equiv in biotech is when their pipeline gets closer to market / late clinical

No product, no pipeline, $10.5bn mc Been doing this all wrong 🧐

A lot of things in life are just focusing on doing one thing really well - marriage / serving and growing with one person - career / one highly differentiated skill - making investments / honing one approach to finding alpha - raising money / becoming world class at sales -

** biotech's broken business model and what to do about it ** We are now in year 4 of a biotech bear market The key driver of negative sentiment? Biotech public markets sentiment refuses to recover Since Dec 2022 to today, Nasdaq is up from 10,400 -> 19,400, or 85%+ XBI

How close are we to widespread adoption of industrialized AI agents in biotech & drug discovery? Progress has accelerated in the last 6 mo: - Biomni, general purpose scientific AI agent automating literature reviews, hypothesis generation, protocol design,

American biotech needs more of this founder energy in competing with China

Benchmarks in AI for science - and why they are fundamentally not aligned with industry use cases there are a long tail of benchmarks in AI x science space; a non exhaustive list (focused on drug discovery): - ProteinBench: evaluating protein foundation models created by

The unfortunate market reality for "Tech Bio" selling into pharma as a tech solution is dangerous work. The market is (usually) simply not large enough, and double whammy is that sales cycles are loooong let's take a look at the tech startups that have started in this space

**A grand unified theory on what will happen in biotech in the next 10-20 years** the two major forces reshaping industrial biotech in the next decade are: 1. China 2. AI - and they're critically linked how? China's low R&D cost basis democratizes execution by providing

**a new "foundation model for bio" seems to be released every month - when will they actually impact drug discovery? ** the last 2 years has seen the release of a ton of foundation models for bio: - alphafold3 and related protein folding models for predicting structure -

** a vision for the future AI native workflow for drug discovery R&D** scientist assesses emerging targets in a particular field of cancer, with assist of literature and competitive intel natural language co-pilot uses expertise to decide target X is interesting to try to

Watching this team execute over the last 5+ years has been an incredible privilege stoked to be along for the ride as a (small) early check ignored the doubters, systematically knocked down questions about the modality, about the target, about how high the bar was in solid

Worth a read on this Sunday morning fs.blog/great-talks/mu…

Building a globally competitive US biotech in 2025: > Focus on novel biology why? —> The Chinese biotech VC ecosystem struggles to fund novel biology (actively disincentivizes going after non clinically validated targets) —> The US biotech ecosystem struggles to execute on

sorry to report but on the current trajectory there will only be two types of biotechs in the US in < 5 years: 1. tech bio 2. chinese CRO wrappers

reality bending vs truth-seeking there's a duality, natural tension between the two but do both and you are a master of the universe