Designing the Modern Health Stack | Alex Karnal

My guest today is Alex Carnell. Alex is My guest today is Alex Carnell. Alex is probably the most talented bio and probably the most talented bio and probably the most talented bio and healthcare investor that I've ever met. healthcare investor that I've ever met. healthcare investor that I've ever met. And as you'll see, he is an encyclopedia And as you'll see, he is an encyclopedia And as you'll see, he is an encyclopedia of all things going on in life sciences. of all things going on in life sciences. of all things going on in life sciences. Alex has been teaching me this topic for Alex has been teaching me this topic for Alex has been teaching me this topic for more than 5 years. And every single one more than 5 years. And every single one more than 5 years. And every single one of our conversations is about as deep as of our conversations is about as deep as of our conversations is about as deep as this one that you'll hear today. We this one that you'll hear today. We this one that you'll hear today. We cover every single aspect of what makes cover every single aspect of what makes cover every single aspect of what makes today's life sciences world so today's life sciences world so today's life sciences world so interesting. Starting with this concept interesting. Starting with this concept interesting. Starting with this concept of the health stack, the things that we of the health stack, the things that we of the health stack, the things that we can do both offensive and defensive to can do both offensive and defensive to can do both offensive and defensive to extend our life based on the evidence extend our life based on the evidence extend our life based on the evidence that he sees in the most exciting that he sees in the most exciting that he sees in the most exciting companies of today. We talk about companies of today. We talk about companies of today. We talk about cardiovascular disease, neurodeenerative cardiovascular disease, neurodeenerative cardiovascular disease, neurodeenerative disorders, metabolic disorders, cancers disorders, metabolic disorders, cancers disorders, metabolic disorders, cancers and beyond. And finally, we finish with and beyond. And finally, we finish with and beyond. And finally, we finish with his remarkable personal story. I hope his remarkable personal story. I hope his remarkable personal story. I hope you enjoyed this great conversation. You and I have had these conversations You and I have had these conversations now for many, many years. Uh we've been now for many, many years. Uh we've been now for many, many years. Uh we've been partners and friends for a long time. partners and friends for a long time. partners and friends for a long time. And so it's hard to know where to begin And so it's hard to know where to begin And so it's hard to know where to begin the conversation because I suspect we'll the conversation because I suspect we'll the conversation because I suspect we'll go for hours talking about drugs and bio go for hours talking about drugs and bio go for hours talking about drugs and bio and healthcare and outcomes and a and healthcare and outcomes and a and healthcare and outcomes and a million things that affect us all. You million things that affect us all. You million things that affect us all. You you have this cockpit like view into you have this cockpit like view into you have this cockpit like view into like what's going on in the state of like what's going on in the state of like what's going on in the state of medicine today. How would you describe medicine today. How would you describe medicine today. How would you describe the state of the union? the daily the state of the union? the daily the state of the union? the daily cockpit view that you get of the whole cockpit view that you get of the whole cockpit view that you get of the whole industry like give us a dispatch from industry like give us a dispatch from industry like give us a dispatch from that room like what what do you see that room like what what do you see that room like what what do you see today? today? today? >> When I look at this moment in terms of >> When I look at this moment in terms of >> When I look at this moment in terms of where we are in medicine and I look back where we are in medicine and I look back where we are in medicine and I look back over my my 20 years of building and over my my 20 years of building and over my my 20 years of building and backing biotech companies, I would say backing biotech companies, I would say backing biotech companies, I would say that 2025 was probably the single most that 2025 was probably the single most that 2025 was probably the single most exciting year in my entire journey. So exciting year in my entire journey. So exciting year in my entire journey. So to unpack that, what we're seeing is um to unpack that, what we're seeing is um to unpack that, what we're seeing is um GLP-1 medicines are showing us what GLP-1 medicines are showing us what GLP-1 medicines are showing us what happens when we get to the root of happens when we get to the root of happens when we get to the root of disease. These medicines have the disease. These medicines have the disease. These medicines have the potential to do everything from protect potential to do everything from protect potential to do everything from protect us from being uh diabetic after being us from being uh diabetic after being us from being uh diabetic after being pre-diabetic all the way through pre-diabetic all the way through pre-diabetic all the way through lowering our risk of having a heart lowering our risk of having a heart lowering our risk of having a heart attack or a stroke. Uh protecting our attack or a stroke. Uh protecting our attack or a stroke. Uh protecting our kidneys and soon we're going to see the kidneys and soon we're going to see the kidneys and soon we're going to see the opportunity to protect us from opportunity to protect us from opportunity to protect us from developing um addictions to to uh developing um addictions to to uh developing um addictions to to uh alcohol and drugs. Um so an a profoundly alcohol and drugs. Um so an a profoundly alcohol and drugs. Um so an a profoundly important single medicine because these important single medicine because these important single medicine because these medicines are incredibly powerful and medicines are incredibly powerful and medicines are incredibly powerful and they can do wonders for people's they can do wonders for people's they can do wonders for people's long-term health. What we're seeing is long-term health. What we're seeing is long-term health. What we're seeing is that the adoption of these medicines that the adoption of these medicines that the adoption of these medicines have exceeded almost everyone's have exceeded almost everyone's have exceeded almost everyone's expectations, including my own, which expectations, including my own, which expectations, including my own, which were pretty darn high. Um, and I think were pretty darn high. Um, and I think were pretty darn high. Um, and I think it's easy now to conclude that this as a it's easy now to conclude that this as a it's easy now to conclude that this as a class of medicines will easily be in class of medicines will easily be in class of medicines will easily be in excess of a hundred billion dollars a excess of a hundred billion dollars a excess of a hundred billion dollars a year in revenue. And so what gets me year in revenue. And so what gets me year in revenue. And so what gets me fired up about that is not necessarily fired up about that is not necessarily fired up about that is not necessarily this once in a decade hundred billion this once in a decade hundred billion this once in a decade hundred billion dollar revenue opportunity that exists dollar revenue opportunity that exists dollar revenue opportunity that exists within GLP1s. within GLP1s. within GLP1s. What gets me fired up is that it's What gets me fired up is that it's What gets me fired up is that it's actually the first commercial proof that actually the first commercial proof that actually the first commercial proof that we are ready for what I think we're we are ready for what I think we're we are ready for what I think we're going to look back on in time as a once- going to look back on in time as a once- going to look back on in time as a once- ina-lifetime ina-lifetime ina-lifetime trillion dollar revolution in all of trillion dollar revolution in all of trillion dollar revolution in all of public health. And in order for that to public health. And in order for that to public health. And in order for that to be true, there's going to be layers of be true, there's going to be layers of be true, there's going to be layers of attack that are needed to help us live attack that are needed to help us live attack that are needed to help us live our longest and best lives. I think one our longest and best lives. I think one our longest and best lives. I think one of the things a lot of people don't of the things a lot of people don't of the things a lot of people don't appreciate when I meet them and we start appreciate when I meet them and we start appreciate when I meet them and we start talking about where medicine is and what talking about where medicine is and what talking about where medicine is and what it can do is that incredible scientists it can do is that incredible scientists it can do is that incredible scientists have already cracked the code on most of have already cracked the code on most of have already cracked the code on most of the medicines we need to protect us from the medicines we need to protect us from the medicines we need to protect us from most of the diseases that will claim most of the diseases that will claim most of the diseases that will claim most of our lives. That's a really most of our lives. That's a really most of our lives. That's a really important point because what that means important point because what that means important point because what that means is that there are is that there are is that there are tons and tons of people that have tons and tons of people that have tons and tons of people that have traveled through all different mazes to traveled through all different mazes to traveled through all different mazes to arrive at the biological target and come arrive at the biological target and come arrive at the biological target and come up with a medicine against that target up with a medicine against that target up with a medicine against