Today's digest marks a transition day across multiple fronts. The Trump administration's pivot from the BALANCE insurer-funded Medicare pilot to a taxpayer-funded Bridge extension through 2027 closes one chapter of the obesity coverage fight and opens another — the political economy of GLP-1 access is now a direct federal spending question rather than an insurer negotiation. AACR 2026 concluded in San Diego after six days of peptide-oncology data that elevated bicyclic peptide drug conjugates, macrocyclic peptides, and peptide-based radioconjugates as credible third-pillar modalities alongside small molecules and antibodies. Bicycle Therapeutics closed the meeting with first-in-human EphA2 gallium-68 PET imaging data in pancreatic cancer patients. On the pipeline side, MBX Biosciences previewed three once-monthly precision peptide candidates ahead of its May 11 Obesity Day — the clearest signal yet that the next generation of GLP-1 combinations will prioritize dosing convenience as a differentiator. Consumer-facing peptide coverage continued its expansion with Yahoo's 'Wait, So Are Peptides Legal Now?' explainer translating the FDA Category 2 removal for general audiences, while the FDA Law Blog published a detailed two-part regulatory analysis for compounders preparing for the July PCAC meeting.