Kalshi Inc. is expanding into biotechnology by offering wagers on clinical trial outcomes and regulatory decisions, launching 13 new contracts in partnership with AI-powered intelligence firm AppliedXL. The contracts allow traders to bet on binary events such as whether US regulators will approve medicines from companies like Sanofi and Gilead Sciences Inc., isolating these catalysts from overall stock performance. The move is part of Kalshi's effort to demonstrate that prediction markets can provide socially useful information beyond sports gambling, though healthcare remains a small segment with $3.6 million in science and technology trading in the last week of June compared to $5.4 billion in sports. The company consulted physicians, researchers, and bioethicists, including former Eli Lilly scientist Alpheus Bingham and 23andMe co-founder Anne Wojcicki, and will use employment verification to monitor for insider trading while excluding contracts tied to pediatric studies or trials still recruiting participants.
Gilead Sciences Inc
Eli Lilly and Company
Sanofi SA