that target that can help us to live longer and that can help us to live longer and that can help us to live longer and better lives. And so when we think about better lives. And so when we think about better lives. And so when we think about what is the gap that exists in the world what is the gap that exists in the world what is the gap that exists in the world today between the reality that when we today between the reality that when we today between the reality that when we look at any expected lifespan charts, look at any expected lifespan charts, look at any expected lifespan charts, they haven't budged in decades. In fact, they haven't budged in decades. In fact, they haven't budged in decades. In fact, like the last major advancement we had like the last major advancement we had like the last major advancement we had in inflection was decades ago on the in inflection was decades ago on the in inflection was decades ago on the back of antibiotics, vaccines, and back of antibiotics, vaccines, and back of antibiotics, vaccines, and better hygiene. We've gone nowhere since better hygiene. We've gone nowhere since better hygiene. We've gone nowhere since then. And the gap is not necessarily then. And the gap is not necessarily then. And the gap is not necessarily needing more medicines. It's actually needing more medicines. It's actually needing more medicines. It's actually pointing those medicines at the impact pointing those medicines at the impact pointing those medicines at the impact that they can have. And so to me, what that they can have. And so to me, what that they can have. And so to me, what I'm excited about about the GOP1 I'm excited about about the GOP1 I'm excited about about the GOP1 opportunity is we're seeing the first opportunity is we're seeing the first opportunity is we're seeing the first commercial proof that we're ready to commercial proof that we're ready to commercial proof that we're ready to head in that direction. The reason that head in that direction. The reason that head in that direction. The reason that those sales have exceeded our those sales have exceeded our those sales have exceeded our expectations is people are taking into expectations is people are taking into expectations is people are taking into their own hands their future. People are their own hands their future. People are their own hands their future. People are basically voting with the feet saying, basically voting with the feet saying, basically voting with the feet saying, "I'm done waiting to reactively go and "I'm done waiting to reactively go and "I'm done waiting to reactively go and treat myself for the diseases that I treat myself for the diseases that I treat myself for the diseases that I backward-lookingly manifest." I'm ready backward-lookingly manifest." I'm ready backward-lookingly manifest." I'm ready to go get after and help myself to live to go get after and help myself to live to go get after and help myself to live longest and fullest. I wanted to zoom in longest and fullest. I wanted to zoom in longest and fullest. I wanted to zoom in on a concept that you and I have been on a concept that you and I have been on a concept that you and I have been riffing on a lot recently, which we're riffing on a lot recently, which we're riffing on a lot recently, which we're calling health stack. And stack is a calling health stack. And stack is a calling health stack. And stack is a term in technology like your tech stack term in technology like your tech stack term in technology like your tech stack is all the various components that you is all the various components that you is all the various components that you use to create your overall thing. We use to create your overall thing. We use to create your overall thing. We thought this idea could be applied to thought this idea could be applied to thought this idea could be applied to health. There's we're all interested in health. There's we're all interested in health. There's we're all interested in our own health. It's a universal our own health. It's a universal our own health. It's a universal interest and concern. Maybe riff a interest and concern. Maybe riff a interest and concern. Maybe riff a little bit to begin on this notion of little bit to begin on this notion of little bit to begin on this notion of the modern evolving and emerging health the modern evolving and emerging health the modern evolving and emerging health stack. stack. stack. >> What a health stack looks like um has a >> What a health stack looks like um has a >> What a health stack looks like um has a couple of different elements to it. It couple of different elements to it. It couple of different elements to it. It has elements of offense and defense. And has elements of offense and defense. And has elements of offense and defense. And on the offensive side of the equation um on the offensive side of the equation um on the offensive side of the equation um are some of the basics that we all know are some of the basics that we all know are some of the basics that we all know about. It's everything from uh proper about. It's everything from uh proper about. It's everything from uh proper nutrition, strength training, um proper nutrition, strength training, um proper nutrition, strength training, um proper monitoring and testing and doing those monitoring and testing and doing those monitoring and testing and doing those activities in a systematic way um and activities in a systematic way um and activities in a systematic way um and tracking that data and building off of tracking that data and building off of tracking that data and building off of it over time. And I think later on we it over time. And I think later on we it over time. And I think later on we could talk about how AI can play a big could talk about how AI can play a big could talk about how AI can play a big role in enabling that to reach its its role in enabling that to reach its its role in enabling that to reach its its sort of final chapter of of what it sort of final chapter of of what it sort of final chapter of of what it takes for impact. What I find most takes for impact. What I find most takes for impact. What I find most interesting about it is um if we think interesting about it is um if we think interesting about it is um if we think about five core dimensions uh not only about five core dimensions uh not only about five core dimensions uh not only are they within our hands to be able to are they within our hands to be able to are they within our hands to be able to be proactive about protecting ourselves be proactive about protecting ourselves be proactive about protecting ourselves but we have the medicines to do that. So but we have the medicines to do that. So but we have the medicines to do that. So to me the five key layers are lipid to me the five key layers are lipid to me the five key layers are lipid optimization optimization optimization um it's cardioabolic health it is um it's cardioabolic health it is um it's cardioabolic health it is neurocognitive health um it is um neurocognitive health um it is um neurocognitive health um it is um inflammatory health and our blood inflammatory health and our blood inflammatory health and our blood pressure. When we think about the lipid pressure. When we think about the lipid pressure. When we think about the lipid optimization, we have and our bodies optimization, we have and our bodies optimization, we have and our bodies produce cholesterol. And there's a type produce cholesterol. And there's a type produce cholesterol. And there's a type of cholesterol called your LDL of cholesterol called your LDL of cholesterol called your LDL cholesterol that's really dangerous. And cholesterol that's really dangerous. And cholesterol that's really dangerous. And it's dangerous because this cholesterol it's dangerous because this cholesterol it's dangerous because this cholesterol builds up in our bodies over time. And builds up in our bodies over time. And builds up in our bodies over time. And it's slowly accumulating in our it's slowly accumulating in our it's slowly accumulating in our vasculature. And as it accumulates, it vasculature. And as it accumulates, it vasculature. And as it accumulates, it gets to a point where it causes a gets to a point where it causes a gets to a point where it causes a blockage. That's a heart attack and a blockage. That's a heart attack and a blockage. That's a heart attack and a stroke. And we have medicines today, stroke. And we have medicines today, stroke. And we have medicines today, whether they're statins, the PCSK9 whether they're statins, the PCSK9 whether they're statins, the PCSK9 inhibitors, that can do wonders to inhibitors, that can do wonders to inhibitors, that can do wonders to reduce our level of cholesterol. And reduce our level of cholesterol. And reduce our level of cholesterol. And most middle-aged men and women walking most middle-aged men and women walking most middle-aged men and women walking around have somewhere between a 30 and a around have somewhere between a 30 and a around have somewhere between a 30 and a 50% probability of having a heart attack 50% probability of having a heart attack 50% probability of having a heart attack and a stroke sometime between the time and a stroke sometime between the time and a stroke sometime between the time that they turn 40 and the time that they that they turn 40 and the time that they that they turn 40 and the time that they turn 80. And to me, that's tragic turn 80. And to me, that's tragic turn 80. And to me, that's tragic because we have the medicines that exist because we have the medicines that exist because we have the medicines that exist that can help us to dramatically lower that can help us to dramatically lower that can help us to dramatically lower that risk to sub 10%. Um, looking at the that risk to sub 10%. Um, looking at the that risk to sub 10%. Um, looking at the next layer in cardioabolic health, what next layer in cardioabolic health, what next layer in cardioabolic health, what we're talking about is uh the the we're talking about is uh the the we're talking about is uh the the glycemic environment in our bodies glycemic environment in our bodies glycemic environment in our bodies combined with visceral fat. These are combined with visceral fat. These are combined with visceral fat. These are two major drivers or or impediments to two major drivers or or impediments to two major drivers or or impediments to our long-term health. To give you an our long-term health. To give you an our long-term