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Sphere Entertainment Q3 2026 Earnings Call Transcript
Sphere Entertainment (NYSE:SPHR) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.This transcript is brought to you by Benzinga
Medicus Pharma proposes $135M SkinJect spinout through SPAC business combination
Medicus Pharma CEO Dr Raza Bokhari joined Steve Darling from Proactive to discuss a proposed transaction involving the company's wholly owned subsidiary, SkinJect, which has entered into a non-binding letter of intent with an undisclosed special purpose acquisition company (SPAC) for a potential business combination. The proposed transaction contemplates a US$135 million pre-money enterprise valuation for SkinJect, alongside a concurrent equity financing intended to support the company's SKNJCT-005 clinical study in patients with Gorlin syndrome and preparations for a potential New Drug Application (NDA). Bokhari told Proactive that the proposed deal is designed to establish SkinJect as a separately listed company focused on advancing its dermatology and rare-disease development program. Under the proposed structure, the SPAC would acquire 100% of SkinJect in exchange for newly issued common shares in the combined company. Medicus Pharma intends to retain majority economic and voting ownership, allowing existing Medicus shareholders to maintain significant participation in SkinJect's potential future value. The separation would also provide SkinJect with a dedicated financing platform to fund its clinical development activities, particularly the SKNJCT-005 study targeting Gorlin syndrome, a rare genetic condition associated with the development of multiple basal cell carcinomas. The concurrent financing is expected to support the clinical program and the work required to prepare and potentially submit a New Drug Application, subject to successful development and regulatory progress. Final ownership percentages have not yet been determined. These will depend on negotiations surrounding the definitive transaction agreement and the combined company's capitalization, including retained SPAC cash, public and sponsor shares, warrants and other potentially dilutive securities. Medicus said the proposed transaction remains subject to the completion of definitive documentation and other customary conditions. The planned spinout represents a strategic step in Medicus Pharma's efforts to give SkinJect a dedicated corporate and financial structure, while allowing the parent company to retain majority participation as the dermatology program advances towards its next clinical and regulatory milestones. #proactiveinvestors #nasdaq #mdcx #tsxv #mdcx #pharma #SkinJect #Biotechnology #Healthcare #RareDisease #GorlinSyndrome #Dermatology #SPAC #ClinicalTrials #DrugDevelopment #NDA #Biopharmaceuticals
Howard's Business Report: Post-election stock market
The soaring post-election stock market carried Hawaii stocks aloft. Howard Dicus takes a look.
Bigger bacon and ditching breakfast: Wendy’s reveals turnaround plan as sales slump continues
Wendy’s reported its seventh consecutive quarter of declining sales, prompting the company to reveal a turnaround plan while rejecting a massive takeover offer.
Moment of Science: Rattlesnake personalities can determine bite venom injection, new study finds
Call it a "repeat performance" from riled-up rattlers! Here's the latest research on how a rattlesnake's personality can determine how much -- and how often -- they deliver a venomous bite. 🐍
Op-ed: Protecting New York’s tech talent leadership
According to CBRE’s latest tech talent report, New York City’s tech-talent market has become the largest in the nation.
Sphere Entertainment Co. reports results for the quarter ended September 30
FORECAST CHANGESRECOMMENDATIONSThis summary was machine generated from LSEG data November 5 at 03:55 p.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact Refi…
QBE promotes Leanne Nel to Pacific CEO
Australian firm QBE Insurance Group Ltd. has appointed Leanne Nel as Pacific chief executive officer and managing director, effective Dec. 3, Insurance News reported. Nel has more than three decades…
INTERACTIVE: Michigan's Midterm Blue Wave Reshapes Metro Detroit's Political Map
Democrats flipped precincts in Oakland and Macomb counties that Republicans had held for years — explore what drove the shift in your corner of Metro Detroit.
Geneva Health Forum 2026: Rethinking cooperation in global health
From November 10 to 12, at the Biotech Campus in Geneva, the Geneva Health Forum (GHF) will bring together healthcare professionals, researchers, institutional leaders, and representatives from international and humanitarian organizations for three days of debate, networking, and the sharing of experiences.
Vendor Day connects German businesses with U.S. Army opportunities
WEIDEN, Germany - Nearly 200 local and regional business representatives gathered Oct. 29, 2026, for Vendor Day, hosted jointly by the Chamber of Commer...
Cristiano Ronaldo's science-backed health longevity secrets
Cristiano Ronaldo has a reputation as a health obsessive who follows a strict regimen, but his lifestyle is more balanced than you might think.
