For the second consecutive year, the JPMorgan Healthcare Conference, one of biopharma’s biggest investor gatherings, will meet online only, the bank told participants Wednesday morning. 

The conference convened virtually in 2021, and next month’s installment would have marked a return to its traditional host city of San Francisco. The bank cited health concerns amid the ongoing COVID-19 pandemic for its decision. 

“Out of an abundance of caution and after careful consideration, we have decided to virtualize our 40th Annual J.P. Morgan Healthcare Conference scheduled to be held on January 10-13, 2022,” read the announcement, which was circulated early this morning on Twitter before it was emailed to registered attendees.

The move comes after multiple biotechnology companies bowed out of scheduled in-person appearances, which were first reported on Tuesday by STAT News.

JPMorgan had resisted calls to cancel the in-person meeting due to reported safety fears linked to a recent uptick in crime in San Francisco. The conference takes place at the Westin St. Francis on San Francisco’s Union Square.

“We were not only hopeful to meet in-person but also understand how much this conference means to the San Francisco community, which we fully support,” wrote the bank.