The biotech sector faces evolving regulatory and financial landscapes. CMS is reconsidering coverage for GLP-1 obesity drugs under Medicare and Medicaid, potentially impacting access to leading obesity treatments. Biotech hubs like San Diego experience a market winter, with increased lab vacancy and scarcity of jobs despite select successes. Industry players like Bruker and Twist Bioscience adjust guidance amid challenging market conditions, while royalty financing markets accelerate with acquisitions such as Xoma’s purchase of struggling biotechs HilleVax and Lava. FDA user fees are increasing, reflecting complex workload reductions and inflation.