Kalshi plans to expand its prediction-market betting into biotech by offering “sports-style” wagers on clinical trial and regulatory outcomes. The platform says the move helps isolate binary events—like whether Phase 3 results succeed or whether the FDA approves a medicine—from broader stock swings. Kalshi is launching a limited set of biotech contracts in partnership with AppliedXL, starting with markets tied to Phase 3 trials from established drug makers and with full FDA decision dates. Critics warn about incentives and insider-trading risks, though Kalshi says it plans guardrails.