Friday Week in Review
5/8/2026
S1 Market Commentary
The gene therapy sector lost a quarter of its venture funding, 80% of its approval pace, and tens of thousands of jobs in 14 months under one FDA commissioner. This week the market started pricing the end of his tenure.
Investment in gene therapy fell from $7.0 billion in 2023 to $5.2 billion in 2024, a 25% decline. The approval pace under the Trump administration’s FDA collapsed from three to five gene therapy approvals per year to just one. Capricor laid off a third of its workforce one day after the deramiocel rejection in July 2025. uniQure cut 65% of its workforce after the AMT-130 rebuild demand. Sarepta cut 36% after the Elevidys shipment restrictions. Pfizer killed its hemophilia gene therapy program entirely. Bluebird bio went private at a distressed valuation. Editas, Sangamo, and the rest of the editing platform companies got systematically derated on regulatory hostility.
This is not abstract damage. Real companies, real layoffs, real dollars walking away from one of the most important biotech innovations of our generation, all because one commissioner decided alternative evidence was unacceptable regardless of what the patients or the data said.
The political reckoning arrived this week.
May 5, Marty Makary went on CNBC’s Squawk on the Street with David Faber for what was supposed to be a defiant defense interview. He called the Replimune patient advocacy and oncologist op-eds corporate spin. He said he works for the American people, not Replimune. He stood by his agency. Replimune stock fell 10% during the segment. The market voted in real time.
May 6, Politico’s Rachel Bade dropped the firing scoop. Two well-placed sources expressed confidence Makary was on borrowed time, getting the ax in coming weeks. Bloomberg published its paranoia, turmoil, and backlash deep dive the same day. Internal staff clashes, leadership turmoil, industry blindsiding, an embattled and paranoid leader.
May 8, NBC News confirmed it tonight with their own reporting. President Trump is considering firing Makary, frustrated with his performance, mounting pressure on the agency on multiple fronts. Three independent sources, three different outlets, same story.
The trigger is flavored vapes. Trump wants them approved. Makary blocked the agenda. White House insiders call him a thorn. Politics lights the fuse.
