There are just nine days left in the year, and this year has flown by.

We’ve delivered readers a steady stream of 2026 outlooks over the past few days and weeks, and next up is a year-ahead catalyst list from Goldman Sachs’ small-cap biotech stock coverage.

Goldman analysts, led by Corinne Johnson, held their third “Year-Ahead” Catalyst Clinic, highlighting significant clinical catalysts for small-cap biotech companies (market caps under $3 billion) in their stock coverage universe.

Featured companies in the Catalyst Clinic included AbCellera Biologics, Allogene Therapeutics, Apogee Therapeutics, BioAge Labs, Entrada Therapeutics, Gossamer Bio, Gubra, Lyell Immunopharma, Recursion Pharmaceuticals, Sana Biotechnology, Sionna Therapeutics, Sera Prognostics, Tyra Biosciences, Viralgen, and Viridian Therapeutics.

Johnson said the sentiment from the event was mostly positive, with several names showing clearer paths to value-creating data in 2026.

Here are the key catalysts across Goldman’s small-cap biotech coverage, spanning immunology, oncology, metabolic disease, rare disease, and cell and gene therapy. Across the group, management teams highlighted upcoming Phase 1 and Phase 2 readouts, pivotal trial starts, and regulatory milestones:

AbCellera (ABCL): Ahead of proof of concept data from the Ph1 study (expected in mid-26), management underscored the vast opportunity for ABCL635, the company’s most advanced wholly-owned asset under development for moderate-to-severe VMS associated with menopause. In particular, management discussed the benefits of an antibody approach (vs. small molecules) to targeting neurokinin 3 receptor (NK3R, which has been implicated in its role in neuroendocrine regulation and reproductive function), confidence in the ability of an antibody to cross the BBB and reach the receptor which sits on KNDy neurons in the hypothalamus (a key question for investors), and its expectations for a potentially differentiated profile per improved efficacy, safety/tolerability, and more attractive dosing regimen.

Allogene Therapeutics Inc. (ALLO): The discussion centered on the interim analysis of the pivotal ALPHA3 study of CD19- targeted cema-cel in frontline consolidated large B-cell lymphoma, and initial clinical data from the Ph1 RESOLUTION study of CD19/CD70 dual-targeted ALLO-329 in autoimmune indications. On the former, management views the ~30% bar for the delta in minimal-residual disease (MRD) conversion rate vs. the observation arm as achievable and de-risking to the primary endpoint of event-free survival. Further, management highlighted the potential ~$5bn opportunity, aided by increasing utilization of CAR-T therapies in the community setting and awareness of MRD testing. On the Ph1 RESOLUTION study, management discussed the goal of establishing proof-of-concept and providing insights on the ability to eliminate lymphodepletion preconditioning.

Apogee Therapeutics Inc. (APGE): We hosted APGE, where a catalyst-rich 2026 could potentially validate the product-in-a-pipeline potential for lead asset APG777 (anti-IL13). Management highlighted: 1) Ph1b data in mild-to-moderate asthma in 1Q26, where APGE seeks to demonstrate a Dupixent (anti-IL4Ra)-like profile, to support expansion into respiratory indications in combination with anti-TSLP (APG273); 2) Ph2 readouts in moderate-to-severe atopic dermatitis, where management expects to validate 3QM/6QM dosing in the Part A maintenance study (data in 1Q26), and further interrogate exposure-response and inform dose selection for Ph3 (initiation in 2H26) in Part B (data in 2Q26); and 3) Ph1b proof-of-concept data evaluating the OX40L combination APG279 against Dupixent in 2H26, where management expects to demonstrate deeper and broader responses in a more heterogeneous patient population.

BioAge Labs (BIOA): The discussion was focused on: (1) key 2026 catalysts, including additional Ph1 MAD data in 1H26 and Ph2a 12 week proof-of-concept data by YE26 in obese and inflamed patients to validate BGE-102’s (oral CNS-penetrant, NLRP3 inhibitor) impact on hsCRP reduction, although management views weight loss benefit as pure upside; (2) BGE-102’s potential in cardiovascular (CV) risk, where BIOA expects the NLRP3 class to be positioned as oral IL6 inhibitors, given the robust hsCRP reduction (~80%) seen with VTYX’s asset earlier this year and in three patients with elevated baseline hsCRP treated with BGE-102 in Ph1 – albeit, BIOA seeks partnership to advance BGE-102 in CV risk; and (3) other prioritized indications for BGE-102 to be disclosed in the near-term, with feasible development pathways for a small biotech, where BIOA looks to establish differentiation leveraging BGE-102’s strong penetration into the brain and retina.

