Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
obesity due to POMC, PCSK1 or LEPR deficiency (US, EU)(Stage not disclosed)
Bardet-Biedl syndrome (US, EU)(Stage not disclosed)
acquired hypothalamic obesity (US FDA and EC approved 2026)(Stage not disclosed)
acquired hypothalamic obesity in Japan (JNDA under review)(Stage not disclosed)
Catalysts
— None
— None
Status note First approved MC4R-pathway precision medicine. Approved in US (2020/2022), EU, Great Britain, Canada and others. Acquired HO label expansion approved by FDA March 2026 and European Commission April 2026; JNDA accepted by PMDA May 2026. Phase 2 in PWS reported positive preliminary data June 2026; Phase 3 EMANATE in genetic MC4R pathway diseases did not achieve primary endpoints in any of four substudies.
RM-718
Phase 2 · ActiveModality: weekly MC4R agonist
Target MC4R
Indications
acquired hypothalamic obesity(Stage not disclosed)
Prader-Willi syndrome(Stage not disclosed)
Catalysts
— None
Status note Next-generation more selective MC4R agonist with weekly administration. Phase 1 Part C completed in acquired HO with preliminary data announced August 2026; Phase 2 in PWS enrolling.
bivamelagon
Phase 2 · ActiveModality: oral small molecule MC4R agonist
Target MC4R
Partnerships LGC (license agreement; up to $205M in regulatory/sales milestones; MC4R portfolio royalties from 2029)
Indications
acquired hypothalamic obesity(Stage not disclosed)
Catalysts
— None
Status note Investigational oral small molecule MC4R agonist. Phase 2 in acquired HO reported positive results July 2025.
Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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