Cristiano Ronaldo's science-backed health longevity secrets
Cristiano Ronaldo has a reputation as a health obsessive who follows a strict regimen, but his lifestyle is more balanced than you might think.
CNN Voter Poll: Democrats’ Senate sweep shows a fracturing MAGA movement
The coalition that helped return Donald Trump to the presidency two years ago is beginning to fracture, CNN Voter Poll data shows, with Democratic Senate candidates peeling away voters to win seats in deeply Republican territory this cycle.
Babson Named to Princeton Review's 2027 Mental Health Services Honor Roll · Babson Thought & Action
Babson College was one of only 76 colleges to earn a place on The Princeton Review’s 2027 Mental Health Services Honor Roll.
Small Business Insider: Election Response, Entrepreneurial Surge, Policy Update & More - Small Business & Entrepreneurship Council
● Election Results Amplify Call to Address High Costs and Economic Uncertainty ● Kerrigan in the DC Journal: America’s Innovation Economy Runs on Small Business – Why Protecting Bayh-Dole Matters ● Featured Interview on BRN: Kerrigan on CHOICE Arrangements ● ICYMI: America’s Entrepreneurship Surge Continues – Nearly 5 Million Business Applications Filed Through September ● […]
Today on Texas Standard: How Texas’ Democratic sweep could change the state’s political identity
Texas has spent decades serving as a national symbol of Republican political power. Tuesday’s election overturned that image with Democratic victories up and down the ballot, leaving Texans and political observers elsewhere reassessing what the state represents.
Data Center Construction Starts Lag 6 Months Behind, Report Says
Data center construction starts are slowing, a report from GlobalData finds. Here's why.
Qualcomm shares slide as smartphone slump puts pressure on its core business
The chipmaker reported a 26% drop in handset revenue and warned that memory costs and Apple's departure will continue to weigh on the market. Qualcomm is betting on data centers, automotive and other businesses to reduce its reliance on smartphones.
Saints Rookie Report: Week 9 preview vs. the Browns
Let's take a look at how this year's Saints draft picks are doing
Cleveland Fed’s Hammack says restrictive rates needed to cool inflation
“I expect that monetary policy will need to move to a restrictive stance to bring inflation back to 2% in a timely manner,” Beth Hammack said Thursday, Nov. 5, in remarks prepared for an event in Zurich.
Penn Entertainment posts record third-quarter revenue
Penn Entertainment Thursday morning reported financial results for third quarter, including record revenue. Revenue reached $1.5 billion, Adjusted EBITDAR was $
WR Pat Bryant Returns From IR
Second-year wideout appears set to miss just four games with ankle injury as the Denver Broncos prepare to face the Carolina Panthers on Sunday.
Stephen Curry replaces James in the top spot with an …
Stephen Curry replaces James in the top spot with an …
US Department of Justice Intervenes in Health Insurance Whistleblower Lawsuit Brought by Lieff Cabraser Against Centene Corporation
The Lieff Cabraser law firm represents a former employee. NASHVILLE, Tenn.–(BUSINESS WIRE)–On October 27, 2026, the United States sued one of the nation’s largest health insurance companies, Centene Corporation, for fraud under the False Claims Act. Lieff Cabraser’s Nashville Office is proud to represent the relator, who brought this matter to the government after internal
First flu-related death of the season reported in Sacramento County, health officials say
Sacramento County Public Health reported its first flu-related death of the 2026-2027 season, the agency reported Wednesday.
How Colom Changed a Long Shot in Mississippi Into a Race Too Close to Call
Scott Colom, a Democrat, ran a viral ad and courted Republicans at a Trump rally before winning virtually the same number of votes as Senator Cindy Hyde-Smith, a Republican.
Rhode Island voters approve higher education bond, providing funds for new URI integrated health building
KINGSTON, R.I. – Nov. 5, 2026 – Rhode Island voters overwhelmingly approved Question 1 on Election Day, Nov. 3, authorizing a $275 million bond investment in the state’s public colleges and universities, including $165 million for a new integrated health building at the University of Rhode Island’s Kingston Campus. The bond approval represents a significant […]
Met Gala exhibit will examine everyday items of clothing, replacing scuttled Galliano show
The new Met Gala exhibit will examine ordinary items and materials like jeans, puffer jackets and plastic and how fashion designers transform them | WWL
Multiplayer Gaming Safety for Kids: How Parents Can Create Safer Online Experiences
Help your kids enjoy safer multiplayer gaming with practical tips for privacy, communication, parental controls, reporting, and online play.
