Dear dupa,

JPM has always been the industry's moment to set the agenda — a chance to read the room and see where the year will take us. And this January, biopharma arrives with more questions than answers.

Capital remains constrained. Traditional exit paths are limited. The FDA is in a period of deep change. By most measures, this is one of the most challenging environments the industry has faced in recent memory.

And yet, dealmaking continues. Late-stage assets are commanding premiums. Science is thriving, for rare conditions and mass-market ailments. For every sign of distress, there's evidence of resilience and adaptation.

That tension — between pressure and possibility — is exactly what we'll be exploring at Endpoints at JPM26.

Our journalists will be on stage with industry leaders in candid, newsmaking conversations. How are companies adjusting to regulatory uncertainty? What role will China's emerging innovation ecosystem play in reshaping partnerships and valuations?

Beyond the programming, the Endpoints Hub will be open both days as your home base. If you've been to JPM before, you know how scarce space becomes around Union Square. The Hub gives you room for meetings and a place to recharge throughout the day — a bit of sanctuary amid the chaos.

Whether you join us in person or virtually, this is a chance to step back from the churn and focus on what's actually driving the change we need. What’s next for biopharma? Let’s find out.