Hey {{first_name|default:there}}, it’s Vadim 👋

What a week!

I set out to write daily from JPM, which I now understand was an ambitious undertaking :)

I kept the pace for the first two days, but the flurry of happy hours (and a bit of the flu) on the final night got the best of me.

Certainly, a record to beat next year 😄

That said, I left JPM with nothing but gratitude. Gratitude for seeing old colleagues, making new friends, attending stimulating events, and walking between meetings in picture-perfect California sunshine.

Most of all, I'm incredibly grateful for meeting some of you, the Bio Founder GPS readers.

There were several moments throughout JPM where you came up to say hello and told me how much you're enjoying this newsletter.

So, I just want to say THANK YOU.

This alone made the JPM trip worth it and has renewed my purpose for the year ahead.

Today I want to capture the highlights and takeaways from JPM - both from what I experienced firsthand and what's emerging now in the post-conference news drip.

Because I know how disorienting all the headlines can be, my goal is to anchor us on the "so what" for bio founders: the strategic choices and tactical guidance to set you up for the year ahead.

In my view, three broad themes dominated JPM this year, and they each have real implications for how you build, raise, and position your company in 2026:

1. AI has moved from hype to infrastructure. The question is no longer whether you're using it, it's what measurable value it has created.

2. The macro environment is a swirl of headwinds and tailwinds - depending on where you’re standing. China is now an innovation engine. The patent cliff in big pharma is creating partnership windows. And early-stage capital is more and more difficult to access.

3. "Fringe" areas are going mainstream. Longevity, psychedelics, and new modalities are generating real clinical data and attracting serious capital.

For each theme, I'll give you the quick update on what happened, followed by what I'd actually be thinking if I was a founder navigating this environment.

Let’s dive in!