presentations in their Day Four report which you can download here, and below are a few highlights to ponder.
Large cap momentum
China has been the big story across the industry for the past couple of years and Day Four saw some Chinese players sharing presentations. Hengrui, the leading pharmaceutical company in China, reported 2025 sales to the end of Q3 of over $3.2bn and highlighted 21 NDA or BLA approvals. Alongside its listing on the Shanghai exchange, Hengrui accelerated global expansion through a $1.5 billion Hong Kong IPO and $16 billion in out licensing deals, including a partnership with GSK.
Mid cap themes
Biocon, which has a market cap of $6.1bn, framed itself as moving from post-acquisition consolidation into an “accelerate” phase: R&D spending has been “rationalized”, and EBITDA margin has improved from ~20% to ~26%. On the clinical front, last year, the company received approval for and commercialized Kirsty, the first and only interchangeable insulin aspart injection in the US.
Small cap highlights
The fourth day of the conference saw plenty of updates from the smaller companies.
Like many obesity-adjacent conditions, metabolic dysfunction-associated steatohepatitis (MASH) has been hotting up recently. Inventiva announced the advancement of its MASH strategy with a fully enrolled Phase III for lanifibranor. Strong Phase IIb data in F2–F3 patients, combined with manageable safety, create anticipation for 2026 readouts.
Precigen marked its debut as a commercial-stage biopharma company following the 2025 FDA approval of PAPZIMEOS (zopapogene imadenovec-drba) for adult recurrent respiratory papillomatosis (RRP). Management expressed satisfaction with encouraging early commercial traction, high coverage rates, rapid uptake and durable clinical data frame a strong rare disease launch.
Micro cap and private innovators
Atea’s HCV program, Corbus’s ADC and obesity assets and Molecular Partners’ radiotherapeutics all generated interest. Rakuten Medical closed the day with highlights of clinical and commercial momentum behind its photoimmunotherapy platform.
That’s a wrap on JPM2026! There may not have been fireworks, but this year’s conference offered optimism for the year ahead and plenty of innovation and opportunity. Remember you can download the full Day Four report here and all our JPM 2026 content is available on our content hub.