Scientists Discover an Unexpected Aging 'Cliff' in Sperm RNA
"A new era in reproductive health."
Scientists Discover an Unexpected Aging 'Cliff' in Sperm RNA
"A new era in reproductive health."
Oregon was once a Republican stronghold. This politician started shifting the balance in 1954
For much of the first half of the 20th century, Oregon was effectively a one-party Republican state. Democrats had not won a U.S. Senate seat in 40 years, had not won a U.S. House seat in 18 years, and had controlled the state legislature for only four of 74 years since 1880. Into this landscape emerged Richard Neuberger, a Portland-born journalist of Jewish heritage whose prolific writing career, progressive convictions and remarkable personal drive would reshape Oregon politics.
Dianna Russini’s next gig expected to start next week
The NFL insider will reportedly be back at work next week.
Bear Hollow Zoo Mourns the Loss of Beloved Black Bear Yonah
Bear Hollow Zoo is mourning the loss of Yonah (16), an American black bear who was humanely euthanized on the evening of November 1 following complications from severe pneumonia. Yonah was surrounded
PENN Entertainment (PENN) Reports Q3 Earnings: What Key Metrics Have to Say
While the top- and bottom-line numbers for PENN Entertainment (PENN) give a sense of how the business performed in the quarter ended September 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
In brief: 'A Proud Family Wizmas' trailer and more
Zoo wee mama, indeed. There's a brand-new trailer for the upcoming Disney+ animated holiday comedy film Diary of a Wimpy Kid Christmas: The Getaway. Readers of Jeff Kinney’s bestselling book series can see the Heffley family come to life in this festive film that premieres on Dec. 4 ...Speaking of trailers for holiday specials, fans of The Proud Family can watch a brand-new look at the upcoming stop-motion holiday special A Proud Family Wizmas. It arrives on Disney+ Nov. 14. The special is filled with songs and follows Penny Proud as she accidentally destroys Christmas and sets out to make things right. Kyla Pratt returns to voice Penny while guest stars Anderson .Paak, Lil Rel Howery, JB Smoove and Gabrielle Union come along for the ride ... TNCMS.AdManager.render({region: 'fixed-big-ad-top-asset', slot: 1, fold: "above"}); Camila Mendes is back in character as Ana Santos. The actress once again stars as the character in the new sequel film Upgraded 2. Prime Video has announced cameras are up and rolling on the movie in Venice, Italy ...Copyright © 2026, ABC Audio. All rights reserved. Thank you for reading kmaland.comAt KMA, we attempt to be accurate in our reporting. If you see a typo or mistake in a story, please contact us by emailing kmaradio@kmaland.com.
Henrico Business Watch: Business license filings Oct. 29–Nov. 4, 2026
Henrico County reported the following business license filings with start dates during the week. The filings are listed alphabetically by business or trade name, followed by a registered address and business industry classification. Aulden Salon LLC, 201 Towne Center West Boulevard, Henrico – Hairdressing services. Bita's Borough and Bean LLC,
Sphere Entertainment’s (NYSE:SPHR) Q3 CY2026 sales top estimates
Content production and distribution company Sphere Entertainment NYSE:SPHRreported calendar Q3 2026 (fiscal Q1 2027) results beating Wall Street’s revenue expectations, with revenue up 4.5% year on year to $274.3 million. Its GAAP loss of $4.84 per share was significantly below analysts’ consensus…
What CVS Health (CVS) Said on Its Q3 Earnings Call
CVS Health (NYSE:CVS) plans to separate its retail pharmacy operations from its insurance and pharmacy services businesses, creating two publicly traded companies in a transaction expected to close in the first half of 2028. The announcement came as the company reported third-quarter 2026 revenue o
Coleman in 'hybrid role' with Republic of Ireland
Republic of Ireland manager Heimir Hallgrimsson says it was "tempting" to include Seamus Coleman in his squad for this month's Nations League matches against Austria and Kosovo despite the defender having not played since June.
How an FGCU class sparked a BBQ business breakthrough
Learn how an FGCU entrepreneurship class helped launch a Florida barbecue business success story
Northwestern Receives Encouraging Defensive Injury News Ahead of Iowa
Northwestern received encouraging injury news ahead of Iowa, with Robert Fitzgerald upgraded to probable, Brendan Flakes coming off the availability report and Jon Jon Stevens Jr. listed as questionable.
