Amid the traditional sea of navy and gray at the J.P. Morgan Healthcare Conference in San Francisco, flashes of pink emerged as a powerful statement of support for female leadership in the biotech industry.
The “CEO Sisterhood” Movement The Biotech CEO Sisterhood drew an estimated 1,000 attendees to its second annual “Pink on the Square” group photo. The movement aims to promote equitable representation for women in C-suite positions. Highlighting this cause, Paul Hastings, CEO of Nkarta Therapeutics and former BIO Chair, stood out in head-to-toe pink, emphasizing the need for male allies to support women leading the industry.
Political and Regulatory Headwinds The gathering occurred during a period of profound uncertainty for U.S. biomedicine:
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DEI Crackdown: Federal shifts have placed diversity, equity, and inclusion initiatives under scrutiny, raising concerns about future funding for NIH-backed research and the pipeline of diverse talent.
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FDA Volatility: Industry leaders have voiced concerns over rapid turnover at the FDA. The departure of key veteran leaders has raised alarms regarding regulatory predictability and the loss of institutional knowledge.
The Strategy of Survival For Nkarta and its peers, 2025 was defined by volatility, driven by new tariffs, uncertainty in drug pricing policies, and federal divestments. Companies have been forced to adopt a “survival mode”:
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Workforce Reductions: Nkarta cut one-third of its staff last year to preserve capital.
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Portfolio Consolidation: The company deprioritized multiple research programs to focus on its lead allogeneic CAR NK candidate (NKX019) for autoimmune indications, such as lupus nephritis.
As Hastings concluded, the primary goal for many biotechs right now is to make cash last long enough to navigate the current turbulence, focusing only on the most promising assets to ensure they reach a more stable future.