Daily Snap - 24. September 2025

Author

Joachim Eeckhout
September 24, 2025

 

Good morning! Bill Gates is putting $912 million toward the fight against AIDS, tuberculosis, and malaria, as part of a three-year plan to help tackle global health issues—especially with U.S. foreign aid facing major cuts. He announced the pledge at the annual Goalkeepers event, saying governments need to step up to protect kids' health. The Gates Foundation also rolled out a roadmap focused on developing new vaccines, long-acting HIV treatments, and easier malaria prevention, all aimed at saving millions of lives. With international health funding at a 15-year low, Gates is hoping others will follow his lead, and we hope so too.

Enjoy today’s read!

—Joachim E.

 

SNIPPETS

What’s happening in biotech today?

🏀Bounceback: Bristol Myers Squibb has achieved a partial success in its phase 3 trial for relapsed or refractory multiple myeloma by meeting one of its dual primary endpoints, minimal residual disease (MRD) negativity, through a regimen combining iberdomide, Darzalex, and dexamethasone. The MRD endpoint was added mid-trial after discussions with the FDA, aligning with recent regulatory openness to MRD as a potential accelerated approval marker. While the MRD results are statistically significant, the trial is ongoing to assess progression-free and overall survival, leaving uncertainty about FDA approval prospects. The result marks a needed win for BMS after recent R&D setbacks.

 🏛️Rome falling: Rome Therapeutics, a Boston-based biotech focused on the "dark genome," is undergoing major downsizing as it plans layoffs, closes its physical headquarters, and shifts to a fully virtual model amid challenging market conditions. The company, which launched in 2020 with $50 million and later secured significant funding from major pharma backers including J&J and BMS, is now conducting a strategic review to determine the future of its assets and programs. While the exact number of layoffs is unclear, some employees will remain to support this transition. Rome’s most advanced asset remains preclinical.

🌱Seed sprouts: SEED Therapeutics has raised $30 million in a Series A-3 financing round and received FDA clearance for its IND application for lead candidate ST-01156, a brain-penetrant RBM39 degrader targeting Ewing sarcoma and other cancers. The financing, completed in two closings across 2024 and 2025, brings SEED’s total equity and collaboration funding, bolstered by partnerships with Eli Lilly and Eisai, to nearly $90 million. The company, now entering the clinical stage, is developing rationally designed molecular glue degraders, with a pipeline of nine programs addressing oncology, neurodegeneration, immunology, and virology. First-in-human trials are expected in early 2026.

💰Merck money: Merck & Co. has expanded its collaboration with Variational AI through a deal worth up to $349 million to develop small molecule drugs using generative AI technology. Building on an earlier partnership, Merck will use Variational’s Enki platform to design and optimize candidates for two undisclosed, challenging targets, with exclusive rights to develop and commercialize any resulting compounds. The agreement includes an undisclosed upfront payment and milestone-based incentives. This move reflects Merck’s growing commitment to integrating AI in drug discovery, alongside other initiatives such as its work with McKinsey’s QuantumBlack to streamline clinical documentation using large language models.

🎯SER-ious bet: Seres Therapeutics is reducing its workforce by 25% and streamlining operations to extend its cash runway and support the launch of a phase 2 trial for SER-155, a microbiome-based therapy aimed at preventing bloodstream infections in patients undergoing stem cell transplants. With cash reserves projected to run out by March 2026, the Cambridge, Massachusetts-based company is prioritizing funding for this 248-patient study, following constructive discussions with the FDA. The layoffs, expected to cost up to $1.4 million in severance, aim to preserve resources while Seres seeks additional capital and advances its broader pipeline, which includes inflammatory disease programs.

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