Yankees Roster Report Cards: Gerrit Cole
The Yankees got Gerrit Cole back in 2026 and he did not disappoint.
Lucky Strike Entertainment Q1 revenue beats estimates; suspends dividend to cut debt
OverviewOutlookResult DriversCompany press release:Key DetailsAnalyst CoverageReuters Recommended ReadsFor questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.(This story was created using…
One museum visit a month could improve health, new report finds
Art Fund calls for greater investment in museums as research suggests regular visits could reduce depression, dementia risk and stress
A new business activity tax? Look before you leap, D.C.
Would a new business tax replace the District’s current ones or pile on top of them?
The Far Right in the West: From Moral Decline to Political Crisis
Following the Republicans' heavy defeat in the US midterm elections, far-right politics appears to be facing visible erosion and crisis.
Marvel's Wolverine's Sales Numbers Are Looking Pretty Dreadful
Sony's Q2 2026 earnings report just released, and Logan is currently being outsold by Rhythm Heaven Groove
Lucky Strike Entertainment Reports First Quarter Results for Fiscal Year 2027
RICHMOND, Va., November 05, 2026--Lucky Strike Entertainment today provided financial results for the first quarter of the 2027 fiscal year, which ended on September 27, 2026.
PENN Entertainment: Q3 Earnings Snapshot
(AP) — PENN Entertainment, Inc. (PENN) on Thursday reported third-quarter profit of $33 million.
Sotera Health (SHC) Could Be 28% Below Fair Value As Earnings Beat Lands
Sotera Health (SHC) is back in focus after reporting third quarter 2026 results that topped Wall Street forecasts, reaffirming its full year revenue and earnings outlook, and securing a Moody's credit rating upgrade. Recent trading tells a mixed story, with Sotera Health’s share price up 2.25% on the day of the earnings beat yet down about 12% over the past week and 11% over the last month. At the same time, the 1 year total shareholder return of 3.67% and 3 year total shareholder return of...
Report: Japan's Tashima to stand against Infantino for FIFA presidency
Kozo Tashima, the honorary president of the Japanese Football Association (JFA), will challenge Gianni Infantino for the FIFA presidency, according to reports. Infantino’s position appeared under threat after a dropped plan for private investment in the World Cup caused consternation, but he has rallied and now looks to be in a strong position to win a fourth term at FIFA Congress in Morocco next year.
Prep talk: Three-sport standout Kai Beary plays role for 27-0 JSerra flag football team
Kai Beary, standout in shotput and soccer, is also a girls' flag football star for unbeaten JSerra High.
PENN Entertainment (NASDAQ:PENN) reports Q3 2026 in line with expectations
Casino, sports betting and entertainment operator PENN Entertainment NASDAQ:PENNmet Wall Street’s revenue expectations in Q3 2026, with revenue up 7.1% year on year to $1.84 billion. Its non-GAAP profit of $0.32 per share was significantly above analysts’ consensus estimates.For more on PENN Entert…
PENN Entertainment (NASDAQ:PENN) reports Q3 2026 in line with expectations
Casino, sports betting and entertainment operator PENN Entertainment (NASDAQ:PENN) met Wall Street’s revenue expectations in Q3 2026, with revenue up 7.1% year on year to $1.84 billion. Its non-GAAP profit of $0.32 per share was significantly above analysts’ consensus estimates.
Musk bet big on keeping Texas red. What happens to his business empire now?
Elon Musk poured nearly half a billion dollars into the midterms to support Republican candidates, most to help Ken Paxton defeat Democrat James Talarico in the Texas Senate race.
A clever molecular trick unlocks previously impossible properties in glass
Scientists have discovered how to reprogram the internal structure of glass using a special molecule that rearranges chemical bonds while lowering the melting temperature. The breakthrough could unlock entirely new glass materials with precisely controlled magnetic and optical properties, opening possibilities for advanced electronics, sensors, and other technologies.
2026 NFL Week 9: Hart’s Picks
Mile High Report’s Christopher Hart predicts the straight-up winners for every Week 9 matchup of the 2026 season.
Shedeur Sanders Has Something to Say Amid Browns QB Report
Shedeur Sanders may get another shot to start for the Cleveland Browns on Sunday. Deshaun Watson is in concussion protocol, leaving the door open for the second-year quarterback to be named the QB1 against the New Orleans Saints. He had something to say about the development and shared it with the media. Sanders entered the […] The post Shedeur Sanders Has Something to Say Amid Browns QB Report appeared first on Gridiron Heroics.
