Daphne Zohar × Brad Loncar × Chris Garabedian × Sam Fazeli × Eric Schmidt × Josh Schimmer × Matt Gline × Ali Mortazavi

Moderna’s selloff puts a near-$100 billion valuation against $2.2–2.3 billion in annual revenue and established melanoma competition, though Loncar says the data strengthened the medical and commercial case.Tango’s PRMT5 inhibitor delivered an 82% response rate and 88% non-progression at nine months in heavily pretreated pancreatic cancer, but its shares fell; the MTAP-deleted opportunity may cover 30–40% of patients.

Michael Dempsey

AI vendors growing 6x in a market expanding 10x may be losing ground, while stack convergence could put $30 billion businesses at risk of displacement within nine months.Compound’s roughly 23-company portfolio includes 16 biotech businesses and only three AI investments, reflecting Dempsey’s preference for scientific ventures that control a route from discovery to commercialization.

Peter Diamandis × Salim Ismail × Dave Blundin × Alexander Wissner-Gross

OpenAI’s October 6 release of 722 math solutions signals automation in verifiable research; cryptography’s absence drew Alex’s post-quantum risk warning.Meta’s active memory and 3.6 billion daily users offer reach, but Alex says Muse trails on cost.Alex forecasts the $1.8 billion virtual-cell initiative could yield cures for 5,000 diseases within two to three years, pending FDA acceptance.

Yushan × 英博

Moderna8月19日单日上涨177%，市场重估焦点转向肿瘤疫苗的增长与定价空间。INTerpath-001试验显示，个性化疫苗联合Keytruda的无复发生存达统计学显著；但OS、HR及亚组数据未披露，商业化仍取决于4至6周生产与耗材成本。

Andrew Walker × Paul Cerro

Cerro’s HIMS thesis shifts attention from peptide launches to the data and labs layer: subscriber counts have “barely grown” for three quarters, making retention the lever for LTV and payback.The August 10 print will test Eucalyptus-driven revenue upside against lower EBITDA guidance, the first full Novo Nordisk partnership quarter, and execution by management Cerro says he does not trust.

Peter Diamandis × Emad Mostaque × Dave Blundin × Dr. Alexander Wissner-Gross

Anthropic’s confidential IPO could make frontier AI a public-market asset class; Polymarket assigns a 60% chance of valuation above $1.8 trillion.ChatGPT’s reported one billion monthly users make distribution central as falling intelligence costs intensify the race for each user’s coordinating assistant.Trump’s voluntary 30-day review and DNA-screening debate leave governance unresolved while robotics and longevity attract sovereign-scale capital.

Harry Stebbings × Andrew Dudum

Hims & Hers is down 66% in six months to a $4.35B market cap on over $2.3B of revenue, while Andrew Dudum says weight loss remains one of a dozen clinical categories, not the core business.Its consumer-platform model is reshaping pharmaceutical distribution, using lower-priced GLP-1 access, AI-enabled productivity, and loss-leading diagnostics to build a broader healthcare front door; retention decay remains the key risk to monitor.

Andrew Walker × Judd Arnold

Judd Arnold’s process now favors liquid inflections where small “junior varsity positions” can become large once “people will care,” rather than merely cheap, illiquid stocks.His $TOI thesis is that capitated oncology can redirect prescribing toward lower-cost regimens, with Florida contracts at roughly $35 PMPM versus $3 in California, but clinician control, reimbursement capture, and the post-SPAC SG&A blowout remain execution risks.

Daphne Zohar × Bruce Booth × Eric Schmidt

Biotech’s year-end pause looks like healthy stock-picker consolidation, with XBI near 124 while mediocre data from Pyxis and Nektar were heavily punished.Nearly $9B of October-November follow-ons is creating indigestion, as first-day performance increasingly sets discounts for subsequent deals.Confidential S-1 flips could fuel a Q1 IPO rush, but recycled issuers and a disrupted FDA policy backdrop make quality and execution the key risks.

Dave Ricks

Lilly’s GLP-1 franchise reflects an 18-year compounding bet, with tirzepatide reaching $8.1 billion in Q2 revenue and roughly 20 million prescription users globally as the opportunity expands beyond weight loss.Lilly cut its direct price to $499 and expects an oral drug next year, but reimbursement, patent expiry, R&D funding, biotech distress, and conditional brain-health applications remain key variables.