health. To give you an intuition for these, we've got basically intuition for these, we've got basically intuition for these, we've got basically at the higher the level of glucose in at the higher the level of glucose in at the higher the level of glucose in our bodies, think about it like the more our bodies, think about it like the more our bodies, think about it like the more brittle it's making our vasculature. And brittle it's making our vasculature. And brittle it's making our vasculature. And so if you are both having lipids so if you are both having lipids so if you are both having lipids accumulate in your body and your accumulate in your body and your accumulate in your body and your vasculature is getting more brittle, vasculature is getting more brittle, vasculature is getting more brittle, you're only force multiplying the risk you're only force multiplying the risk you're only force multiplying the risk that you ultimately have one of those that you ultimately have one of those that you ultimately have one of those horrific heart attacks or strokes. Um, horrific heart attacks or strokes. Um, horrific heart attacks or strokes. Um, but we can do something about that. but we can do something about that. but we can do something about that. We've got amazing JLP1 medicines that I We've got amazing JLP1 medicines that I We've got amazing JLP1 medicines that I started with that from clear data out of started with that from clear data out of started with that from clear data out of Eli Liy show a 94% reduction in your Eli Liy show a 94% reduction in your Eli Liy show a 94% reduction in your risk of moving from being pre-diabetic risk of moving from being pre-diabetic risk of moving from being pre-diabetic to diabetic. Um we see amazing data uh to diabetic. Um we see amazing data uh to diabetic. Um we see amazing data uh in terms of what it does to both help us in terms of what it does to both help us in terms of what it does to both help us to lose weight and have category shifts to lose weight and have category shifts to lose weight and have category shifts going from obese to overweight from going from obese to overweight from going from obese to overweight from overweight to normal weight. It's a overweight to normal weight. It's a overweight to normal weight. It's a gamecher in terms of our long-term gamecher in terms of our long-term gamecher in terms of our long-term health. Moving down to neurocognitive health. Moving down to neurocognitive health. Moving down to neurocognitive health. Um the data is not out yet, but health. Um the data is not out yet, but health. Um the data is not out yet, but later on this year, uh we're going to later on this year, uh we're going to later on this year, uh we're going to see the next step for what are called see the next step for what are called see the next step for what are called anti-amaloid medicines. Medicines that anti-amaloid medicines. Medicines that anti-amaloid medicines. Medicines that can go right at the heart of the can go right at the heart of the can go right at the heart of the accumulation of plaques. This time not accumulation of plaques. This time not accumulation of plaques. This time not in our vasculature, but but in our in our vasculature, but but in our in our vasculature, but but in our brains that lead to all sorts of damage brains that lead to all sorts of damage brains that lead to all sorts of damage and cognitive decline. And we've got and cognitive decline. And we've got and cognitive decline. And we've got medicines today that can go right at medicines today that can go right at medicines today that can go right at those plaques and bust them. And what those plaques and bust them. And what those plaques and bust them. And what Lily is going to probably show later on Lily is going to probably show later on Lily is going to probably show later on this year, it's my guess, but I think this year, it's my guess, but I think this year, it's my guess, but I think the data really supports it. We'll see. the data really supports it. We'll see. the data really supports it. We'll see. What they're going to show is that What they're going to show is that What they're going to show is that getting at those plaques earlier before getting at those plaques earlier before getting at those plaques earlier before they accumulate as significantly is they accumulate as significantly is they accumulate as significantly is going to show dramatic effects on going to show dramatic effects on going to show dramatic effects on protecting us from developing protecting us from developing protecting us from developing Alzheimer's. Um, moving on to um Alzheimer's. Um, moving on to um Alzheimer's. Um, moving on to um inflammatory health. Um, you know, one inflammatory health. Um, you know, one inflammatory health. Um, you know, one of the things I think people don't of the things I think people don't of the things I think people don't appreciate is that the food we eat is appreciate is that the food we eat is appreciate is that the food we eat is actually quite inflammatory. And because actually quite inflammatory. And because actually quite inflammatory. And because we have over time moved from being we have over time moved from being we have over time moved from being hunters and gatherers to being able to hunters and gatherers to being able to hunters and gatherers to being able to have as much access to Pop-Tarts as we have as much access to Pop-Tarts as we have as much access to Pop-Tarts as we want. And I love them too. You don't get want. And I love them too. You don't get want. And I love them too. You don't get one, you get two. Um the we overeat to a one, you get two. Um the we overeat to a one, you get two. Um the we overeat to a point where it drives an inflammatory point where it drives an inflammatory point where it drives an inflammatory response in our bodies. Um, and you can response in our bodies. Um, and you can response in our bodies. Um, and you can think about that whole equation of all think about that whole equation of all think about that whole equation of all right, if we have both lipids right, if we have both lipids right, if we have both lipids accumulating and our body has a high accumulating and our body has a high accumulating and our body has a high glycemic environment making our glycemic environment making our glycemic environment making our vasculature brittle and the same food vasculature brittle and the same food vasculature brittle and the same food that we're eating is driving an that we're eating is driving an that we're eating is driving an inflammatory environment around it. Oh inflammatory environment around it. Oh inflammatory environment around it. Oh my goodness, it's like a ticking time my goodness, it's like a ticking time my goodness, it's like a ticking time bomb for all of that to go off. And not bomb for all of that to go off. And not bomb for all of that to go off. And not only is the inflammatory environment of only is the inflammatory environment of only is the inflammatory environment of our body implicated in driving an our body implicated in driving an our body implicated in driving an increase in cardiovascular events, increase in cardiovascular events, increase in cardiovascular events, strokes and and heart attacks um but strokes and and heart attacks um but strokes and and heart attacks um but also a whole set of inflammatory also a whole set of inflammatory also a whole set of inflammatory diseases that span everything from diseases that span everything from diseases that span everything from attopic dermatitis to ulcer of coritis attopic dermatitis to ulcer of coritis attopic dermatitis to ulcer of coritis and clone and Crohn's disease. Um and and clone and Crohn's disease. Um and and clone and Crohn's disease. Um and then finally blood blood pressure. And then finally blood blood pressure. And then finally blood blood pressure. And maybe this one's very intuitive to maybe this one's very intuitive to maybe this one's very intuitive to people, but you can imagine that um both people, but you can imagine that um both people, but you can imagine that um both if we are living high stress lives, if if we are living high stress lives, if if we are living high stress lives, if we're not working out, if we are we're not working out, if we are we're not working out, if we are developing obesity, uh we have this high developing obesity, uh we have this high developing obesity, uh we have this high glycemic environment. So our vasculature glycemic environment. So our vasculature glycemic environment. So our vasculature is brittle, our LDL is mounting, and on is brittle, our LDL is mounting, and on is brittle, our LDL is mounting, and on top of that, the pressure going through top of that, the pressure going through top of that, the pressure going through that system is going higher and higher that system is going higher and higher that system is going higher and higher as we're aging and doing nothing about as we're aging and doing nothing about as we're aging and doing nothing about it. Um oh my god, that's just another it. Um oh my god, that's just another it. Um oh my god, that's just another force multiplier. All of these axes that force multiplier. All of these axes that force multiplier. All of these axes that I define as the five key layers to I define as the five key layers to I define as the five key layers to defense to the defensive side of a defense to the defensive side of a defense to the defensive side of a health stack, each of them has medicines health stack, each of them has medicines health stack, each of them has medicines available to help us control our fate. available to help us control our fate. available to help us control our fate. Each of them has medicines available Each of them has medicines available Each of them has medicines available that if we could get on them early and that if we could get on them early and that if we could get on them early and be proactive about where we're going be proactive about where we're going be proactive about where we're going with our health, they will undoubtedly with our health, they will undoubtedly with our health, they will undoubtedly add an extra decade of life to our add an extra decade of life to our add an extra decade of life to our expected lifespan and have the potential expected lifespan and have the potential expected lifespan and have the potential to take curves that have been dead flat to take curves that have been dead flat to take curves that have been dead flat for decades and and drive one of the