Partnerships Medtronic: exclusive license and collaboration for development and commercialization in pacemaker-indicated patients (right of first negotiation in non-pacemaker patients); Ligand: royalty purchase agreement (17% of product revenues until $17M annual threshold, then 4%/4%, stepping up if enrollment milestones not met by Jan 1, 2027)
Indications
Uncontrolled hypertension in pacemaker-indicated patients(Phase 3)
Catalysts
— End Q3 2026
— Q2 2027
Status note Double-blind randomized BACKBEAT global pivotal trial (up to 500 patients) with FDA IDE approval; delivered via Medtronic dual-chamber pacemaker. FDA Breakthrough Device Designations received.
Partnerships n/a (Terumo development/commercialization agreement terminated October 24, 2025; Terumo retains right of first refusal)
Indications
Coronary in-stent restenosis(Phase 3)
Coronary small vessel disease(Stage not disclosed)
Below-the-knee peripheral artery disease(Stage not disclosed)
Catalysts
— 2027
Status note FDA IDE-approved Virtue Trial (740 patients) randomizes Virtue SAB vs Boston Scientific's AGENT drug-coated balloon. FDA Breakthrough Device Designations for coronary ISR, coronary small vessel disease, and below-the-knee peripheral artery disease.
Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 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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