Mary Means Business: Quirky Audacious Goods opening this month
For Shannon Voges-Haupt, her latest entrepreneurial venture might seem niche at first glance, but she promises there is a little something for everyone.
Cristiano Ronaldo confirms retirement from international soccer
After years of spending time and elevating the Portuguese national team, Cristiano Ronaldo is done with international soccer . Ronaldo was a part of the Portuguese team for almost 23 years and represented the squad in 6 FIFA World Cups (2006, 2010, 2014, 2018, 2022, and 2026). Amid his ongoing suspension and miscommunication with manager Jorge […] The post Cristiano Ronaldo confirms retirement from international soccer appeared first on ClutchPoints.
Drake Maye Gets Encouraging Update As Packers Star Battles Injury
Drake Maye remains on New England's injury report, but his practice participation offered encouraging news while Green Bay's biggest defensive star was limited.
Healthcare powers Democrats’ midterm rout: 4 takeaways
Voters sent a strong rebuke of the GOP health agenda on Tuesday night as Democrats took control of both chambers of Congress, rejecting Republicans who pushed sweeping healthcare cuts.
Entertainment venue InteractX now open in Cedar Park
The business features 11 challenge rooms and over 45 games that combine physical activity, technology, teamwork and friendly competition, a company representative said in a news release.
Save the Date! State of the Science Forum: Community Water Fluoridation (CWF)
The State of the Science Forum: Community Water Fluoridation (CWF) will feature a discussion among experts in the field, residents and Board of Health members on the current evidence and scientific li
Save the Date! State of the Science Forum: Community Water Fluoridation (CWF)
The State of the Science Forum: Community Water Fluoridation (CWF) will feature a discussion among experts in the field, residents and Board of Health members on the current evidence and scientific li
Dems inherit Texas colleges remade by GOP in conservative push
Universities were a political target of Texas Republicans. As Gina Hinojosa and other Democrats prepare for office, here’s a look at the turning point facing college campuses.
How Ron Nirenberg prepared to become Bexar County Judge
While Ron Nirenberg's job may be different, his approach will be the same. The former mayor will lean on collaboration in his new role.
Healthcare powers Democrats’ midterm rout: 4 takeaways
Voters sent a strong rebuke of the GOP health agenda on Tuesday night as Democrats took control of both chambers of Congress, rejecting Republicans who pushed sweeping healthcare cuts. Here are f…
What the Democratic landslide means for GOP booster Elon Musk and his businesses
Tesla, SpaceX and X CEO Elon Musk reportedly spent close to $450 million backing Republican candidates. His companies could have challenging times ahead.
Broncos focused on taking care of business against Panthers
The Denver Broncos have a shot to be 7-2 before their bye week if they can topple the Carolina Panthers on Sunday.
Patrick’s Politics: Enjoy this moment of hope
There is good news in the United States today. After two years of one-party Republican rule, the people fought back.
Where to recycle those political signs in your yard
The Missouri Botanical Garden is teaming up with Republic Services and OneSTL to offer recycling drop-off sites for the signs this week and next week.
Cristiano Ronaldo announces retirement from Portugal duty
Cristiano Ronaldo’s career representing Portugal has officially come to an end. The 40-year-old star took to social media to post a video confirming his retirement from the national team.Portugal’...
Flutter Entertainment (FLUT) Could Be 35% Undervalued Following Brazil Impairment ಸುದ್ದಿ
Flutter Entertainment (NYSE:FLUT) put fresh numbers on the table with its third quarter 2026 update, pairing higher reported sales with a wider net loss and a sizeable impairment tied to its Brazil operations. The share price reaction has been sharp. Flutter Entertainment closed at US$81.79, with the 1 day share price return declining 2.33% after the earnings and impairment news, even though the 7 day and 30 day share price returns rose 4.15% and 8.00% respectively. That short burst of buying...
Black-owned businesses impact in Charlotte ‘undeniable.’ New event aims to celebrate it
Marketplace ‘Black on the Block’ arrives to spotlight Charlotte entrepreneurs at Bojangles Coliseum.
Report: Mets Hire A.J. Ellis To Major-League Coaching Staff
The New York Mets are hiring A.J. Ellis as their major-league strategy coordinator, The Athletic’s Will Sammon reported Wednesday. The club has not yet announced the move. Ellis becomes the latest addition to manager Andy Green’s coaching staff as the Mets continue preparing for the 2027 season. His arrival also reunites Green with a familiar …
Sports owners bet big on Republicans. What does their defeat mean for US sports?