Entrada Therapeutics Inc. (TRDA): Management discussed: 1) potentially best-in-class efficacy with 40% dystrophin production after a single injection versus del zota’s ~10-11%, 2) preferential safety given efficient excretion of the oligonucleotide components, thereby circumventing hypomagnesemia, and 3) greater drug efficiency at lower dosing levels supported by a smaller carrier size.

Gossamer Bio Inc. (GOSS): Management discussed: 1) differentiation of its TKI seralutinib versus historical comparators given improved tolerability from systemic drug elimination and potential for disease remodeling, 2) the company’s focus on an enriched population and statistical plan following learnings from the Phase 2 TORREY study, and 3) continued confidence in the regulatory outlook given consistency/alignment in interactions with the FDA.

Gubra A/S (GUBRA.CO): Key takeaways from the discussion: 1) Gubra see potential for ABBV-295 (long-acting amylin) to perform in line with eloralintide in terms of efficacy, safety and tolerability, 2) management see ABBV-295’s c.11 day half life and extended Cmax as supportive of a monthly dosing regimen, and 3) Gubra see ABBV-295 being used as both a monotherapy and in combination with a partner.

Lyell Immunopharma (LYEL): The discussion focused on ronde-cel (autologous CD19/20-targeting CAR T-cell therapy) in relapsed/refractory large B-cell lymphoma (LBCL), including: (1) the longer-term Ph1/2 update at the American Society of Hematology (ASH) annual meeting, where the data continues to track competitively vs. approved CD19-targeted CAR T-cell therapies; and (2) pivotal trial strategy, where LYEL aims to demonstrate superiority vs. approved assets in the H2H study in 2L patients (enrollment initiation in early-2026), albeit approval is first expected in the 3L+ setting basis the PiNACLE study (final data in mid-2027, 2028 launch). Separately, LYEL also touched upon LYL273 in 3L+ metastatic colorectal cancer, where they expect further derisking per Ph1 updates in 2026 to support a pivotal start in 2027.

Sana Biotechnology (SANA): Management and discussed the company’s key programs, where, post the recent pipeline re-prioritization, the focus is on: (1) SC451, its HIP-modified stem cell-derived pancreatic islet cell therapy for type 1 diabetes (T1D) – where SANA highlighted alignment with regulators regarding the GMP master cell bank and the path to an Investigational New Drug Application (IND) and Ph1 start as early as 2026 (noting the potential for initial data in 2026), and (2) SG293, an in vivo CAR T with CD8-targeted fusogen delivery of a CD19-directed CAR for a range of B-cell mediated cancers and autoimmune diseases – where SANA highlighted deep B-cell depletion and immune reset achieved in non-human primates with no off-target toxicity (supporting a potentially best-in-class profile), and management expects an IND/Ph1 start for SG293 in B-cell cancers and B-cell mediated autoimmune diseases by 2027 (but noted the potential for an accelerated timeline with initial data in 2026).

Sionna Therapeutics (SION): Ahead of Ph2a proof-of-concept data from NBD1 stabilizer SION-719 in cystic fibrosis as an add-on to VRTX’s standard-of-care Trikafta in mid-2026, the discussion focused on: (1) the study’s goal of establishing the synergistic and additive benefit of targeting NBD1 and confirming the translatability of SION’s preclinical CFHBE assay, which is key to de-risking SION’s dual combination approach (Ph1 healthy volunteer data in mid-2026); (2) the bar for success, which managements views as a ≥10mmol/L improvement in sweat chloride given its historical translation to a clinically meaningful lung function benefit; and (3) the forward development strategy — while a dual combination is the prioritized path, management sees the potential to progress SION-719 into later-stage development.

Spyre Therapeutics Inc. (SYRE): Management discussed: 1) SYRE’s relationship with Fairmount Funds, and related sister companies, 2) expectations for results from Part A of the SKYLINE study of 15-20% placebo-adjusted remission rates with comparator drugs annualizing at ~$5bn-10bn longer term, and 3) continued clinical progress for the SKYWAY study, with expectations heightened following the expansion of Roche’s and Merck’s TL1A programs, which SYRE views as validation of its approach.

