José × Michael Dempsey

Venture momentum is uniquely fragile: without scaled liquidity, dilution and preferred stacks can turn a softening bid into a 100% drawdown rather than 10–20%.Compound’s seed data finds that every valuation bucket above the bottom quartile produces similar top-decile outcomes, while Dempsey sees a 2028–2030 AI window and must rebuild the firm’s edge through higher-order analysis.

Josh Schimmer × Brian Skorney × Eric Schmidt × Brad Loncar

Scribe’s IPO raised roughly $120M for a TGA-cleared PCSK9 gene-silencing therapy, reopening the very-early-stage biotech window.Six biotech reverse mergers paired with $200M-plus PIPEs, including Xometry’s nearly $200M transaction into InMed, show a faster, increasingly IPO-like financing route.Next week’s RP1 and deramiocel AdComs could clarify whether FDA flexibility is emerging or negative findings signal a more stringent posture.

Koji × Odin

英灵殿的短期目标是打造最强AI制药平台，核心差异在于同时建模和设计小分子、蛋白、RNA与DNA的全模态分子世界模型。2026年的关键变化不是技术拐点，而是资本市场活跃后获得了数千万美元融资，团队达到三十人；LD模型、任意模态组合设计及平台不做管线的选择，构成后续验证与商业化的主要观察点。

Sam Fazeli × Josh Schimmer × Eric Schmidt × Paul Matteis × Matt Herper

AstraZeneca’s eplontersen failed its ATTR cardiomyopathy outcomes trial, with Ionis reporting no benefit in the tafamidis-combination group, including no CV-biomarker effect.The readout improves Alnylam’s perception, but royalty-free Nucresiran must still show whether its adjunctive outcomes study preserves silencer-plus-tafamidis synergy; Agios’ mitapivat won priority review despite missing its co-primary VOC endpoint.Atumelnant’s liver-enzyme elevations remain a risk to monitor.

Sandy Kory

Sandy Kory’s roughly half-net-worth Palantir bet around March 2009 rested on talent density and mission, despite top-tier VCs viewing the company as government consulting.His founder-first screen prioritizes pre-startup evidence and talent magnetism; BillionToOne’s roughly $400 million revenue run rate, roughly 100% growth and profitability provide evidence of traction, while funded rivals and hiring quality remain key tests.

Graig Suvannavejh × Eric Schmidt × Paul Matteis × Oliver Barnes

Biotech is outperforming healthcare, with XBI up 10.5% year-to-date and Parabilis Medicines setting a $771M IPO record.Selective capital remains pivotal: Summit withdrew its $500M offering before the binary global HARMONi-3 readout, while Tango and Revolution reported a 90%+ response rate.Major deals and regulatory shifts offer catalysts, but financing needs, commercial competition, and follow-on capital allocation remain unresolved risks.

Sam Fazeli × Josh Schimmer × Eric Schmidt × Tess Cameron

Bristol Myers’ BMS–Hengrui deal gives Hengrui options to co-develop select assets and conduct certain commercialization activities globally, alongside up to $950M in payments and $15.2B potential value.China’s low-cost, high-speed innovation creates licensing opportunity now, but three-to-five-year global-commercialization plans could shift value capture toward Chinese developers; REGENXBIO’s held DMD filing and Biogen’s Phase 3 tau decision keep precedent and capital allocation in focus.

Eric Schmidt × Matt Gline × Chris Garabedian × Sam Fazeli × Graig Suvannavejh

Biotech’s IPO window remains open: ten deals have raised $3.2B YTD, with the respiratory IPO moving from $18 to near $29.Yet no governor limits the cycle, and generalists remain selective around de-risked clinical- or commercial-stage names.Lilly’s six acquisitions and $14.5B upfront make it a category of one, leaving 2026 M&A and the XBI’s shrinking lead to monitor.

Peter Diamandis × David A. Sinclair

GLP-1s may deliver heart and brain benefits beyond weight loss, but Sinclair flags an unresolved blindness condition affecting roughly 20,000–30,000 U.S. cases annually.AI is accelerating molecule and cell analysis, while OSK and ER-100 remain preclinical; biotech investment still hinges on teams, cash, valuation, runway and clinical milestones.

Chris Garabedian × Paul Matteis × Tess Cameron × Adam Feuerstein

XBI strength, Kylera’s IPO above $625M before the shoe, and fresh S-1 and PIPE activity suggest financing is reopening, though the index now favors larger, liquid companies.Revolution Medicines’ 0.4 overall-survival hazard ratio in second-line pancreatic cancer and $2B raise could fund commercialization, while Travere’s proteinuria-based FSGS approval despite eGFR underperformance leaves Vertex’s high-risk enaxopin Phase 3 regulatory bar unresolved.