Sports billionaires backed Republicans, but Democratic victories leave familiar questions over gambling, stadium subsidies and who really holds power.
Trump Administration Delays Awards Slated To Improve Rural America’s Health
State leaders who scrambled to win and begin spending their first-year shares of Republicans’ five-year, $50 billion fund are in the dark about how much they’ll receive in the Rural Health Transformation Program’s second year after a federal office notified states that more time is needed to make allocations.
Entertainment
Playhouse at McConnellstown has launched its “Raise the Roof” Capital Campaign to raise $30,000 for repairs to the theater’s roof and gutter system. Donations of any amount are being accepted
Health Care: Don’t Just Fix What They Broke
The new Congress must not only repair what Trump has wrought but focus on immediate relief for the already insured.
The South flexes political power in midterms, sets regional influence in 2028 election
Tuesday's dramatic midterm results have transformed the electoral map, ensuring the path to future power for Democrats and Republicans must run through the South and its diverse voting population.
Rare bipartisan idea gains ground: U.S.-Israel tie needs a break
Democrats and Republicans may be deeply split after the midterms, but a growing number agree on one big idea: The era of unquestioned U.S. support for Israel needs to end.
GOP’s defense of its gerrymandering: The rout could have been even worse
Democrats dismissed Republicans’ arguments as a contorted attempt to justify an expensive and controversial remapping offensive that did not accomplish what it set out to do.
When papers become currency: a Chinese debate about trust in science
Last Saturday, 31 October, I went to the University of Hong Kong’s Beijing Centre for its Talent Forum. It was the fourth stop in the series this year, following events in Shanghai’s Zhangjiang, Shenzhen’s Qianhai, and on HKU’s main campus. The programme covered a remarkable distance in one afternoon. HKU’s Xiao-Jing Wang discussed computational neuroscience, intelligence, and the prefrontal cortex—before even delivering his inaugural public lecture to students back in Hong Kong. His colleague Bing Zhang took us from the Big Bang to artificial intelligence. Tsinghua’s Xue Lan asked how AI might reshape the institutional infrastructure underpinning higher education. There were lively panels featuring industry leaders from JD.com, Xiaomi, Haier—and Kaiser Y Kuo on the closing panel discussing innovation and international connections. I cannot pretend to have followed every detail of the brain models or the astrophysics. The talk that stayed with me was closer to something we have covered before: Zhou Zhonghe 周忠和 on papers, evaluation, and scientific trust. Zhou is a palaeontologist, an Academician of the Chinese Academy of Sciences, and an international member of the US National Academy of Sciences. He is also editor-in-chief of The Intellectual (知识分子), China’s leading science commentary platform. His subject was uncomfortable enough for a room full of successful academics: what happens when the system for recognising good science starts rewarding something else? Part of my interest came from our sister newsletter, The East is Read, which covered the controversy around “Geng Tongxue” in May. A PhD dropout from Beihang University, Geng has publicly challenged papers by prominent researchers through detailed online allegations of manipulated images and fabricated data. At Tongji University, an investigation into a challenged Nature paper found academic misconduct, and the dean of its life sciences school was removed. The affair brought doubts about academic integrity well beyond laboratories and university committees. How could someone outside the established hierarchy spot problems in papers that had passed through prestigious journals and institutions? And what, exactly, had all that prestige guaranteed? Zhou approached these questions through two essays published in July by The Intellectual: one by Wang Xiaodong, director of the National Institute of Biological Sciences, Beijing, and a response by Wang Liming, of Shanghai’s Shangsi Institute of Natural Sciences. Both began with the controversy over Geng. Their arguments deserve a wider audience, so I want to put parts of them alongside what Zhou said on Saturday. Wang Xiaodong’s starting point is evolution. A research system selects for the behaviour it rewards. Grants, jobs, journals, talent programmes, and prizes collectively determine which scientists prosper and which practices get passed down from advisors to students. “Whatever the system rewards is what it will evolve to produce,” he writes, citing the ancient Chinese saying: The King of Chu loved slender waists, and many in the palace starved to death. That is a more demanding diagnosis than saying there are dishonest people in science. Punishing a fraudster does not change the selective environment that made a particular kind of research profitable. His account also gives scientific success an awkward role in the story. As Zhou put it on Saturday, science became a victim of its own success. Once research became central to industry, national power, and economic growth, universities and laboratories expanded, and public money followed. That created an administrative need for rapid decisions: who should get the next grant, the next laboratory, the next appointment? The difficulty is that