Morgan Stanley tracks North American biopharmaceutical company clinical trial pipeline changes from 6/24 to 7/1

Overview

This is a Morgan Stanley North American biopharmaceutical industry clinical trial pipeline tracker covering status changes in public trial information such as ClinicalTrials.gov between 2026-06-24 and 2026-07-01. The report is not focused on valuation or ratings; rather, it flags changes such as new trials, withdrawals, terminations, recruitment, enrollment completion, completion, early completion, delays, expansion, and downsizing among covered companies.

Core views

The key takeaway is that clinical pipelines in North American biopharmaceutical companies continue to update rapidly: multiple obesity, diabetes, ophthalmology, neurology, oncology, hepatitis, and rare disease projects have entered new trials or recruitment phases; at the same time, there are also withdrawn, terminated, and delayed projects, indicating that execution and clinical risks still require tracking at the study level. For Rhythm Pharmaceuticals, the report records the launch of an MC4R agonist real-world Ph4 study in BBS and severe monogenic obesity, which is more about post-marketing evidence build-up than direct commercial forecasting.

Analysis framework

The report uses an event-tracking approach, grouping status changes of covered-company clinical trials into categories such as new starts, withdrawals, terminations, recruiting, enrollment completed, completed, early completion, delayed, enrollment increase, and enrollment decrease, and lists company, phase, NCT number, drug or therapy, and indication for each.

Methodology notes

• Clinical development progress trackingClinical Trial Pipeline Tracker

  Monitor R&D pipeline via trial status changes

  By comparing public clinical trial record updates over the past week, it identifies updates in covered-company projects related to starts, terminations, recruitment, enrollment completion, delays, and enrollment-size adjustments.

• Industry data trackingAlphaWiseα

  Morgan Stanley internal data tracking framework

  The report title indicates AlphaWiseα, suggesting it is used for periodic tracking of clinical trial data changes for coverage companies in the industry.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• RYTM.US

  One of the covered companies; the report adds a new record that Rhythm Pharmaceuticals started a real-world Ph4 trial (NCT07674290) for MC4R agonist treatment in BBS and severe monogenic obesity.

  Strengths

  A Ph4 real-world study can supplement post-marketing safety, efficacy, and use-case evidence, helping to continuously validate the treatment value for severe rare obesity.

  Weaknesses

  The report does not disclose the study's enrollment target, key endpoints, readout timeline, or commercial impact, so this single event cannot be used alone to infer earnings or valuation changes.

  Comparison

  Compared with withdrawn or terminated projects, RYTM's project is in a new-start state; however, Ph4 studies are typically oriented toward post-marketing evidence accumulation, so catalyst intensity may be lower than key registrational Ph2/Ph3 data.

  Risks

  Real-world study outcomes, enrollment speed, payer acceptance, label expansion, and rare-disease market size may all affect long-term commercial value.

• North America Biotechnology

  The report focuses on clinical trial changes in the North American biopharmaceutical industry.

  Strengths

  A relatively large number of new and recruiting projects indicates continued active R&D activity among covered companies.

  Weaknesses

  The simultaneous presence of terminated, withdrawn, and delayed projects suggests that industry-wide development failure rates and execution uncertainty remain high.

  Comparison

  Both large-cap and small-to-mid-cap biotechs have updates across obesity, diabetes, oncology, neurology, ophthalmology, and liver disease.

  Risks

  Clinical failures, delays, under-enrollment, regulatory changes, and financing conditions can affect the value of R&D assets.

Key data

• Tracking period2026-06-24 to 2026-07-01The report highlights this period as covering key changes in clinical trials among covered companies.
• New trials4Includes Argenx Ph2, Eli Lilly Ph3, Regeneron Ph1/2, and Rhythm Pharmaceuticals Ph4.
• Withdrawn trials1Cabaletta's CABA-201 multiple sclerosis Ph1/2 trial was reported as withdrawn.
• Terminated trials2Two PWS/HERO-related Ph3 trials at Aardvark Therapeutics were terminated.
• Trials entering or in recruitment7Includes companies such as Alnylam, BeOne Medicines, Eli Lilly, and Regeneron.
• Trials with completed enrollment5Includes Arrowhead Pharmaceuticals, BeOne Medicines, BioMarin, Merck, and Mirum Pharmaceuticals.
• Completed trials1BeOne Medicines' BGB-15025 monotherapy and tislelizumab combination advanced solid tumor Ph1 study has been completed.
• Delayed trials4Involves Arrowhead, BioMarin, BioNTech, and Vir Biotechnology.
• Increased planned enrollment2Involves Arrowhead's ARO-ATXN2 Ph1 study and Bristol-Myers Squibb's KarXT + KarX-EC Ph3 study.

Impact & implications

This report has a more informational monitoring role than a rating-based investment judgment. Newly started or recruiting trials can help build a watchlist for future data readouts and catalysts; withdrawals, terminations, and delays, meanwhile, signal uncertainty in execution, indication choice, or regulatory and operational factors. For RYTM.US, the Ph4 real-world study helps build post-marketing evidence for MC4R agonists in BBS and severe monogenic obesity, but the report does not provide sales, pricing, penetration, or valuation impact data.

Risks

• Clinical trial withdrawals, terminations, or delays may reflect issues with safety, efficacy, enrollment, design, or strategic prioritization.
• The report mainly relies on publicly available trial status changes and does not provide full clinical datasets, statistical significance, or management commentary.
• Some trials are in early stages and still face a long and uncertain path to registration, commercialization, and revenue contribution.
• Morgan Stanley discloses possible investment banking, market-making, investment services, or other commercial relationships with covered companies, so investors should treat the report as one reference factor only.

What to watch

• Subsequent enrollment, endpoints, and result disclosures for Rhythm Pharmaceuticals' NCT07674290 Ph4 real-world study.
• Whether delayed trials at Arrowhead, BioMarin, BioNTech, and Vir Biotechnology continue to be pushed back or undergo protocol changes.
• Whether Aardvark Therapeutics adjusts strategy following termination of its PWS/HERO-related trials.
• Recruitment pace and key data readout timing for new recruiting or newly added trials at Eli Lilly, Regeneron, BeOne Medicines, and others.
• Whether subsequent reports include early completion, downsizing, or additional major termination events.