{
  "_notice": {
    "type": "free_key_offer",
    "message": "Free and anonymous access is staying. If this endpoint is in your pipeline, a free key adds advance notice before any schema change or deprecation. POST /v1/keys {\"email\": \"you@firm.com\"} — nothing else required. Something broken or missing? hello@clearmarket.fyi reaches a human.",
    "docs": "https://clearmarket.fyi/for-data/",
    "policy": "This field is additive and its shape will not change."
  },
  "event_id": "CM-EVT-1BNKFN8JX3",
  "slug": "kxfdaannounce-bpc",
  "question": "Will the FDA reclassify BPC-157 to Category 1?",
  "category": "technology",
  "event_type": "BINARY",
  "ladder_distribution": null,
  "tags": [
    "technology",
    "fda-regulation",
    "drug-classification",
    "bpc-157",
    "bulk-drug-substances",
    "2026"
  ],
  "catalyst_types": [],
  "catalyst_dates": [],
  "editorial_notes": "These markets track whether the FDA will reclassify BPC-157 to Category 1 of the Bulk Drug Substances List. Kalshi structures the event as a tiered timing question, with binary contracts expiring at sequential deadlines: April 15, May, July, September, November, and 2027. Resolution relies on Kalshi staff determination, referencing the FDA's press announcements page. The authoritative source is the Food and Drug Administration.",
  "venues_covered": [
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  "current_primary_mark": {
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    "implied_probability": 0.14
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  "created_at": "2026-07-06T00:30:45.836226+00:00",
  "updated_at": "2026-07-06T00:30:45.836226+00:00",
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      "market_id": "CM-MKT-KXX9049PV2",
      "event_id": "CM-EVT-1BNKFN8JX3",
      "platform": "kalshi",
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      "question": "When will FDA announce Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List?",
      "description": "Before April 15",
      "contract_type": "binary",
      "settlement_currency": "USD",
      "underlying_reference": "Before April 15: The Food and Drug Administration's press announcements page will be checked by Kalshi staff on September 8, 2026, 14:00 UTC for an official announcement of the reclassification.",
      "close_at": "2026-04-15T03:59:00Z",
      "resolve_at": "2026-04-22T14:00:00Z",
      "status": "resolved",
      "resolution": {
        "rules_raw": "If the FDA announces Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List before Apr 15, 2026, then the market resolves to Yes.\n\nThe Payout Criterion is satisfied by placement of BPC-157 in either Category 1 or Category 1 Bulk Drug Substances Under Evaluation on the 503A Bulk Drug Substances list, as either designation restores compounding eligibility. \nRemoval from Category 2 alone, without placement in Category 1, does not satisfy the Payout Criterion.",
        "arbitration_model": "kalshi_staff",
        "proposer": "platform_staff",
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        "source_status": "platform_named",
        "source_citation": "https://www.fda.gov/news-events/fda-newsroom/press-announcements",
        "sources": [
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            "url": "https://www.fda.gov/news-events/fda-newsroom/press-announcements",
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      "settlement_style": "occurrence",
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      "question_id": null,
      "also_on": null,
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          "screened_at": "2026-06-12"
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      "event_id": "CM-EVT-1BNKFN8JX3",
      "platform": "kalshi",
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      "question": "When will FDA announce Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List?",
      "description": "Before May",
      "contract_type": "binary",
      "settlement_currency": "USD",
      "underlying_reference": "Before May: The Food and Drug Administration's press announcements page will be checked by Kalshi staff on September 8, 2026, 14:00 UTC for an official announcement of the reclassification.",
      "close_at": "2026-05-01T03:59:00Z",
      "resolve_at": "2026-05-08T14:00:00Z",
      "status": "resolved",
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        "rules_raw": "If the FDA announces Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List before May 1, 2026, then the market resolves to Yes.\n\nThe Payout Criterion is satisfied by placement of BPC-157 in either Category 1 or Category 1 Bulk Drug Substances Under Evaluation on the 503A Bulk Drug Substances list, as either designation restores compounding eligibility. \nRemoval from Category 2 alone, without placement in Category 1, does not satisfy the Payout Criterion.",
        "arbitration_model": "kalshi_staff",
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        "source_status": "platform_named",
        "source_citation": "https://www.fda.gov/news-events/fda-newsroom/press-announcements",
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            "provenance": "platform_api"
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            "name": "FDA announces",
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            "provenance": "clearmarket_editorial"
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        "source_commitment": "named",
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      "question": "When will FDA announce Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List?",
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      "contract_type": "binary",
      "settlement_currency": "USD",
      "underlying_reference": "Before July: The Food and Drug Administration's press announcements page will be checked by Kalshi staff on September 8, 2026, 14:00 UTC for an official announcement of the reclassification.",
      "close_at": "2026-07-01T03:59:00Z",
      "resolve_at": "2026-07-08T14:00:00Z",
      "status": "open",
      "resolution": {
        "rules_raw": "If the FDA announces Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List before Jul 1, 2026, then the market resolves to Yes.\n\nThe Payout Criterion is satisfied by placement of BPC-157 in either Category 1 or Category 1 Bulk Drug Substances Under Evaluation on the 503A Bulk Drug Substances list, as either designation restores compounding eligibility. \nRemoval from Category 2 alone, without placement in Category 1, does not satisfy the Payout Criterion.",