the true value of a discovery may take years or decades of testing and building to become clear. Resource allocation cannot wait that long. Publication counts, journal prestige, impact factors, and citations therefore become convenient ways to make an instant judgement. “The real problem is not that these indicators have no value,” Wang Xiaodong writes, “but that they are trying to answer a question that only time can answer.” Telling administrators simply to stop counting papers will never be enough. They still have budgets to distribute and appointments to make. Something has to replace the shortcut. Zhou described the consequences inside publishing. Papers acquire ever more requirements: a complete story, polished presentation, extensive datasets, and accessibility to readers beyond the immediate field. Individually, those demands sound reasonable. Together, he warned, they produce formulaic “eight-legged” papers 八股文 and rigid reviewing, while genuinely original or non-consensus work struggles to get past journal editors—some of whom wield immense gatekeeping power despite having limited laboratory experience themselves. Meanwhile, the demands for sprawling, “complete” narratives have fuelled a wider replication crisis. Wang Xiaodong uses a mahjong metaphor to describe the result: put the complex papers published by the exact same lab over several years side by side, and they often look like “Thirteen Orphans” (十三不靠)—every tile completely unrelated to the next, and none of them reproducible by outsiders. Zhou also spoke frankly as an editor who has trouble finding reviewers. Everyone wants someone else to review their work; qualified senior researchers have little time to return the favour. The labour is anonymous, unpaid, and brings almost no institutional recognition, so it increasingly gets passed down to postdocs and graduate students. And while anonymity protects reviewers from rank and personal favours, hyper-specialisation means an author’s most qualified reviewer is often a direct competitor, shielded from accountability. The protection and the problem coexist. Wang Liming takes the argument a step further. The decisive change, in his essay, is the instant conversion of academic honour into material resources. Once a paper can be cashed in for funding, a job, students, commercial investment, or even a company valuation, scientists are alienated from their work: they must keep minting this “research currency” to keep their teams alive. He is careful not to romanticise the past. The old world of gentleman scientists—financially independent figures like Boyle and Darwin who needed nothing from external funders—was also a closed club that excluded people without inherited wealth, women, and much of humanity outside the West. Professional science allowed ordinary people, himself included, to become researchers. Nobody should want to undo that. The problem, in his account, is an exchange system that becomes too uniform and too difficult to correct. His most pointed Chinese example is the “hat” (帽子): the prestigious talent designation that brings continuing access to money, laboratory space, students, and institutional influence. “If papers are the circulating currency of the research system, then a ‘hat’ is a bond that pays interest over the long term,” he writes. A paper at least requires another round of peer review. A title in the Chinese context can lock in a judgement made years ago and turn it into permanent status rent, regardless of whether its holder is still doing good science. Here, official institutions hire, organise, and evaluate scientists. Unlike honours awarded by autonomous academic communities in the West, a Chinese “hat” blends non-scientist administrative power with state authority. Once granted, it turns a past judgement into permanent status rent that is nearly impossible to revoke—because taking a hat off would imply that official authority erred in putting it on. Both Wangs see China as experiencing, at compressed speed, pressures present across global science. Research expansion, rising investment, publication growth, and elaborate evaluation metrics arrived in China within two or three decades rather than two or three centuries. Zhou agreed with that international framing—noting that recent US White House science policy documents and the new president of the US National Academy of Sciences, a fellow palaeontologist who recently visited Zhou’s institute in Beijing, have raised strikingly similar warnings about consensus-bound peer review, short-term project grants, and the replication crisis. Still, Zhou emphasised that China’s traditional hierarchy, personal networks (guanxi), and the ethos that “a good scholar becomes an official” (学而优则仕) amplify those pressures at home. So what would change things? Here Zhou’s tone differed from the call for a revolution in scientific trust in Wang Xiaodong’s essay. As an evolutionary biologist, Zhou favoured patchwork repair (修修补补). Living systems survive through accumulated adjustments; dramatic mutations are usually fatal. Science cannot return to a small, slow-moving pastoral era, especially after the successive accelerations of professionalisation after the Second World War, the internet, and now artificial intelligence. But it can alter the local environment in which researchers work. He pointed to domestic experiments designed to support unconventional research and diversify funding, including Tencent’s New Cornerstone