Recursion Pharmaceuticals (RXRX): RXRX’s incoming CEO Najat Khan and CFO Ben Taylor discussed their key priorities: (1) translating insights from the AI-levered Recursion OS platform to differentiated clinical data – most recently, with the positive Ph1/2 REC-4881 data in familial adenomatous polyposis (FAP), where aligning with the FDA on pivotal design/endpoints is the key next step; (2) focused platform investments in high-value areas; and (3) financial discipline, including a high bar for advancement. Management also touched on the oncology programs, noting: REC-617 (CDK7) combination data in ovarian cancer in 1H27; first Ph1 data for REC-1245 (RBM39) in biomarker-enriched solid tumors/lymphoma in 1H26 and REC-3565 (MALT1) in B-cell malignancies in 1H27; and preclinical PI3Kα H1047R inhibitor REC-7735. Overall, we see the narrative changing for RXRX as it enters into late-stage development in FAP, and remain focused on execution on the prioritized programs.

Tyra Biosciences Inc. (TYRA): Management discussed: 1) upcoming Ph2 readouts for dabogratinib (“dabo”; FGFR3 inhibitor) in intermediate risk non-muscle invasive bladder cancer (IR NMIBC; 1H26) and achondroplasia (2H26), 2) for IR NMIBC, expectations for >70% complete responses (CRs) for an oral therapy, with meaningful readthrough from 3-month data and potential for a Ph3 study, and 3) for achondroplasia, the goal to exceed average height velocity (AHV) of approved therapies (e.g., BMRN’s Voxzogo) with at least 7cm/year AHV, supporting a multibrand strategy.

Viridian Therapeutics (VRDN): Management discussed: 1) Veli’s BLA status, anticipated decision on priority review by YE25, and potential launch as early as mid-2026, 2) VRDN is planning to launch veli in the US on its own and has been working toward an accelerated review timeline, 3) veli’s differentiated profile can potentially expand the current market size of Tepezza by ~30%, 4) VRDN’s Ph. 3 chronic trial enrolled all CAS scores and expects these results to be included in the label (vs. Tepezza’s that lacks chronic results), 5) the bar for VRDN-003 is Tepezza-like efficacy, 6) VRDN believes the market can potentially grow ~2-3x at peak due to veli’s and ‘003’s potential to expand use in chronic TED.

Valneva SE (VLS.PA): Key takeaways from our discussion: 1) Phase 3 readout from VALOR trial of VLA15 in Lyme is still expected in 1H26, 2) Valneva reiterated that the aim has always been for VLA15 to deliver more favourable efficacy to that achieved by LYMErix, and 3) management highlighted the importance of an ACIP for VLA15 in the commercial rollout.

Overall, the Catalyst Clinic indicates 2026 will be a data-heavy year for Goldman’s small-cap biotech stock universe.

More broadly, the iShares Nasdaq Biotechnology ETF (IBB), the largest and most widely used ETF for broad exposure to U.S. biotechnology companies, has reached new record highs after trading largely sideways since 2021.

For Johnson’s stock ratings on each of the companies above, along with detailed 12-month price targets, ZeroHedge Pro subscribers can access the full note in the usual place.

Authored by Sundance via The Last Refuge,

Lawfare lawyer Kenneth Wainstein representing former CIA Director John Brennan confirmed in a proactive litigation letter to Chief Judge Cecilia M. Altonaga of the Federal District Court for the Southern District of Florida, their client is a “target” of a grand jury investigation.

The word “target” is important here, because the letter specifically outlines how Brennan has received subpoenas for documents and information surrounding his construct of the 2017 Intelligence Community Assessment.

The letter notes that prosecutors from the Office of the United States Attorney for the Southern District of Florida, Jason Reding Quiñones, have advised Mr. Brennan that he is “a target” of a grand jury investigation.

[SOURCE]

The letter by is by Mr. Kenneth Wainstein, a partner in Mayer/Brown law firm, Washington DC, who served in the administrations of Presidents George W. Bush and Joseph R. Biden Jr., and he describes a “concocted case” and “politically motivated and fact-free criminal investigation.”