for decades and and drive one of the for decades and and drive one of the first inflections ever. Most software first inflections ever. Most software first inflections ever. Most software companies try to maximize your time on companies try to maximize your time on companies try to maximize your time on their app to juice engagement. RAMP does their app to juice engagement. RAMP does their app to juice engagement. RAMP does the exact opposite. RAMP understands the exact opposite. RAMP understands the exact opposite. RAMP understands that no one wants to spend hours filing that no one wants to spend hours filing that no one wants to spend hours filing expense reports, reviewing expense expense reports, reviewing expense expense reports, reviewing expense reports, and checking for policy reports, and checking for policy reports, and checking for policy violations. So, they built their tools violations. So, they built their tools violations. So, they built their tools to give that time back, using AI to to give that time back, using AI to to give that time back, using AI to automate 85% of expense reviews with 99% automate 85% of expense reviews with 99% automate 85% of expense reviews with 99% accuracy. And since Ramp saves companies accuracy. And since Ramp saves companies accuracy. And since Ramp saves companies 5%, it's no wonder that Shopify runs on 5%, it's no wonder that Shopify runs on 5%, it's no wonder that Shopify runs on RAM, Stripe runs on RAM, and my business RAM, Stripe runs on RAM, and my business RAM, Stripe runs on RAM, and my business does, too. To see what happens when you does, too. To see what happens when you does, too. To see what happens when you eliminate the busy work, check out eliminate the busy work, check out eliminate the busy work, check out ramp.com/invest. 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Learn and accurately around the clock. Learn and accurately around the clock. Learn more at rogo.ai/felix. more at rogo.ai/felix. more at rogo.ai/felix. I want to spend a little bit of time at I want to spend a little bit of time at I want to spend a little bit of time at each, maybe not all five, but at least each, maybe not all five, but at least each, maybe not all five, but at least at least four of the five levels at least four of the five levels at least four of the five levels >> to let you explain what you're seeing >> to let you explain what you're seeing >> to let you explain what you're seeing and learning, especially from your perch and learning, especially from your perch and learning, especially from your perch as an investor. One of the one of the as an investor. One of the one of the as an investor. One of the one of the things that I think makes you so unique things that I think makes you so unique things that I think makes you so unique is that ultimately you're trying to make is that ultimately you're trying to make is that ultimately you're trying to make money on all this stuff and you're doing money on all this stuff and you're doing money on all this stuff and you're doing so with extreme care and precision on a so with extreme care and precision on a so with extreme care and precision on a very sophisticated team and lots of very sophisticated team and lots of very sophisticated team and lots of data. And so there there's money on the data. And so there there's money on the data. And so there there's money on the line here. So this isn't just you're not line here. So this isn't just you're not line here. So this isn't just you're not someone that is reading something and someone that is reading something and someone that is reading something and trying something like it it comes out on trying something like it it comes out on trying something like it it comes out on a scoreboard. And I want to start with a scoreboard. And I want to start with a scoreboard. And I want to start with GOP once because it's obviously the GOP once because it's obviously the GOP once because it's obviously the thing everyone understands uh the most. thing everyone understands uh the most. thing everyone understands uh the most. It's visceral. Maybe to begin would be It's visceral. Maybe to begin would be It's visceral. Maybe to begin would be for you to tell us what specifically for you to tell us what specifically for you to tell us what specifically you're seeing in 25 and 26 that is so you're seeing in 25 and 26 that is so you're seeing in 25 and 26 that is so exciting because these things have been exciting because these things have been exciting because these things have been around for a little while. People were around for a little while. People were around for a little while. People were starting to get on them earlier than starting to get on them earlier than starting to get on them earlier than that. What what what is the inflection that. What what what is the inflection that. What what what is the inflection and then I want to get into the actual and then I want to get into the actual and then I want to get into the actual uh mechanics of how it works. The the uh mechanics of how it works. The the uh mechanics of how it works. The the the one that's about to come out next the one that's about to come out next the one that's about to come out next year which seems maybe even more year which seems maybe even more year which seems maybe even more revolutionary than semiglutide and revolutionary than semiglutide and revolutionary than semiglutide and trespide. What happened recently that trespide. What happened recently that trespide. What happened recently that has you so like extra excited about has you so like extra excited about has you so like extra excited about them? Maybe one of the things most them? Maybe one of the things most them? Maybe one of the things most people don't realize is that uh there people don't realize is that uh there people don't realize is that uh there are a couple different injectable GLP are a couple different injectable GLP are a couple different injectable GLP ones that are on the market today and we ones that are on the market today and we ones that are on the market today and we have some of the first orals that are have some of the first orals that are have some of the first orals that are coming to the market now and more that coming to the market now and more that coming to the market now and more that are coming and um these medicines exist are coming and um these medicines exist are coming and um these medicines exist at lots of different doses. Um, and I at lots of different doses. Um, and I at lots of different doses. Um, and I think one of the most interesting think one of the most interesting think one of the most interesting discoveries that I made over the past discoveries that I made over the past discoveries that I made over the past year in just looking at all of the data year in just looking at all of the data year in just looking at all of the data that we get to consume as investors is I that we get to consume as investors is I that we get to consume as investors is I I wanted to know the answer to, okay, I wanted to know the answer to, okay, I wanted to know the answer to, okay, Wall Street is very focused on the next Wall Street is very focused on the next Wall Street is very focused on the next GLP1 having more weight loss and more GLP1 having more weight loss and more GLP1 having more weight loss and more weight loss and more weight loss. And weight loss and more weight loss. And weight loss and more weight loss. And I'm sitting back and thinking to myself, I'm sitting back and thinking to myself, I'm sitting back and thinking to myself, I don't know if that's the right focal I don't know if that's the right focal I don't know if that's the right focal point. And one of the most interesting point. And one of the most interesting point. And one of the most interesting findings from diving into the data is findings from diving into the data is findings from diving into the data is that people are not solving for this that people are not solving for this that people are not solving for this massive bazooka. People are solving for massive bazooka. People are solving for massive bazooka. People are solving for something that helps them to lose some something that helps them to lose some something that helps them to lose some weight, stabilize, and be there. And I weight, stabilize, and be there. And I weight, stabilize, and be there. And I think that's really interesting because think that's really interesting because think that's really interesting because what that means to me is that what what that means to me is that what what that means to me is that what people really want is something that's people really want is something that's people really want is something that's going to give them a health advantage, going to give them a health advantage, going to give them a health advantage, but it's going to be incredibly but it's going to be incredibly but it's going to be incredibly tolerable. And what we find is that you tolerable. And what we find is that you tolerable. And what we find is that you go higher and higher in doses, the go higher and higher in doses, the go higher and higher in doses, the unintended consequence of that is, yeah, unintended consequence of that is, yeah, unintended consequence of that is, yeah, you're going to have more weight loss, you're going to have more weight loss, you're going to have more weight loss, but there's going to be a whole host of but there's going to be a whole host of but there's going to be a whole host of other side effects that come with it. other side effects that come with it. other side effects that come with it. And so that is different than in most And so that is different than in most And so that is different than in most medicines where we're trying to maximize medicines where we're trying to maximize medicines where we're trying to maximize the efficacy of the medicine really the efficacy of the medicine really the efficacy of the medicine really where Wall Street mind typically tends where Wall Street mind typically tends where Wall Street mind typically tends to go. what people are maximizing for to go. what people are maximizing for to go. what people are maximizing for here is like how do I get on these here is like how do I get on these here is like how do I get on these things and then stay on them if you mar things and then stay on them if you mar things and then stay on them if you mar and that so that to me was one of the and that so that to me was one of the and that so that to me was one of the big unlocks for 2025 