TD Cowen Insights

Recorded on 07/17/26

TD Cowen senior analyst Ritu Baral hosts Michael McCaughan, founder of Prevision Policy, a leading provider of regulatory and reimbursement policy analysis for the biopharma industry. Discussion focused on the evolving regulatory landscape for psychedelic treatments. McCaughan views FDA as already receptive to psychedelics from the bottom up, with the recent executive order on accelerating psychedelic development and approval adding clear new top-down support. He does not believe the updated 2026 FDA industry guidance meaningfully changes the approvability bar for psychedelic sponsors, especially those with NDAs in progress. He views the recommendation for 12-month blinded follow-up as unlikely to be an approvability issue for these near term, and even Ph3 programs, although it could influence label language, durability claims, and claims on repeat dosing. On safety, he expects FDA to focus on if benefit outweighs key risks, including suicidality, abuse potential, and class-specific concerns such as cardiovascular or valvulopathy signals. He also expects a REMS framework anchored by in-office administration and misuse prevention, likely informed by Spravato but tailored to the psychedelic treatment model. Importantly, he believes FDA and DEA are likely to work together to minimize the gap between approval and rescheduling, though process and bureaucracy remain key timing variables.

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Recorded on 08/06/26

TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which this month features a conversation with Moshe Orenbuch, an equity analyst at TD Cowen who focuses on the consumer finance sector. We talk about credit growth, credit quality, and policy challenges. Also, TD Cowen's Scott Smith gives an assessment of bank earnings season.

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Recorded on 07/15/26

Learn About Global Wholesale Platform Powering Independent Retail. We host Jeff Kolovson, co-founder & COO of Faire, a wholesale technology platform that helps retailers discover brands and products to stock. We discuss how the company is transforming wholesale for independent retailers and brands, and cover topics including AI-powered discovery, network effects, and the future of trade shows.

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Recorded on 07/15/26

In this episode, TD Cowen's health care analyst Brendan Smith hosts Patrick Finn, President and COO of Twist Bioscience, to explore how companies like Twist are capitalizing on the evolving drug development landscape and what impact biopharma's ramping use of AI is having on life science tools providers across the industry. We discuss how big tech companies are expanding into the life sciences, whether dry-lab-first innovators could be the drug developers of the future, and how we should think about what it takes to "win" in the space moving forward. We also aim to unpack whether wet lab validation will remain an essential part of drug development for the foreseeable future and how durable this wave of data demand could be over the coming years.

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Recorded on 07/09/26

Senior analyst Ritu Baral hosts Dr. Tobias ("Toby") Marton, CMO of Mindful Health Solutions, to discuss how a large commercial interventional psychiatry network operates and how clinics may adapt as psilocybin-based therapies such as COMP360 move closer to potential FDA approval.

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