Wainstein is seeking proactive intervention by Chief Judge Altonaga to block U.S. Attorney Quinones from seeking jurisdiction in the Fort Pierce Division, the court with jurisdiction over the Mar-a-Lago raid, led by Judge Aileen Cannon.

I strongly urge everyone interested to READ THE ENTIRE LETTER to understand why I shared prior warnings about the nonsense ramblings of perhaps well-intentioned voices who will create problems for this case against Brennan if it is to continue.

Pay attention to the footnotes being cited by Brennan’s lawyers as they begin to pull in some of the commentary by voices who have publicly given opinion about the overall Trump targeting operation.  Mike Davis name appears frequently in this letter, as the Brennan defense team begins to frame the conspiratorial nature of some claims against their client.

In essence, the Brennan legal team are attempting to refute the evidence by pointing to the blanket of some crazy commentary that covers it. This is exactly what I have been cautioning about {SEE HERE}.

U.S Attorney Quinones already faces an uphill battle, because John Durham already reviewed the ICA origination as part of his investigation – but Durham never prosecuted anyone inside government.

This year, Director of National Intelligence Tulsi Gabbard released a tranche of background information, [114 pages of information], showing how the Obama administration intentionally and with great purpose fabricated the Russia election interference story. DNI Tulsi Gabbard Press Release Here – Files Containing Evidence Here

What the evidence shows is a focused targeting operation intended to fabricate a false premise by the United States Intelligence Community, centered around a fraudulent CIA analysis (ICA) led by John Brennan, and organized through the Office of former DNI James Clapper.  The op was green-lighted by Barack Obama as a way to impede the agenda of incoming President Donald Trump.  All three branches of government eventually collaborated on the scheme.

Lawyers for John Brennan are now seeking to proactively undermine the grand jury proceedings and influence the venue where any investigation and review might be taking place.  [pdf, Page 9] 

In addition to sending the letter to the Southern District of Florida, John Brennan also sent the letter to the New York Times to help him frame a media defense.

[…] Pursuing the case in Fort Pierce, Fla., would draw jurors from a more conservative area than the District of Columbia and put it under Judge Cannon, who showed Mr. Trump unusual favor during the documents investigation. In particular, Mike Davis, an influential former Republican Senate staff aide and friend of Mr. Reding Quiñones, has pushed the idea of a Fort Pierce grand jury, warning Mr. Trump’s adversaries to “lawyer up.” (read more)

Again, get familiar with this letter, because you will find me citing it quite a bit in the next few weeks.

Wainstein and Brennan have made a significant strategic mistake by detailing their defenses, specifically by framing the background context of prior investigative authorities in their positions.  What they have inadvertently done for Jason Quiñones is to give a potential expanded witness list for a conspiracy review.

With information from a mountain of previous research, Quiñones can now call ancillary actors to testify as to the nature of their participation based on the storyline of Brennan.  Wainstein even cited the Robert Mueller investigation as part of his defense for his client.

Example, people like the SSCI chair Rubio, and/or Vice-Chair Warner, along with Feinstein’s lead staff Dan Jones, and/or the SSCI Security Director James Wolfe, can be called to answer questions within a grand jury proceeding based on the claims of Brennan’s defense team in this letter.

Former DNI James Clapper, former NSA Director Mike Rogers, former National Security Advisor Susan Rice and former counterintelligence officers could all be questioned based on Brennan’s defense.

All of the Brennan defense citations in the letter open up pathways for Quinones questioning.

In what could be the start of a major geopolitical crisis, moments ago Turkish Interior Minister Ali Yerlikaya said in a post on X that contact was lost with the private jet which was carrying Libya’s Army Chief of ⁠Staff, Mohammed Ali Ahmed al-Haddad, and four other passengers. 

The Falcon-50 private jet had just taken off from the Turkish capital of Ankara in direction of Tripoli, Libya.

An emergency landing notification was received from the aircraft, at which point contact with the jet was lost, the Turkish minister added. 

Contact was lost as of 8:52pm local time over the Turkish capital Ankara, broadcaster NTV reported as flight ‍tracking data showed flights being diverted ‍away from ‍Ankara’s ⁠Esenboga airport.

As the following flight map from Flightradar24 shows, the plane was in the air for just a few minutes after take off, having reached an altitude of 32,400 feet when it disappeared from radar. The airplane of Yevgeny Prigozhin, once “Putin’s chef” before his fall out with the Russian president, suffered a similar fate when allegedly the plane exploded near cruising altitude after a bomb went off inside of it. 

