ARPA-H director on leave amid questions over stock and menopause policy role

A top federal health official publicly backed a medication policy change while holding stock in a company that could gain from it, according to financial disclosure records obtained by ProPublica. The official, Alicia Jackson, directs the Advanced Research Projects Agency for Health, known as ARPA-H. That agency invests taxpayer money in medical technology and research and has a $1.5 billion budget ¹.

Last November, the Department of Health and Human Services (HHS) announced it would drop "black box" warnings on hormone replacement therapies used for menopause symptoms. A black box warning is the most serious type of federal safety warning. Jackson spoke at the press conference ¹.

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The stock and the company

Jackson founded and formerly led Evernow, an online platform that connects women with providers who treat menopause symptoms. She left for federal service last year but kept Evernow stock worth between $115,002 and $300,000, plus stock options of unknown value, her disclosures show ¹. Federal forms list value ranges, not exact figures ¹.

Months after the warning change was announced, Evernow launched a nationwide expansion ¹. In a statement late Wednesday, Evernow said Jackson does not currently hold a financial interest in the company. The firm did not immediately answer follow-up questions ¹.

ProPublica also reports that Jackson holds stock in Gameto Inc., a Texas biotech firm working under a two-year, $10 million ARPA-H award for ovarian treatments. The award predated her arrival. Her Gameto stake rose from a range of $15,001 to $50,000 in October 2025 to $50,001 to $100,000 in an Aug. 13 filing. It is unclear what drove the increase ¹.

What ethics experts say

Federal law bars government employees from taking part "personally and substantially" in matters that could affect their own finances. That includes speaking at a press conference or issuing a news release ¹. Ethics experts called her endorsement "alarming" and an "obvious conflict of interest" ¹.

We should care because her company is apparently intending to profit off this change in policy that she endorsed as a government official while still retaining a financial interest in the company

It is unclear what role, if any, Jackson played in the decision itself. The Food and Drug Administration regulates drugs, and its expert panel recommended ending the warning months before Jackson joined the government ¹.

Leave, a draft waiver and open questions

Jackson's two financial disclosures, filed last October and two months ago, remain uncertified by ethics officials ¹. HHS told ProPublica she has been placed on administrative leave. It said it would "assess the facts before determining any change in her status" ¹.

Bloomberg Law reported that HHS said Monday that Jackson is on administrative leave following questions from the outlet about a "limited conflict of interest waiver" she sought. ARPA-H officials told staff that HHS is resolving issues in the ethics clearance process. Division leadership said at the meeting that resolving the matter is a priority for HHS Secretary Robert F. Kennedy Jr., according to people familiar with the meeting ².

A draft memo would have let Jackson join decisions involving 30 investments held by her and her husband, a venture capitalist. Evernow is not on that list. HHS would not say whether the waiver was granted, and the Office of Government Ethics does not list her among officials with waivers ¹.

HHS declined to say why she is on leave or whether the inspector general, the agency's internal watchdog, is investigating ¹. Jackson did not respond to ProPublica's questions over two months ¹. No allegation of wrongdoing has been proven.

That matters because the Trump administration has cut ethics staff. The Campaign Legal Center counted 274 fewer full-time ethics officials by the end of 2025. It also found Trump appointees failed to file nearly 420 required disclosure reports last year, almost four times the Biden administration's last full year ¹.

The Record

1. Oct 20, 2025Alicia Jackson was sworn in as ARPA-H's second director ¹.
2. Aug 13, 2026Jackson's latest financial disclosure lists Evernow stock worth $115,002 to $300,000 and a larger Gameto stake ¹.
3. Oct 27, 2026Bloomberg Law reports HHS confirmed Jackson is on administrative leave amid ethics clearance issues ².

Sources

1. ProPublica, “Top U.S. Health Official Backed a Medication Policy Shift That Benefited a Company She Has Stock In” (2026-10-29). propublica.org/article/hhs-alicia-jackson-menopause-treatmen
2. Bloomberg Law, “Officials Cite Ethics Issues for ARPA-H Chief's Leave (Correct)” (2026-10-27). news.bloomberglaw.com/health-law-and-business/officials-cite

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