Goldman's Small-Cap Biotech Universe: The 2026 Catalyst Playbook For Investors

Goldman's Small-Cap Biotech Universe: The 2026 Catalyst Playbook For Investors There are just nine days left in the year, and this year has flown by. We've delivered readers a steady stream of 2026 outlooks over the past few days and weeks, and next up is a year-ahead catalyst list from Goldman Sachs' small-cap biotech stock coverage . Goldman analysts, led by Corinne Johnson, held their third "Year-Ahead" Catalyst Clinic , highlighting significant clinical catalysts for small-cap biotech companies (market caps under $3 billion) in their stock coverage universe. Featured companies in the Catalyst Clinic included AbCellera Biologics, Allogene Therapeutics, Apogee Therapeutics, BioAge Labs, Entrada Therapeutics, Gossamer Bio, Gubra, Lyell Immunopharma, Recursion Pharmaceuticals, Sana Biotechnology, Sionna Therapeutics, Sera Prognostics, Tyra Biosciences, Viralgen, and Viridian Therapeutics. Johnson said the sentiment from the event was mostly positive , with several names showing clearer paths to value-creating data in 2026. Here are the key catalysts across Goldman's small-cap biotech coverage, spanning immunology, oncology, metabolic disease, rare disease, and cell and gene therapy. Across the group, management teams highlighted upcoming Phase 1 and Phase 2 readouts, pivotal trial starts, and regulatory milestones: AbCellera (ABCL) : Ahead of proof of concept data from the Ph1 study (expected in mid-26), management underscored the vast opportunity for ABCL635, the company's most advanced wholly-owned asset under development for moderate-to-severe VMS associated with menopause. In particular, management discussed the benefits of an antibody approach (vs. small molecules) to targeting neurokinin 3 receptor (NK3R, which has been implicated in its role in neuroendocrine regulation and reproductive function), confidence in the ability of an antibody to cross the BBB and reach the receptor which sits on KNDy neurons in the hypothalamus (a key question for investors), and its expectations for a potentially differentiated profile per improved efficacy, safety/tolerability, and more attractive dosing regimen. Allogene Therapeutics Inc. (ALLO) : The discussion centered on the interim analysis of the pivotal ALPHA3 study of CD19- targeted cema-cel in frontline consolidated large B-cell lymphoma, and initial clinical data from the Ph1 RESOLUTION study of CD19/CD70 dual-targeted ALLO-329 in autoimmune indications. On the former, management views the ~30% bar for the delta in minimal-residual disease (MRD) conversion rate vs. the observation arm as achievable and de-risking to the primary endpoint of event-free survival. Further, management highlighted the potential ~$5bn opportunity, aided by increasing utilization of CAR-T therapies in the community setting and awareness of MRD testing. On the Ph1 RESOLUTION study, management discussed the goal of establishing proof-of-concept and providing insights on the ability to eliminate lymphodepletion preconditioning. Apogee Therapeutics Inc. (APGE) : We hosted APGE, where a catalyst-rich 2026 could potentially validate the product-in-a-pipeline potential for lead asset APG777 (anti-IL13). Management highlighted: 1) Ph1b data in mild-to-moderate asthma in 1Q26, where APGE seeks to demonstrate a Dupixent (anti-IL4Ra)-like profile, to support expansion into respiratory indications in combination with anti-TSLP (APG273); 2) Ph2 readouts in moderate-to-severe atopic dermatitis, where management expects to validate 3QM/6QM dosing in the Part A maintenance study (data in 1Q26), and further interrogate...

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