Investigator Program, the Xplorer Prize, and the Future Science Prize. He also mentioned participating in reviews for “major non-consensus projects” under the National Natural Science Foundation of China. One guiding principle he recalled was wonderfully direct: “Failure is allowed; corruption is not” (允许失败，不允许腐败). That distinction would mean quite a lot if taken seriously. An honest attempt that fails should not have to disguise itself as a success to survive an assessment. Wang Liming’s essay adds a sharp caveat to the optimism about new domestic funders. Multiple organisations do not automatically produce multiple ways of judging science. If the same pool of senior domestic scientists makes the decisions through the same two-round review procedures, it is still “fake diversity.” He argues for three distinct kinds of money: broad baseline funding governed by fair procedures; patient funding for questions that take ten years; and non-consensus funding based on individual taste, deliberately empowering a few genuine experts to make biased, contrarian bets on eccentric ideas that would inevitably be averaged out by a committee. Replacing one monopoly with another achieves little; a healthy ecosystem needs variance. Zhou’s proposals for publishing were similarly concrete: strip papers of their resource-allocation burden and return them to recording discoveries and establishing priority; separate dissemination from evaluation, as eLife and Peer Community In do; adopt more modular “micro-publications” and real-name endorsements; recognize the labour of editors and reviewers; and give replication work proper credit rather than treating it as an unpublishable dead end. AI makes every part of this debate more urgent—and Zhou wove it throughout his talk. In his own preparation, he used AI to survey the declining influence of academic monographs, noting how tools are already changing how scholars gather information. More fundamentally, he placed AI as the latest great acceleration in scientific history: just as the internet sped up the pace of research and tightened external resource pressures, AI is compressing the cycle again. In the essays Zhou cited, AI cuts both ways. Wang Xiaodong expects large language models to erase much of the English-writing disadvantage long faced by Chinese scientists, further swelling the flood of papers coming out of Chinese labs. Wang Liming sees AI accelerating both ends of the trust crisis: it lowers the cost of paper mills and fabricated images just as quickly as it lowers the cost of automated image forensics, data auditing, and code reproduction. “Whoever builds the verification layer wins,” Wang Liming writes. His proposed alternative to the static, packaged “story paper” is a continuously versioned “unit of discovery” containing a falsifiable claim, raw data, analysis code, experimental parameters, and an ongoing log of independent checks—where negative results and failed replications are recorded rather than buried. Zhou ended his keynote by bringing AI back to the question of scientific honour and credit. Citing a recent Intellectual discussion on “What AI Means for Mathematics” featuring Fields Medalist Deng Yu 邓煜—at a moment when AI is already batch-solving mathematical conjectures, as HKU Vice-President Lin Chen noted in his opening remarks—Zhou agreed that human researchers must remain the principal agents: AI is a tool that frees scientists from tedious calculation to think about deeper, messier real-world problems. Yet that partnership creates a thorny new evaluation problem. When a breakthrough is made with AI, what is the human contribution and what is the machine’s? And since AI models distil centuries of accumulated human scholarship, is it right that the credit and value flow so heavily to the private AI companies building the tools? The old struggle over how to assign scientific honour is acquiring a whole new layer. What I took away was a serious discussion of how science can remain trustworthy as its scale, incentives, and tools change. These were scientists with real standing inside China’s system questioning how that standing is produced, and proposing changes that would affect their own institutions and peers. That made the afternoon at HKU’s Beijing Centre worthwhile. At the close, Wang Feng, Director of Communications and Public Affairs at HKU, said the value of the forum series—which heads to Hangzhou in December and cities like Chengdu early next year—would lie in the real cooperation it helped bring about. The university has plenty to celebrate: this week it topped the QS Asia rankings for a second consecutive year, alongside its 11th-place position in the QS World University Rankings 2027. For me, bringing this debate to an audience beyond the people who review papers and allocate grants was a useful contribution. Share [ The East is Read PhD dropout’s exposé forces an academic fraud reckoning in China A former doctoral student turned blogger has shaken China’s academic establishment by publicly accusing prominent university scholars of fabricating data and manipulating papers, triggering investigations at several leading institutions and drawing rare attention from state media… Read more 5 months ago · 43 likes · 8 comments · Yuxuan JIA ](https://www.eastisread.com/p/phd-dropouts-expose-forces-an-academic?utm_source=substack&utm_campaign=post_embed&utm_medium=web&embedding_publication_id=47580)
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