A senior US health official publicly praised a major change to the rules for menopause hormone therapy while still owning stock in a company that helps women get that treatment, according to an investigation published on October 29, 2026 by the nonprofit newsroom ProPublica.1 The official, Alicia Jackson, directs the Advanced Research Projects Agency for Health (ARPA-H), a federal agency that invests taxpayer money in medical research and technology.1 ProPublica reports that she kept at least $115,000 in stock in Evernow, the menopause care company she founded, plus stock options of unknown value.1
The Department of Health and Human Services (HHS) has since placed Jackson on administrative leave, an agency spokesperson told ProPublica.1 No finding of wrongdoing has been made.
What the report says
On November 10, 2025, HHS announced that the Food and Drug Administration (FDA) would begin removing broad “black box” warnings from hormone replacement therapy (HRT) products used for menopause.2 A black box warning is the most serious kind of federal safety warning, normally kept for drugs with severe side effects or life-threatening risks.1
Jackson was among the officials at the press conference. ProPublica reports she called the policy a victory for women and science, and quotes her saying:1
“The science is clear: Hormone therapy is safe and effective. And it is hugely beneficial to the vast majority of women.”
She was also quoted in the department’s official news release, which named her as ARPA-H director and called the warning removal “an incredible step forward to empower millions of women to live longer, healthier lives.”2
According to ProPublica, Jackson is the founder and former chief executive of Evernow, an online platform that connects women with medical experts who treat menopause symptoms.1 She left the company for federal service but kept her Evernow stock, which ProPublica says is part of a multimillion-dollar portfolio she holds with her husband, a venture capitalist.1 Months after the warnings were dropped, Evernow launched a nationwide expansion.1
What the records show, and what they do not
ProPublica based its report on financial disclosure records.1 Federal officials like Jackson must file these forms, and agency ethics staff must then certify that they comply with ethics laws. ProPublica reports that both of Jackson’s disclosures, one filed in October 2025 and one about two months before the report, remain uncertified.1
Several things remain unclear:
- Her role in the decision. ProPublica says it is unclear what part, if any, Jackson played in dropping the warning. The FDA, a separate agency, regulates drugs, and its expert panel recommended ending the warning months before Jackson arrived in government.1 HHS described that panel as meeting in July 2025, alongside a review of scientific studies and a public comment period.2
- Her reasons and HHS’s reasons. ProPublica says Jackson did not respond to two months of requests for comment. HHS declined to say why she was put on leave, when that was decided, or whether its inspector general (the department’s internal watchdog) is investigating.1
- The size of her full stake. The records show “at least” $115,000 in stock and an unknown amount of stock options, so the total value is not known.1
The HHS spokesperson said the department would “assess the facts before determining any change in her status,” adding that “HHS requires all officials to comply with federal ethics laws, regulations, and policies.”1
Why ethics experts are concerned
Federal law bars government employees from taking part “personally and substantially” in matters that could affect their own finances, ProPublica notes, and ethics experts it spoke to said that can include statements at a press conference or in a news release.1 Experts called her endorsement “alarming” and an “obvious conflict of interest.”1
Virginia Canter, who worked as an ethics lawyer at the White House, the Treasury Department and the Securities and Exchange Commission under four presidents, told ProPublica:1
“I say it puts her within the zone of a potential violation.”
Canter also said it is not unusual for an agency’s ethics office to ask the inspector general to investigate when staff cannot certify an official’s disclosure forms.1
ProPublica also points to reporting by Bloomberg Law, which published a draft memo from a senior HHS official that would have given Jackson a waiver covering many of her and her husband’s investments. That memo said their financial ties had required her to step aside from “a significant portion” of her duties since joining ARPA-H.1
Who is behind it
Jackson was appointed ARPA-H director in October 2025, after the Trump administration fired the agency’s previous head in February, Modern Healthcare reported at the time. It described her as a health technology entrepreneur who used to work for the Defense Department.3 ARPA-H funds high-risk research projects, with programs in areas such as precision cancer therapy, personalized genetic medicines, repairing brain damage and helping joints heal themselves.3
Before government, Jackson ran Evernow as founder and CEO. A 2023 company press release described Evernow as a digital health platform giving members access to menopause experts, personalized care plans and “a suite of evidence-based treatments.”4 A 2024 podcast profile described the company as setting out to change the taboo around hormone therapy and menopause.5
The warning change itself was announced by Health and Human Services Secretary Robert F. Kennedy Jr. and FDA Commissioner Marty Makary.2 ProPublica does not report any financial ties for them in connection with this policy.
How the hormone therapy change fits in
The boxed warnings were added in the early 2000s after a large study called the Women’s Health Initiative. In its announcement, HHS said that study found a statistically non-significant rise in breast cancer diagnoses, that its participants averaged 63 years old, and that they took a hormone formulation no longer in common use.2
Under the change, the FDA said it would work with companies to remove label references to risks of heart disease, breast cancer and probable dementia. It said it would keep the boxed warning about endometrial (uterine lining) cancer for estrogen-only products taken throughout the body.2 The FDA’s labeling would recommend starting such therapy within 10 years of the start of menopause or before age 60.2
HHS’s release also made claims about benefits, saying women who start HRT within that window may lower their risk of heart disease by as much as 50% and Alzheimer’s disease by 35%.2 These are the department’s statements; this article does not assess them, and the ProPublica report concerns ethics, not the medical evidence.
What to watch next
- Jackson’s status. HHS says it is assessing the facts before deciding whether to change her position.1
- Her disclosure forms. Whether ethics staff certify her two filings, or refer the matter to the inspector general.1
- The conflict waiver. Whether the draft waiver reported by Bloomberg Law is finalized, changed or dropped.1
- A response from Jackson. She has not publicly answered ProPublica’s questions.1
Biohack will follow this thread as officials respond. This article reports on ethics questions about a public official; it is not medical advice about hormone therapy.
