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Clinical Trials

One and Done: FDA’s New Single-Trial Default and What It Means for Drug Developers, Investors, and Counsel

March 16, 2026 | Posted by Ryan A. Murr; Katlin McKelvie; Branden C. Berns; Karen A. Spindler; Aaron K. Briggs; Carlo Felizardo; Topic(s): Capital Markets; Clinical Trials; FDA; Government Regulation; IPOs; License Agreements; M&A; Royalty Finance; SEC Disclosure

On February 18, 2026, FDA Commissioner Martin Makary and Vinay Prasad, then-Chief Medical and Scientific Officer and Director of the Center for Biologics Evaluation and Research, published a landmark policy announcement in the New England Journal of Medicine that a single adequate and well-controlled pivotal trial — supplemented by confirmatory evidence — is now the FDA’s default standard for approving novel drugs.[1] The agency’s longstanding practice of requiring two pivotal trials has not been a statutory mandate since 1997: at that time, Congress amended the Federal Food, Drug, and Cosmetic Act to provide that data from one adequate and well-controlled trial and confirmatory evidence can constitute ‘substantial evidence’ of effectiveness.[2] In some therapeutic areas, such as in oncology and rare disease, FDA increasingly has approved drugs on the basis of a single clinical trial, but, as a matter of general agency policy, two trials have been the baseline norm for decades.[3] That norm has now changed.

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When Should Companies Disclose Drug Safety Risks?

March 3, 2026 | Posted by Jessica Valenzuela; Jeff Lombard; Zaneta J. Kim; Celina Jackson; Topic(s): Clinical Trials; FDA; IPOs; SEC Disclosure; Trends and Insights

In re BioAge Labs, Inc., Securities Litigation, No. 25-cv-00196, 2025 WL 3038991 (N.D. Cal. Oct. 30, 2025)

Case Highlights

In October 2025, a federal district court dismissed securities claims against a biopharmaceutical company, BioAge Labs, Inc., arising from disclosures in connection with its initial public offering (“IPO”) concerning the safety of the company’s lead drug candidate, azelaprag, which was intended to facilitate weight loss by mimicking the physiological effects of exercise. The court held that the plaintiff failed to plausibly allege that BioAge’s IPO offering documents were misleading because they omitted discussion of a potential liver-related safety risk.

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FDA Issues Overdue Guidance on Diversity Action Plans in Drug and Device Clinical Trials – What You Need to Know

July 16, 2024 | Posted by Katlin McKelvie; Topic(s): Clinical Trials; FDA Guidance

This update provides key takeaways on the new draft guidance and Diversity Action Plan requirements, including when the new requirements will go into effect, the types of clinical studies that require submission of a Diversity Action Plan, whether FDA intends to issue waivers for the requirements, and the consequences of failure to submit a Diversity Action Plan.

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Editors

Rachel E. Baron

Branden C. Berns

Aaron K. Briggs

Jina L. Choi

Matt Donnelly

Pamela Lawrence Endreny

Gustav W. Eyler

Hui Fang

Carlo Felizardo

Mark Goldman

Bree Gong

Celina Jackson

Charlotte Jacobsen

Candice D. Johnson

Jin Hee Kim

Zaneta J. Kim

Wynne Leahy

Nicholas G. Linke

Jeff Lombard

Jane M. Love, Ph.D.

Mary Beth Maloney

Katlin McKelvie

Ryan A. Murr

Melanie E. Neary

John D.W. Partridge

Lindsay M. Paulin

Michael J. Perry

Jonathan M. Phillips

Ryan Rott

Lindsey D. Schmidt

Samantha Sewall

Sam Shapiro

Evan Shepherd

Eric B. Sloan

Adam M. Smith

Bradley P. Smith

Karen A. Spindler

Eric J. Stock

Ayushi Sutaria

Terrell Ussing

Jessica Valenzuela

Stephen Weissman

Kamia Williams

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