        "arbitration_model": "kalshi_staff",
        "proposer": "platform_staff",
        "source": "Food and Drug Administration",
        "source_status": "platform_named",
        "source_citation": "https://www.fda.gov/news-events/fda-newsroom/press-announcements",
        "sources": [
          {
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            "provenance": "platform_api"
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          {
            "name": "FDA announces",
            "url": null,
            "provenance": "clearmarket_editorial"
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        "source_of_record": "Food and Drug Administration",
        "source_mechanism": "single_authority",
        "source_type": null,
        "source_quality": "authoritative",
        "source_commitment": "named",
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        "source_hedge_text": null
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      "rcg": {
        "grade": "A",
        "score": 100,
        "caps": [],
        "applied_factors": 6
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      "last_price": 0.01,
      "implied_probability": 0.01,
      "volume_24h_usd": 0,
      "volume_total_usd": 96.6982,
      "settlement_style": "occurrence",
      "direction": "occurrence",
      "threshold": null,
      "question_id": null,
      "also_on": null,
      "tags": [
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        "bulk-drug-substances",
        "category-1",
        "fda",
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          "status": "not_eligible",
          "reasons": [
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          "screened_at": "2026-06-12"
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      "event_id": "CM-EVT-1BNKFN8JX3",
      "platform": "kalshi",
      "platform_market_id": "KXFDAANNOUNCE-BPC-26SEP01",
      "question": "When will FDA announce Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List?",
      "description": "Before September",
      "contract_type": "binary",
      "settlement_currency": "USD",
      "underlying_reference": "Before September: The Food and Drug Administration's press announcements page will be checked by Kalshi staff on September 8, 2026, 14:00 UTC for an official announcement of the reclassification.",
      "close_at": "2026-09-01T03:59:00Z",
      "resolve_at": "2026-09-08T14:00:00Z",
      "status": "open",
      "resolution": {
        "rules_raw": "If the FDA announces Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List before Sep 1, 2026, then the market resolves to Yes.\n\nThe Payout Criterion is satisfied by placement of BPC-157 in either Category 1 or Category 1 Bulk Drug Substances Under Evaluation on the 503A Bulk Drug Substances list, as either designation restores compounding eligibility. \nRemoval from Category 2 alone, without placement in Category 1, does not satisfy the Payout Criterion.",
        "arbitration_model": "kalshi_staff",
        "proposer": "platform_staff",
        "source": "Food and Drug Administration",
        "source_status": "platform_named",
        "source_citation": "https://www.fda.gov/news-events/fda-newsroom/press-announcements",
        "sources": [
          {
            "name": "Food and Drug Administration",
            "url": "https://www.fda.gov/news-events/fda-newsroom/press-announcements",
            "provenance": "platform_api"
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          {
            "name": "FDA announces",
            "url": null,
            "provenance": "clearmarket_editorial"
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        "source_of_record": "Food and Drug Administration",
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        "source_quality": "authoritative",
        "source_commitment": "named",
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        "score": 100,
        "caps": [],
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      "last_price": 0.14,
      "implied_probability": 0.14,
      "volume_24h_usd": 7.943600000000001,
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      "settlement_style": "occurrence",
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      "threshold": null,
      "question_id": null,
      "also_on": null,
      "tags": [
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        "bulk-drug-substances",
        "category-1",
        "fda",
        "reclassification"
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      "eligibility_screens": [
        {
          "regime": "ciro-26-0076",
          "screen_version": "v1",
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          "reasons": [
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          "screened_at": "2026-06-12"
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      "event_id": "CM-EVT-1BNKFN8JX3",
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      "question": "When will FDA announce Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List?",
      "description": "Before November",
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      "settlement_currency": "USD",
      "underlying_reference": "Before November: The Food and Drug Administration's press announcements page will be checked by Kalshi staff on September 8, 2026, 14:00 UTC for an official announcement of the reclassification.",
      "close_at": "2026-11-01T04:59:00Z",
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      "resolution": {
        "rules_raw": "If the FDA announces Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List before Nov 1, 2026, then the market resolves to Yes.\n\nThe Payout Criterion is satisfied by placement of BPC-157 in either Category 1 or Category 1 Bulk Drug Substances Under Evaluation on the 503A Bulk Drug Substances list, as either designation restores compounding eligibility. \nRemoval from Category 2 alone, without placement in Category 1, does not satisfy the Payout Criterion.",
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      "question": "When will FDA announce Reclassification of BPC-157 to Category 1 of the Bulk Drug Substances List?",
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      "final_price": 0.02,
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