was this idea that big unlocks for 2025 was this idea that big unlocks for 2025 was this idea that people want to protect themselves. If people want to protect themselves. If people want to protect themselves. If you marry that with the next big you marry that with the next big you marry that with the next big discovery from 2025 is that typically discovery from 2025 is that typically discovery from 2025 is that typically the way medicines are commercialized is the way medicines are commercialized is the way medicines are commercialized is you have big pharmaceutical companies you have big pharmaceutical companies you have big pharmaceutical companies Eli Liy Nova Nordisk that have armies of Eli Liy Nova Nordisk that have armies of Eli Liy Nova Nordisk that have armies of sales reps that are out everywhere sales reps that are out everywhere sales reps that are out everywhere calling on doctors making sure they know calling on doctors making sure they know calling on doctors making sure they know about their medicines pitching the about their medicines pitching the about their medicines pitching the attributes and why they're the best in attributes and why they're the best in attributes and why they're the best in the class and why there's no other the class and why there's no other the class and why there's no other option that that their patient should be option that that their patient should be option that that their patient should be pursuing than their medicine. And as you pursuing than their medicine. And as you pursuing than their medicine. And as you can imagine that's a very capital can imagine that's a very capital can imagine that's a very capital intensive exercise. It's a very human intensive exercise. It's a very human intensive exercise. It's a very human talent intensive exercise. Um, and what talent intensive exercise. Um, and what talent intensive exercise. Um, and what we saw interestingly is that Eli Liy we saw interestingly is that Eli Liy we saw interestingly is that Eli Liy pretty early on last year pushed more pretty early on last year pushed more pretty early on last year pushed more aggressively into a non-traditional way aggressively into a non-traditional way aggressively into a non-traditional way to get these medicines into the hands of to get these medicines into the hands of to get these medicines into the hands of people. They they added to their legions people. They they added to their legions people. They they added to their legions of salespeople a digital front end um in of salespeople a digital front end um in of salespeople a digital front end um in Lily direct that allowed people to get a Lily direct that allowed people to get a Lily direct that allowed people to get a prescription from their doctor and go prescription from their doctor and go prescription from their doctor and go get the medicine direct from Eli Liy. It get the medicine direct from Eli Liy. It get the medicine direct from Eli Liy. It was the one of the first big insights was the one of the first big insights was the one of the first big insights that we can that the consumers want to that we can that the consumers want to that we can that the consumers want to be able to get these medicines be able to get these medicines be able to get these medicines themselves um and not have to go through themselves um and not have to go through themselves um and not have to go through traditional means to get them. And as traditional means to get them. And as traditional means to get them. And as you fast forward towards the end of 25, you fast forward towards the end of 25, you fast forward towards the end of 25, what we started to see was that oh my what we started to see was that oh my what we started to see was that oh my goodness, more than half of the new goodness, more than half of the new goodness, more than half of the new people joining are coming in directly. people joining are coming in directly. people joining are coming in directly. So hold that with the third point that So hold that with the third point that So hold that with the third point that comes from 2025, which was all sorts of comes from 2025, which was all sorts of comes from 2025, which was all sorts of of theater and dramatics around of theater and dramatics around of theater and dramatics around compounded GLP1s. compounded GLP1s. compounded GLP1s. And what we learned from the compounded And what we learned from the compounded And what we learned from the compounded GLP1s GLP1s GLP1s was that not only do people want was that not only do people want was that not only do people want something that's going to defend them something that's going to defend them something that's going to defend them and be tolerable, not only do they want and be tolerable, not only do they want and be tolerable, not only do they want something that they can get through all something that they can get through all something that they can get through all the frictions of their system and just the frictions of their system and just the frictions of their system and just hit a button and have it come to their hit a button and have it come to their hit a button and have it come to their homes, a real consumer-like product, but homes, a real consumer-like product, but homes, a real consumer-like product, but price matters a ton. Through most of price matters a ton. Through most of price matters a ton. Through most of 2025, the average, you know, monthly 2025, the average, you know, monthly 2025, the average, you know, monthly cost of a GLP1 cost of a GLP1 cost of a GLP1 was was north of $400 or $500. was was north of $400 or $500. was was north of $400 or $500. Thanks to our administration, those Thanks to our administration, those Thanks to our administration, those prices are coming down. And I think prices are coming down. And I think prices are coming down. And I think that's really good. And it's that's really good. And it's that's really good. And it's particularly good because what we particularly good because what we particularly good because what we learned from the um the compounded learned from the um the compounded learned from the um the compounded versions of GLP1s was that there is versions of GLP1s was that there is versions of GLP1s was that there is massive price elasticity in this market. massive price elasticity in this market. massive price elasticity in this market. Compounded GLP1s cost about half as much Compounded GLP1s cost about half as much Compounded GLP1s cost about half as much per month as the uh you know traditional per month as the uh you know traditional per month as the uh you know traditional approved um uh GLP1s by Lilyovo. And uh approved um uh GLP1s by Lilyovo. And uh approved um uh GLP1s by Lilyovo. And uh we were collecting data that was we were collecting data that was we were collecting data that was suggesting to us somewhere between 15 to suggesting to us somewhere between 15 to suggesting to us somewhere between 15 to 20% of the market that you couldn't 20% of the market that you couldn't 20% of the market that you couldn't capture through scripts was actually capture through scripts was actually capture through scripts was actually flowing um through groups like him and flowing um through groups like him and flowing um through groups like him and hers and other sources where people knew hers and other sources where people knew hers and other sources where people knew they wanted the benefits and wanted to they wanted the benefits and wanted to they wanted the benefits and wanted to be proactive about their health. They be proactive about their health. They be proactive about their health. They wanted to get these GLP1s but they wanted to get these GLP1s but they wanted to get these GLP1s but they couldn't possibly afford $400 or $500 a couldn't possibly afford $400 or $500 a couldn't possibly afford $400 or $500 a month but they could afford 200 250 month but they could afford 200 250 month but they could afford 200 250 bucks a month. And so to me, that's bucks a month. And so to me, that's bucks a month. And so to me, that's profound because you've got a compounded profound because you've got a compounded profound because you've got a compounded version that hasn't gone through any version that hasn't gone through any version that hasn't gone through any clinical trials. You know nothing about clinical trials. You know nothing about clinical trials. You know nothing about the manufacturing, but you know that the manufacturing, but you know that the manufacturing, but you know that these medicines are so important to your these medicines are so important to your these medicines are so important to your health that you're willing to take the health that you're willing to take the health that you're willing to take the risk, not only the safety risk of the risk, not only the safety risk of the risk, not only the safety risk of the medicine, but all these risks of these medicine, but all these risks of these medicine, but all these risks of these unknowns of where is this even coming unknowns of where is this even coming unknowns of where is this even coming from? from? from? >> And because you can afford it, go take >> And because you can afford it, go take >> And because you can afford it, go take it. And so I left 2025 thinking to it. And so I left 2025 thinking to it. And so I left 2025 thinking to myself, oh my goodness, we're finally myself, oh my goodness, we're finally myself, oh my goodness, we're finally starting to see people step up and vote starting to see people step up and vote starting to see people step up and vote with their feet. who said, "I want the with their feet. who said, "I want the with their feet. who said, "I want the benefits of these medicines." And now benefits of these medicines." And now benefits of these medicines." And now you get to 2026, and this is this is the you get to 2026, and this is this is the you get to 2026, and this is this is the absolute gamecher. In 2026, we now have absolute gamecher. In 2026, we now have absolute gamecher. In 2026, we now have an oral version of WGOI. Um, and this an oral version of WGOI. Um, and this an oral version of WGOI. Um, and this medicine has launched over the last medicine has launched over the last medicine has launched over the last couple months. couple months. couple months. We are seeing every week the oral We are seeing every week the oral We are seeing every week the oral version of WGOI is setting record after version of WGOI is setting record after version of WGOI is setting record after record after record. And