The European money is in royalties and deal-makers
The most concrete European number in this month's biotech news is a royalty cheque. BioArctic, based in Stockholm, said its Leqembi royalty was SEK 179 million in the second quarter of 2026, about 10 percent more than in the same quarter of 2025.1 Its partner Eisai reported Leqembi sales of JPY 29.3 billion for the quarter.1 The headline growth understates the underlying trend. Q2 2025 included a one-time stockpiling effect in China of about JPY 5.3 billion. Excluding it, BioArctic says royalty revenues grew about 43 percent year-on-year.1 The company's own figure is "approximately 43 percent", and it is a company calculation, not an independent one.
The same week, Idorsia (headquartered in Allschwil, developer of QUVIVIQ and aprocitentan) appointed Begoña Carreño-Gómez as Chief Business Development Officer and Executive Committee member, effective November 1, 2026.2 Our narrative notes a CEO change at Idorsia too, but the dossier gives no detail on it, so we say no more. The picture is thin but consistent: a European company with marketed products is investing in deal-making talent.
One limit on the European angle: the verified material contains no EU regulatory decision, no European Medicines Agency step and no EU policy item. We will not pretend otherwise. Most of what follows is about US-listed companies, which European investors can still hold through global funds.
Incyte: a 2024 dip, then a rebound
Incyte reported new data at ESMO 2026 on October 26 for its KRAS G12D inhibitor INCB161734 in pancreatic cancer (PDAC) and colorectal cancer, and for a TGFβR2×PD-1 bispecific, INCA338901, in colorectal cancer. It also scheduled an investor event for 7:30–9:00 p.m. CET that day.3 In the Phase 1 PDAC data (cut-off July 6, 2026; 54 patients), INCB161734 at 1,200 mg once daily was combined with gemcitabine/nab-paclitaxel (26 patients) or mFOLFIRINOX (27 patients) in metastatic KRAS G12D PDAC. The company described the efficacy as encouraging and the safety as favorable.3 These are early, small, company-reported results. New collaborations with Bristol Myers Squibb (navlimetostat) and Synnovation (SNV1521) will test further combinations in PDAC.3
The checked financial record shows why Incyte can fund this. Net income was $597.6 million in FY2023, fell to $32.6 million in FY2024, then reached $1.287 billion in FY2025, roughly 39 times the 2024 level. Earnings per share moved from $2.65 to $0.15 to $6.41.4 Operating cash flow followed the same path: $496.5 million, $335.3 million, then $1.413 billion in FY2025, about four times the prior year.5
Cash is the more volatile line. Year-end cash was $3.213 billion in FY2023, $1.688 billion in FY2024 and $3.098 billion in FY2025.6 Between those year-ends, quarterly cash dropped as low as $987.3 million in Q2 2024 and was $3.461 billion in Q1 2026.6 The sharp swings suggest large cash movements through the 2024 low, but the dossier does not say what caused them, so we do not guess.
R&D spending was $1.628 billion in FY2023, about 2.7 times that year's net income.7 One data point deserves a caution: capital expenditure is recorded as exactly $48.7 million for both FY2024 and FY2025.8 Both values are marked canonical from SEC filings, but identical figures in consecutive years are unusual, and readers should treat it as a point to check against the filings.
Late-stage and early-stage: what is actually proven
The strongest clinical result in the dossier is from Vor Bio. Its two-year, Phase 3 TELIGAN trial of telitacicept in IgA nephropathy, announced October 22, met its primary endpoint. Annualized kidney-function decline (eGFR slope) was -0.6 versus -5.7 mL/min/1.73 m² per year on placebo, a 5.1 difference (p<0.001). The company also reports 89 percent and 81 percent reductions in the risk of confirmed 30 percent and 40 percent eGFR declines.9 These are the company's own figures from its press release, but the statistics are the kind a regulator can check.
Everything else is a timeline, not a result. Ernexa said it remains on schedule to submit its IND for ERNA-101 in Q3 2026, with a first-in-human Phase 1 trial expected in Q4 2026.10 That claim comes from a promotional-style roundup whose source scored 34 percent on our reliability check, so it is a company statement, not confirmation. Prelude expected an IND for PRT13722 by mid-2026 and a Phase 1 start in ER-positive breast cancer in the second half of 2026.11 Mid-2026 has passed, and nothing in the dossier confirms the filing. Akari says its AKTX-101 is heading toward Phase 1 in mid-2027, and its CEO frames ADC-refractory patients as "a significant, growing unmet need" that its payload addresses.12 OPKO reports that its OPK8801001 showed "~20-fold greater growth hormone receptor antagonism than established Pegvisomant therapy" in vitro, a laboratory measurement, not a patient result.13
Insiders and the AI-therapeutics claims
UroGen's Chief Medical Officer, Mark Schoenberg, sold 10,000 shares for $400,000 on July 9, 2026. He said it was the concluding sale under a Rule 10b5-1 plan adopted on August 15, 2025.14 A pre-scheduled plan is a weaker signal than a discretionary sale.
AI-designed medicine is a small thread and the weakest-sourced. Radical Numerics says AI-designed viruses have treated its first patient, in an experimental treatment for drug-resistant E. coli.15 Separately, Generation Lab claims its injectable combination "blocks the systemic spread of aging in the bloodstream, reawakens the body's own repair mechanism and restores health and youth to multiple tissues."16 That is a company marketing claim, and the dossier contains no trial data behind it. The newsletter source for these items scored only 6 percent on our measured reliability (16 claims checked), so we treat both as announcements, not findings.
Our read, and what to watch
Via News's analysis of this data suggests the sector's money is arriving unevenly. Established products and royalties (BioArctic, Incyte's rebound) are funding the build-out, while many of the exciting items are still filings and plans. Most of these sources are press releases, and the dossier's wider-claims source (NewsEOD) held up 53 percent of the time in our checks. Weight company statements accordingly.
Watch for: confirmation that Ernexa and Prelude have filed their INDs; BioArctic's next royalty figure, to see whether the 43 percent underlying growth holds; Idorsia's new business-development hire turning into announced deals; and Incyte's PDAC combinations moving beyond 54 patients.
