The dust has finally settled on the 44th Annual J.P. Morgan Healthcare Conference in San Francisco. As we move into February, the question for every founder, VC, and executive is: Is the "JPM Buzz" translating into hiring activity?
The short answer is a resounding yes, but it’s not the indiscriminate hiring spree of 2021. It is something far more disciplined and strategic.
Here are some insights we gained from our conversations this week, along with what we expect to see ahead.
Life Science Company Creation is Back with a New Playbook
After a turbulent 2025, stabilizing macroeconomic signals are boosting confidence in long-term value creation.
As markets settle, company formation is surging again, but with updated operating models.
Disciplined Capital Deployment
Investors are prioritizing longer-term value creation cycles over quick flips.
Extended Stealth Modes
Companies are staying under the radar longer, focusing on "de-risking" science before the big reveal.
The "Developed Asset" Start
Starting points are also not just early-stage science; creating a new value by starting out with assets that could be more developed.
Current Leadership Recruitment Trends are Outcome-Driven
As capital markets reopen selectively, leadership hiring has become more intentional. We are seeing a definitive shift away from the "growth at all costs" mentality.
Today’s lean, powerful biotechs need leaders with high agency, conviction, and grit. The industry is moving away from "Traditional Bio" structures, where roles were siloed, toward a model where every executive is an operator.
By the Numbers: February 2026 Reality Check
Is the hype real? The data from the first few weeks of the year suggests it is. We have seen a 25% increase in placement inquiries compared to this time last year.
If you are looking to secure top-tier talent in this "high-bar" environment, prepare for a market that values execution over vision.
Two Approaches to CEO Recruitment
There are two paths: hiring an experienced CEO or giving a promising newcomer a shot. Experience, even with past failures, can be an asset. Few places tolerate failure without stigma, but in an innovation-driven ecosystem, “scar tissue” can be invaluable.
For less experienced CEOs, we pair them with an executive chairman who has deep experience and a board that provides active support.
We’re not seeking traditional managers, so typical Pharma executives aren’t always the best target for new companies. But the real focus is on identifying leaders who create tangible value, and that can always vary from individual to individual.
CFO Hiring as a Signaling Event
The Chief Financial Officer (CFO) hire is less about internal finance operations and more about risk compression and credibility with public markets.
The trends we are seeing:
The trends we’re seeing:
- CFOs brought in 12-24 months ahead of anticpated liquidity events
- Heavy emphasis on capital markets fluency, audit readiness, and investor narrative control
- Less tolerance for "learn-on-the-job" finance leadership
The Rise of Business Development as a Core Function
For small- and mid-cap biotechs, exit options are increasingly driven by strategic acquisitions rather than IPOs. As a result, Business Development leadership is being pulled forward earlier than in prior cycles.
What’s Changing:
Early Integration
BD leaders are being hired pre-Series B or during early Series B rounds.
Strategic Narrative
The role is less about "deal volume" and more about asset positioning and "partner diligence readiness."
Operator-Buyer Empathy
Success now requires leaders who can speak the language of Big Pharma buyers fluently from day one.
What We Expect To See This Coming Year
The next year will reward focus over flash. Capital, talent, and attention are concentrating around companies that can demonstrate real progress, credible data, and disciplined execution.
Growth with discipline
Biotech markets and startups are expected to grow steadily, with capital deployed more selectively than in previous boom years.
Data-driven investing prevails
Startups with strong clinical evidence or differentiated platform advantages are most likely to raise capital or attract acquisition interest.
AI becomes foundational
AI and machine learning are moving from buzzwords to core tools, embedded across R&D from target identification through clinical design and predictive modeling.
Platform models gain favor
Startups building diagnostic or bioinformatics platforms, rather than single-asset therapies, are attracting stronger funding due to scalability and repeatable economics.
Obesity and metabolic disease accelerate
Obesity remains a fast-growing segment, with increased Big-Pharma competition shaping deal structures, valuations, and partnership dynamics.
