JP Morgan Healthcare Conference 2026: The Myeloma Investment Fund’s Top 4 Takeaways

By Stephanie Oestreich, PhD, MPA, Managing Director of the MIF

Every January, healthcare leaders converge on San Francisco for the annual JP Morgan Healthcare Conference and other related events known as “JPM Week.” As Managing Director of the Multiple Myeloma Research Foundation’s venture philanthropy arm, the Myeloma Investment Fund (MIF), JPM Week and other conferences are important opportunities to keep with the latest trends and meet with potential and existing partners on behalf of the MIF and MMRF.

This year’s conference revealed an industry hitting its stride after an unpredictable 2025. Renewed investment momentum, groundbreaking science, more strategic use of AI, and innovative global collaborations are helping create unprecedented opportunities to improve outcomes for multiple myeloma patients and others.

Here are my top four takeaways from JPM Week 2026 and what they mean for the future of multiple myeloma research and treatment.

1. Biotech investment is regaining its momentum.

After a rocky start to 2025, venture investing bounced back in the second half of the year, driven in large part by more favorable macroeconomic factors, recent drug approvals for large indications, and the increasing use of technology like artificial intelligence (AI) in drug development.

Two companies in the MIF portfolio, Abcuro and Stylus, had some of the field’s strongest venture capital funding rounds in 2025—an acknowledgement of the caliber of the companies the MIF invests in. These investments also give Abcuro and Stylus the resources they need to advance their myeloma treatments through clinical trials and get them to patients sooner.

2. AI is speeding up drug development. But expertise matters. 

I met with several companies leveraging AI-based technologies and novel drug discovery approaches specifically for multiple myeloma, and I had the opportunity to moderate a panel on AI’s role in life sciences today. For a highly complex disease like multiple myeloma, AI will be particularly valuable for gleaning insights into the biological drivers of the disease and for developing more precise, effective therapies.

But JPM Week made one thing clear: AI is only as good as the quality of the data that a model is trained on and the team that wields it. The companies poised to succeed are those that deeply understand drug development, have sound business models, and use AI to accelerate—not replace—their existing expertise.

The MIF will continue prioritizing partnerships with teams that combine scientific rigor, clinical development experience, and smart use of technology to maximize impact for myeloma patients.

3. China’s biotech rise offers lessons for American innovation.

China’s biotech innovation was a recurring theme at JPM Week this week. Nearly half of all pharmaceutical deals in 2025 were with Chinese companies.

Rather than viewing their Chinese counterparts solely as competition, forward-thinking U.S. companies are licensing promising Chinese assets, using efficient Chinese contract research organizations, and running clinical trials in the country. The lesson for American biotech isn’t to retreat, but to learn: China’s success stems from robust early-stage science funding and streamlined regulatory processes.

4. Exciting scientific developments are coming down the pike.

Beyond the headlines about AI, China, and investors’ cautious optimism, JPM Week showcased genuinely great science. Companies are tackling previously “undruggable” targets, developing novel manufacturing technologies, advancing next-generation in-vivo CAR-T therapies that could eliminate the need for cell collection and manufacturing delays, and so much more.

This wave of innovation means that there are more opportunities for the MIF and MMRF to invest in companies pursuing promising novel treatments for myeloma and ways to overcome resistance that may help improve patient outcomes.

Looking ahead on the MIF’s strategic priorities for 2026

In the coming year, the MIF will prioritize three core areas for investment: novel CAR-T design and delivery technologies, therapies that enhance the patient’s immune system, and therapies for targets that have been undruggable so far. These focus areas reflect both the cutting-edge science showcased at JPM Week and the areas where we believe the MIF and MMRF can have the greatest impact for myeloma patients.

Having already made our first investment for the new year, we’re entering 2026 energized by the innovation and momentum we witnessed at JPM Week and in the broader industry. Above all, we remain committed to accelerating cures for multiple myeloma patients by backing the most promising companies in the field.