Turkey’s Hurriyet newspaper reports that the country shut down airspace over Ankara after the private jet incident. 

Turkey’s ‌defense ministry had ⁠announced ‍the Libyan chief of staff’s ⁠visit to Ankara earlier this ‌week, saying he had met his Turkish counterpart and other ‍military commanders.

Bloomberg reports that the Dassault Falcon 50 was 37 years old and was operated by Harmony Jets, according to data from FlightRadar24. The aircraft had recently flown into Ankara from Tripoli on Dec. 22.

Haddad as Libya’s army “chief of staff” is a reference only to the Tripoli-based GNA (Government of National Accord, or sometimes GNU) – one among several rival governments controlling Libya, but which is backed by the UN and especially Turkey.

However, what can be seen as the most powerful military is the Eastern government, based in Benghazi, led by warlord and general Khalifa Haftar, backed by Russia. Haftar soon after the war to overthrow Gaddafi returned from decades in exile in Virginia, where he lived with his family within a mere miles from CIA headquarters in Langley. Turkey has long been supporting a proxy war in Libya, against Haftar’s forces, and against Russian interests.

Developing

Ukraine is desperately hitting back at Russia’s energy sector at a moment it remains under immense pressure from Washington to make serious concessions which might lead to achieving a peace deal.

Overnight drone attacks attempted to inflict damage on the Stavrolen petrochemical plant in southwestern Russia. The operation appeared at least somewhat successful amid reports of fires at the site, and as Russia confirmed attempts to intercept inbound drones.

Ukrainian drones attempted to attack the energy targets in the town of Budyonnovsk, triggering air defenses, with the regional governor confirming “There are fires in the industrial zone” and that “Emergency services are on site” – however thankfully that there were no casualties or damage to surrounding homes. Unverified videos widely circulating online do show large flames in the sky from the direction of the plant.

These Ukrainian drone attacks on Russian oil and energy sites have slowed compared to their high tempo of a month ago and prior.

This could in part be because every time Ukraine hits Russian territory with a significant or damaging attack, Russia’s military comes back harder with large-scale retaliation on Ukraine’s own critical infrastructure. 

Ukrainian strikes hit the “Stavrolen” petro-chemical plant located Budyonnovsk, Stavropol Krai, southern Russia.

A significant fire broke out at the facility following the attack. pic.twitter.com/y7uVIQ3jOf

— Status-6 (Military & Conflict News) (@Archer83Able) December 23, 2025

Early Tuesday witnessed another huge Russian aerial attack across Ukraine which reportedly killed three people and plunged who regions into darkness. Local media details, “Explosions were reported across multiple regions, including Rivne and the Ivano-Frankivsk region in the far west, with hits recorded in the towns of Burshtyn and Rohatyn. The blasts were also heard near Cherkasy, as well as in Odesa, Khmelnytskyi, Ternopil, and Zhytomyr regions.”

BBC related President Zelensky’s description of the fresh attack as follows:

Russia carried out a “massive” overnight attack on several Ukrainian cities, President Volodymyr Zelensky has said, a day after he warned of strikes over the Christmas period.

At least three people were killed, according to Ukrainian officials, including a four-year-old child, while energy infrastructure was also targeted, leaving several regions without power.

Russia launched 635 drones and 38 missiles, Ukraine’s air force said, adding that 621 of them were downed.

Zelensky said “people simply want to be with their families, at home, and safe” in the run-up to Christmas, and said the strikes sent “an extremely clear signal about Russia’s priorities” despite ongoing peace talks.

Damaged home from Russia’s fresh assault which spanned several cities and regions of Ukraine:

Power has been cut to many thousands in freezing winter temperatures across Ukraine, as the national energy ministry confirmed there would have to be more rolling blackouts as immediate repair work to the damage is undertaken.

Such power restrictions have become to the norm in various parts of Ukraine. Even US leaders have acknowledged that the energy grid is being degraded and damaged faster than it could possibly be repaired, and no solutions have been offered.

Ukrainian foreign minister Andrii Sybiha has called on “collective transatlantic strength” in the face of these attacks and said that peace must be forced on Moscow. “This can be achieved through increasing the cost of continuing this war for the aggressor,” he said on X.