Kalshi to allow bets on clinical trials, FDA decisions

Kalshi, a prediction market platform, has launched betting on clinical trial outcomes and FDA regulatory decisions in partnership with AppliedXL, starting with late-stage trials and initial contracts including Gilead's anito-cel cancer drug and Summit Therapeutics' lung cancer drug. Traders are required to verify employment and cannot hold material nonpublic information. If you're a biotech running late-stage trials, your clinical odds are now public and tradeable—which means insider knowledge about your drug's performance just became valuable to hostile traders with deep pockets. You now have a financial adversary with direct interest in your trial stumbling.