Biopharma optimism jumped in the Q3 Biopharma Sentiment Index after the May 12 resignation of FDA commissioner Marty Makary, with regulatory conditions becoming the clearest bright spot. Endpoints Signal’s survey of 569 industry insiders found the relative score for “current regulatory conditions” climbed to 75 in Q3 from 50 in Q2. The report also links the improvement to earlier changes, including the April departure of FDA biologics chief Vinay Prasad, which had already lifted regulatory sentiment. Finance and investment respondents were more likely to say the environment is increasingly supportive, while Big Pharma remained more cautious. The key message for operators: sentiment gains are currently concentrated in regulatory expectations rather than across-the-board optimism, suggesting that companies are watching for follow-through in review timelines and consistency. While the survey is opinion-based, it provides a near-real-time read on how biopharma is recalibrating risk around FDA stability after high-profile exits.