you might record after record. And you might record after record. And you might think, yeah, of course, like who wants think, yeah, of course, like who wants think, yeah, of course, like who wants to inject themselves once a week for the to inject themselves once a week for the to inject themselves once a week for the rest of their life? But it I don't rest of their life? But it I don't rest of their life? But it I don't really think that's what's driving uh an really think that's what's driving uh an really think that's what's driving uh an almost 4x relative launch cycle for the almost 4x relative launch cycle for the almost 4x relative launch cycle for the oral WGOI versus the most recent oral WGOI versus the most recent oral WGOI versus the most recent injectable launch zbound. People want injectable launch zbound. People want injectable launch zbound. People want these medicines and the lowest end of these medicines and the lowest end of these medicines and the lowest end of the curve that doesn't cost 500 a month. the curve that doesn't cost 500 a month. the curve that doesn't cost 500 a month. It doesn't cost $ 250 a month. It costs It doesn't cost $ 250 a month. It costs It doesn't cost $ 250 a month. It costs $150 a month. And so now we've seen at $150 a month. And so now we've seen at $150 a month. And so now we've seen at the at the lower end of the curve, if we the at the lower end of the curve, if we the at the lower end of the curve, if we get to an $1,800 a year cost, these get to an $1,800 a year cost, these get to an $1,800 a year cost, these medicines fly off the shelves. And to medicines fly off the shelves. And to medicines fly off the shelves. And to put that in context, prior to the launch put that in context, prior to the launch put that in context, prior to the launch of the Oro Waggoi, just a few months of the Oro Waggoi, just a few months of the Oro Waggoi, just a few months ago, the GLP1 market was moving at about ago, the GLP1 market was moving at about ago, the GLP1 market was moving at about uh 200,000, uh 200,000, uh 200,000, you know, recorded new scripts per per you know, recorded new scripts per per you know, recorded new scripts per per uh per week. 200,000 new people getting uh per week. 200,000 new people getting uh per week. 200,000 new people getting on these medicines per week. The most on these medicines per week. The most on these medicines per week. The most recent data that I looked at this past recent data that I looked at this past recent data that I looked at this past Friday says that that has now moved from Friday says that that has now moved from Friday says that that has now moved from 200,000 a week to 300,000 a week in just 200,000 a week to 300,000 a week in just 200,000 a week to 300,000 a week in just a few months time. a few months time. a few months time. >> Crazy. >> Crazy. >> Crazy. >> We have to take these incredible >> We have to take these incredible >> We have to take these incredible learnings from the commercialization of learnings from the commercialization of learnings from the commercialization of GLP1s and the the most logical GLP1s and the the most logical GLP1s and the the most logical conclusion is that yeah, people are conclusion is that yeah, people are conclusion is that yeah, people are ready and people do want to go and be ready and people do want to go and be ready and people do want to go and be proactive and arming them with the stack proactive and arming them with the stack proactive and arming them with the stack that can help us to all live an extra that can help us to all live an extra that can help us to all live an extra decade. Really focusing on hard on what decade. Really focusing on hard on what decade. Really focusing on hard on what does it take to close that gap between does it take to close that gap between does it take to close that gap between invention and impact. When I say this invention and impact. When I say this invention and impact. When I say this trillion dollar revolution, what that trillion dollar revolution, what that trillion dollar revolution, what that means really is this trillion dollar means really is this trillion dollar means really is this trillion dollar reduction in our annual healthcare reduction in our annual healthcare reduction in our annual healthcare spend. And I think that that's really spend. And I think that that's really spend. And I think that that's really possible now. possible now. possible now. >> I want to spend some time explaining >> I want to spend some time explaining >> I want to spend some time explaining what is actually going on with this what is actually going on with this what is actually going on with this class of drugs starting with semaglutide class of drugs starting with semaglutide class of drugs starting with semaglutide sort of the single acting going to trace sort of the single acting going to trace sort of the single acting going to trace the dual acting going to the triple the dual acting going to the triple the dual acting going to the triple acting one that will be coming out this acting one that will be coming out this acting one that will be coming out this year or next year. Um can you do your year or next year. Um can you do your year or next year. Um can you do your best to explain what this thing is and best to explain what this thing is and best to explain what this thing is and what it does? I think people's original what it does? I think people's original what it does? I think people's original conception was it's a drug I take and I conception was it's a drug I take and I conception was it's a drug I take and I lose weight. I think you have a really lose weight. I think you have a really lose weight. I think you have a really interesting way of explaining and interesting way of explaining and interesting way of explaining and understanding these things as maybe the understanding these things as maybe the understanding these things as maybe the most important modern drug. So, it seems most important modern drug. So, it seems most important modern drug. So, it seems worth spending some time just explaining worth spending some time just explaining worth spending some time just explaining literally what it is and what the literally what it is and what the literally what it is and what the science progression has been and where science progression has been and where science progression has been and where you see it continuing to go. Like, this you see it continuing to go. Like, this you see it continuing to go. Like, this isn't static. A lot of people don't isn't static. A lot of people don't isn't static. A lot of people don't realize these medicines have actually realize these medicines have actually realize these medicines have actually been around for 20 years. Um, some of my been around for 20 years. Um, some of my been around for 20 years. Um, some of my first exposure to GLP1 as a drug class first exposure to GLP1 as a drug class first exposure to GLP1 as a drug class actually happened in my early days actually happened in my early days actually happened in my early days entering the industry as as a young entering the industry as as a young entering the industry as as a young biotech investor back in 2005. um with biotech investor back in 2005. um with biotech investor back in 2005. um with Amlin Pharmaceuticals having what we Amlin Pharmaceuticals having what we Amlin Pharmaceuticals having what we thought at the time was the most thought at the time was the most thought at the time was the most miraculous breakthrough. So GLP-1 is a miraculous breakthrough. So GLP-1 is a miraculous breakthrough. So GLP-1 is a hormone that our bodies naturally hormone that our bodies naturally hormone that our bodies naturally produce. Now the problem with this produce. Now the problem with this produce. Now the problem with this naturally produced hormone is that once naturally produced hormone is that once naturally produced hormone is that once it's produced by our bodies, it only it's produced by our bodies, it only it's produced by our bodies, it only lasts for about 2 minutes before it's lasts for about 2 minutes before it's lasts for about 2 minutes before it's gone. So if you just pause there, what gone. So if you just pause there, what gone. So if you just pause there, what does that mean practically? Okay, if you does that mean practically? Okay, if you does that mean practically? Okay, if you were to take human GLP1 and we would be were to take human GLP1 and we would be were to take human GLP1 and we would be injecting it, we'd have to inject injecting it, we'd have to inject injecting it, we'd have to inject ourselves 30 times an hour for the rest ourselves 30 times an hour for the rest ourselves 30 times an hour for the rest of our lives to get the benefit of what of our lives to get the benefit of what of our lives to get the benefit of what we can today with either one pill a day we can today with either one pill a day we can today with either one pill a day or one injection a week. The science or one injection a week. The science or one injection a week. The science behind moving from a protein that lasts behind moving from a protein that lasts behind moving from a protein that lasts for 2 minutes to a protein that can last for 2 minutes to a protein that can last for 2 minutes to a protein that can last over a week is a dramatic uh over a week is a dramatic uh over a week is a dramatic uh transformation. What's good about that transformation. What's good about that transformation. What's good about that is it is a hormone that's already in our is it is a hormone that's already in our is it is a hormone that's already in our bodies and it's a medicine that we've bodies and it's a medicine that we've bodies and it's a medicine that we've got data on for over 20 years. And so we got data on for over 20 years. And so we got data on for over 20 years. And so we know a remarkable amount about it. Not know a remarkable amount about it. Not know a remarkable amount about it. Not just because it's been around for 20 just because it's been around for 20 just because it's been around for 20 years, but it's now been in millions and years, but it's now been in millions and years, but it's now been in millions and millions of people. Okay. So how does it millions of people. Okay. So how does it millions of people. Okay. So how does it actually work? What happens is when we actually work? What happens is when we actually work? What happens is when we eat food, at some point that food makes eat food, at some point that food makes