Biotech

Ramp Groves to full power and start isotope production

With first criticality achieved on August 5, 2026, Oklo's next step is low-power testing and ascension to full power at the Groves Isotope Test Reactor in Lockhart, Texas, ramping toward R&D-scale isotope production over the following year. On its August 7, 2026 earnings call, management said it now expects Oklo's first isotope revenue in early 2027, and that it is more likely to come from the NRC-licensed Idaho Radiochemistry Laboratory than from Groves. Oklo's newsroom and isotopes page still describe Groves as having reached criticality in under a year, with no later public update on power ascension as of September 19, 2026.

Carry Aurora-INL through final safety review and construction

With the DOE's Preliminary Documented Safety Analysis approved on June 11, 2026 - the third of four major Reactor Pilot Program authorization steps - and a November 2025 binding Siemens Energy contract closing out major long-lead power-conversion equipment procurement, Oklo's near-term focus is securing the final Documented Safety Analysis, the last safety-basis document before DOE authorizes operation, while completing construction at Idaho National Laboratory ahead of fuel loading and first power. As of September 19, 2026, the final Documented Safety Analysis has not yet been approved; on its August 7, 2026 earnings call Oklo raised its full-year 2026 capital-expenditure guidance to $400-500 million to accelerate Aurora-INL procurement and grid-interconnection work while reaffirming a 2028 commercial start-up target.

Pick the first plant site and start construction

Convert the April 7, 2026 completion of the Alabama/Ohio/Texas site evaluation tour into a final site choice and start construction of the initial ~50 MWe Da Vinci facility. TAE's August 6, 2026 update said key designs were complete and construction was still planned later in 2026, contingent on the TMTG merger close (still targeted by end of 2026) and approvals. Re-verified September 18, 2026: no final site had been announced, and TAE's news page still lists the April tour as the latest siting update.

Upgrade Norm to 100 million °C

Push the current experimental platform from 70+ million °C - already the highest temperature recorded on a steady-state FRC - toward 100 million °C to validate operating modes and hardware for TAE's next-generation reactors. Re-verified September 18, 2026 on TAE's FAQ: the upgrade remains described as planned/in progress, with no announcement that 100 million °C has been reached.

First rare-disease registrational data

Read out registrational data for the propionic acidemia program (mRNA-3927) - Moderna's first rare-disease readout, now partnered with Recordati (deal signed January 2026, closed March 16, 2026: $50M upfront plus up to $110M in milestones and royalties, with Recordati leading global commercialization). Part 2 of the Paramount study has completed enrollment, with a 12-month treatment evaluation and a data readout still expected in 2026. Moderna is also advancing methylmalonic acidemia therapy mRNA-3705, which was selected for the FDA's START pilot program; the company and FDA have agreed on a pivotal study design, with the registrational study expected to begin in 2026.

Scale the Casgevy commercial ramp

Convert the 500+ started patients into infusions and grow revenue as the authorized-treatment-center network expands. Casgevy is now described as approved in 39 countries. Revenue booked by Vertex reached $76M in Q2 2026, up 78% quarter-over-quarter and 151% year-over-year. At Morgan Stanley on September 14, 2026, Kulkarni said initiations now exceed 100 per quarter, that most early reimbursement, contracting and manufacturing bottlenecks have been addressed, and that the remaining 6-to-9-month treatment journey is driven more by exchange transfusions and scheduling than by manufacturing. The pediatric ages-2+ label is a tailwind. The next official sales figure is expected with Vertex's early-November Q3 2026 results.