Kalshi launched a biotech prediction markets pilot focused on clinical trial outcomes and FDA regulatory decisions, working with AppliedXL. The initiative will create publicly available probabilities tied to specific trials and regulatory endpoints, updated as evidence accrues from public records. The pilot targets a key information gap in biotech investing: trial results and regulatory decision data are often incomplete or delayed relative to the value of early probability estimates for capital allocation and competitive planning. Kalshi said the markets are designed to be compliance-first and narrowly scoped. If adopted, the model could change how investors and smaller developers underwrite binary events like trial readouts—turning public information into continuously updated market-implied odds.