eat food, at some point that food makes its way to our small intestine. And when its way to our small intestine. And when its way to our small intestine. And when food gets to our small intestine, it's food gets to our small intestine, it's food gets to our small intestine, it's what triggers the release of GLP-1 in what triggers the release of GLP-1 in what triggers the release of GLP-1 in our bodies naturally. And so that that our bodies naturally. And so that that our bodies naturally. And so that that GLP-1 molecule travels all over our GLP-1 molecule travels all over our GLP-1 molecule travels all over our bodies, interacts with receptors in our bodies, interacts with receptors in our bodies, interacts with receptors in our stomachs that helps to slow the stomachs that helps to slow the stomachs that helps to slow the digestion of food. It also interacts digestion of food. It also interacts digestion of food. It also interacts with receptors in our brains that help with receptors in our brains that help with receptors in our brains that help us to feel fuller longer, to feel us to feel fuller longer, to feel us to feel fuller longer, to feel satiated. The combination of those two satiated. The combination of those two satiated. The combination of those two mechanisms of action are what allow us mechanisms of action are what allow us mechanisms of action are what allow us to turn off the food noise that allow us to turn off the food noise that allow us to turn off the food noise that allow us to seek out and consume far fewer to seek out and consume far fewer to seek out and consume far fewer calories than we've ever done before. calories than we've ever done before. calories than we've ever done before. Um, in addition to that, it does an Um, in addition to that, it does an Um, in addition to that, it does an important role in regulating the important role in regulating the important role in regulating the production of our insulin. It it production of our insulin. It it production of our insulin. It it interacts with receptors on our pancreas interacts with receptors on our pancreas interacts with receptors on our pancreas that that triggers the release of that that triggers the release of that that triggers the release of insulin. It plays a big role in not just insulin. It plays a big role in not just insulin. It plays a big role in not just having that sugar not affect our having that sugar not affect our having that sugar not affect our vasculature, but also making sure that vasculature, but also making sure that vasculature, but also making sure that that sugar is not destroying our that sugar is not destroying our that sugar is not destroying our kidneys. So, the mechanism and the kidneys. So, the mechanism and the kidneys. So, the mechanism and the science behind it is actually pretty science behind it is actually pretty science behind it is actually pretty well elucidated. Biologically, we know well elucidated. Biologically, we know well elucidated. Biologically, we know how it's produced. we understand all the how it's produced. we understand all the how it's produced. we understand all the different places in the body that it different places in the body that it different places in the body that it interacts. And when you think about all interacts. And when you think about all interacts. And when you think about all the places in the body that it the places in the body that it the places in the body that it interacts, it then becomes no surprise interacts, it then becomes no surprise interacts, it then becomes no surprise that it's had such an incredible range that it's had such an incredible range that it's had such an incredible range of effects both from protecting us from of effects both from protecting us from of effects both from protecting us from from becoming diabetic to reducing the from becoming diabetic to reducing the from becoming diabetic to reducing the risk of having heart attacks and strokes risk of having heart attacks and strokes risk of having heart attacks and strokes um to lowering our level of inflammation um to lowering our level of inflammation um to lowering our level of inflammation because we're consuming less food and so because we're consuming less food and so because we're consuming less food and so we're having less of an inflammatory we're having less of an inflammatory we're having less of an inflammatory response to that. um all the way through response to that. um all the way through response to that. um all the way through to helping us to lose weight, which is a to helping us to lose weight, which is a to helping us to lose weight, which is a bit of a virtuous cycle in terms of bit of a virtuous cycle in terms of bit of a virtuous cycle in terms of lowering our blood pressure. So when you lowering our blood pressure. So when you lowering our blood pressure. So when you look across the five axes, the five look across the five axes, the five look across the five axes, the five layers of defense that are layers of defense that are layers of defense that are missionritical for us maximizing the missionritical for us maximizing the missionritical for us maximizing the number of years that we can live and number of years that we can live and number of years that we can live and having the most life in those years, I having the most life in those years, I having the most life in those years, I fundamentally believe there's no fundamentally believe there's no fundamentally believe there's no molecule that's more important than GLP1 molecule that's more important than GLP1 molecule that's more important than GLP1 across that entire axis. And when we across that entire axis. And when we across that entire axis. And when we think about the different forms that think about the different forms that think about the different forms that it's available to us in um we already it's available to us in um we already it's available to us in um we already cracked the most important code which cracked the most important code which cracked the most important code which was moving from something impractical 30 was moving from something impractical 30 was moving from something impractical 30 shots an hour to the early days with shots an hour to the early days with shots an hour to the early days with amlin pharmaceuticals of a twice a day amlin pharmaceuticals of a twice a day amlin pharmaceuticals of a twice a day shot to where we are today which is not shot to where we are today which is not shot to where we are today which is not just longer acting once a week versions just longer acting once a week versions just longer acting once a week versions but far more potent meaning we need far but far more potent meaning we need far but far more potent meaning we need far less of it and it actually starts to get less of it and it actually starts to get less of it and it actually starts to get to levels that we can inject that have to levels that we can inject that have to levels that we can inject that have incredible pharmaceutical properties to incredible pharmaceutical properties to incredible pharmaceutical properties to them. And so as we think about I think them. And so as we think about I think them. And so as we think about I think the next axis to think about is not just the next axis to think about is not just the next axis to think about is not just you know the form by which you get it you know the form by which you get it you know the form by which you get it oral or injectable and not just the oral or injectable and not just the oral or injectable and not just the duration of the dosing orals we take duration of the dosing orals we take duration of the dosing orals we take every day. Today we take injectables every day. Today we take injectables every day. Today we take injectables once a week. There's some amazing ones once a week. There's some amazing ones once a week. There's some amazing ones that Fizer just acquired that look like that Fizer just acquired that look like that Fizer just acquired that look like it might be a once a month. Amjen's also it might be a once a month. Amjen's also it might be a once a month. Amjen's also working on a once a month might be once working on a once a month might be once working on a once a month might be once a quarter. the duration of time between a quarter. the duration of time between a quarter. the duration of time between those doses is really important because those doses is really important because those doses is really important because the easier it is to take a medicine, the the easier it is to take a medicine, the the easier it is to take a medicine, the more likely it will be to stay on these more likely it will be to stay on these more likely it will be to stay on these medicines and have the longest term medicines and have the longest term medicines and have the longest term benefit from from them. Um, and so the I benefit from from them. Um, and so the I benefit from from them. Um, and so the I think the next important access to to to think the next important access to to to think the next important access to to to then focus in on is how do we think then focus in on is how do we think then focus in on is how do we think about uh dose and the trade-offs between about uh dose and the trade-offs between about uh dose and the trade-offs between semiglutide and tzepide. So semiglutai semiglutide and tzepide. So semiglutai semiglutide and tzepide. So semiglutai being ompic and waggovi tzepatide being being ompic and waggovi tzepatide being being ompic and waggovi tzepatide being um zeppbound and mangaro our team's um zeppbound and mangaro our team's um zeppbound and mangaro our team's fundamental perspective is that they all fundamental perspective is that they all fundamental perspective is that they all achieve the same goals they were just achieve the same goals they were just achieve the same goals they were just novel IP strategies to achieve those novel IP strategies to achieve those novel IP strategies to achieve those same goals and I would say that they're same goals and I would say that they're same goals and I would say that they're all pretty much interchangeable how do all pretty much interchangeable how do all pretty much interchangeable how do we think about them from an investment we think about them from an investment we think about them from an investment perspective and a human impact perspective and a human impact perspective and a human impact perspective perspective perspective they end up actually both of those they end up actually both of those they end up actually both of those perspectives kind of come together perspectives kind of come together perspectives kind of come together because when we think about investing in because when we think about investing in because when we think about investing in medicine the key question that we're medicine the key question that we're medicine the key question that we're focused on is why does a medicine have a focused on is why does a medicine have a focused on is why does a medicine have a right to win. And of course, for a right to win. And of course, for a right to win. And of course, for a medicine to have a right to win, what medicine to have a right to win, what medicine to have a right to win, what we're essentially saying is that this we're essentially saying is that this we're essentially saying is that this medicine is going to really have a medicine is going to really have a medicine is going to really have a differential impact for people such that differential impact for people such that differential impact for people such that people should choose it. And so, um, the people should choose it. And so, um, the people should choose it. And so, um, the right to win analysis comes down to also right to win analysis comes down to also right to win analysis comes down to also the different segments of the market the different segments of the market the different segments of the market that we're thinking about. And to put a that we're thinking about. And to put a that we're thinking about. And to put a framework around this, we always think framework around this, we always think framework around this, we always think about the obesity market uh as having uh about the obesity market uh as having uh about the obesity market uh as having uh three main segments. So people that are three main segments. So people that are three main segments. So people that are overweight, which are basically BMIs overweight, which are basically BMIs overweight, which are basically BMIs between normal, you know, roughly 25 and between normal, you know, roughly 25 and between normal, you know, roughly 25 and 30, obese, which is between 30 and 40, 30, obese, which is between 30 and 40, 30, obese, which is between 30 and 40, and morbidly obese, which is north of and morbidly obese, which is north of and morbidly obese, which is north of 40. And so when we look at the aperture 40. And so when we look at the aperture 40. And so when we look at the aperture from a BMI of 25 up to a BMI of just from a BMI of 25 up to a BMI of just from a BMI of 25 up to a BMI of just under 40, that's where most of the under 40, that's where most of the under 40, that's where most of the patients are today that require reactive patients are today that require reactive patients are today that require reactive treatment. I would argue in the future treatment. I would argue in the future treatment. I would argue in the future we could talk about why GLP1s might be we could talk about why GLP1s might be we could talk about why GLP1s might be appropriate for just about everyone. Um appropriate for just about everyone. Um appropriate for just about everyone. Um that's because the reality of it is as that's because the reality of it is as that's because the reality of it is as you go from your adolescence to your 50s you go from your adolescence to your 50s you go from your adolescence to your 50s and 60s on average people are going to and 60s on average people are going to and 60s on average people are going to take pick up about five BMI points. And take pick up about five BMI points. And take pick up about five BMI points. And so being able to take a medicine even at so being able to take a medicine even at so being able to take a medicine even at low doses even though they haven't been low doses even though they haven't been low doses even though they haven't been tested in those populations I'm willing tested in those populations I'm willing tested in those populations I'm willing to bet would help protect people from to bet would help protect people from to bet would help protect people from that five point increase that puts them that five point increase that puts them that five point increase that puts them in harm's way and and and puts that to in harm's way and and and puts that to in harm's way and and and puts that to bed. But when we look at the market bed. But when we look at the market bed. But when we look at the market today that pretty much from that that today that pretty much from that that today that pretty much from that that BMI of 25 to 39 they are well served BMI of 25 to 39 they are well served BMI of 25 to 39 they are well served with any of the available options on the with any of the available options on the with any of the available options on the market where we still need some help and market where we still need some help and market where we still need some help and I think where there's a right to win is I think where there's a right to win is I think where there's a right to win is really in that uh BMI zone of 40 and really in that uh BMI zone of 40 and really in that uh BMI zone of 40 and above. Sadly these people are at a level above. Sadly these people are at a level above. Sadly these people are at a level of body weight that requires um of body weight that requires um of body weight that requires um incredibly long titration to get up to incredibly long titration to get up to incredibly long titration to get up to these high levels of the hormone. Um, these high levels of the hormone. Um, these high levels of the hormone. Um, and they need to have much more dramatic and they need to have much more dramatic and they need to have much more dramatic reduction in their food noise to be able reduction in their food noise to be able reduction in their food noise to be able to bring their weights down from a zone to bring their weights down from a zone to bring their weights down from a zone that is incredibly dangerous just given that is incredibly dangerous just given that is incredibly dangerous just given the amounts of visceral fat that they're the amounts of visceral fat that they're the amounts of visceral fat that they're carrying around down to levels that are carrying around down to levels that are carrying around down to levels that are going to give them much much more going to give them much much more going to give them much much more sustainable life and a much longer life. sustainable life and a much longer life. sustainable life and a much longer life. >> I have a very basic question. Would >> I have a very basic question. Would >> I have a very basic question. Would there be any difference in outcomes if there be any difference in outcomes if there be any difference in outcomes if we simply ate the same exact input that we simply ate the same exact input that we simply ate the same exact input that we eat on these medicines? It's like if we eat on these medicines? It's like if we eat on these medicines? It's like if if instead of taking the medicine, I if instead of taking the medicine, I if instead of taking the medicine, I just ate exactly what I would eat on just ate exactly what I would eat on just ate exactly what I would eat on them, but figured out a psychological them, but figured out a psychological them, but figured out a psychological way to deal with the food noise and just way to deal with the food noise and just way to deal with the food noise and just like not not eat when I'm hungry like not not eat when I'm hungry like not not eat when I'm hungry effectively. Is there any difference, do effectively. Is there any difference, do effectively. Is there any difference, do we think, in outcomes? And I'm we think, in outcomes? And I'm we think, in outcomes? And I'm especially thinking here about like especially thinking here about like especially thinking here about like alcohol addiction is seems to be one of alcohol addiction is seems to be one of alcohol addiction is seems to be one of the things that gets addressed by these the things that gets addressed by these the things that gets addressed by these drugs. That seems unrelated to how much drugs. That seems unrelated to how much drugs. That seems unrelated to how much I eat. Yeah. Um, so it seems like an I eat. Yeah. Um, so it seems like an I eat. Yeah. Um, so it seems like an independent thing that's being independent thing that's being independent thing that's being positively affected by the drug beyond positively affected by the drug beyond positively affected by the drug beyond just like which calories I'm putting just like which calories I'm putting just like which calories I'm putting into my body. So what is there something into my body. So what is there something into my body. So what is there something else going on here beyond just literally else going on here beyond just literally else going on here beyond just literally what I'm eating as a result of taking what I'm eating as a result of taking what I'm eating as a result of taking these drugs? these drugs? these drugs? >> Yeah, I I think eating is definitely a >> Yeah, I I think eating is definitely a >> Yeah, I I think eating is definitely a part of it and it's a major part of it. part of it and it's a major part of it. part of it and it's a major part of it. So, look, if we could all be disciplined So, look, if we could all be disciplined So, look, if we could all be disciplined and we could all get on a proper diet and we could all get on a proper diet and we could all get on a proper diet where we're selecting the right foods, where we're selecting the right foods, where we're selecting the right foods, eating the right amounts of them, um, eating the right amounts of them, um, eating the right amounts of them, um, and and staying disciplined to that, you and and staying disciplined to that, you and and staying disciplined to that, you wouldn't really need these medicines for wouldn't really need these medicines for wouldn't really need these medicines for the purposes of of managing our weight. the purposes of of managing our weight. the purposes of of managing our weight. Um, Um, Um, but I think that's only going to cut at but I think that's only going to cut at but I think that's only going to cut at the weight part of it. I think the weight part of it. I think the weight part of it. I think unfortunately if your biology is wired unfortunately if your biology is wired unfortunately if your biology is wired such that you have a family history of such that you have a family history of such that you have a family history of diabetes and you are pre-diabetic and diabetes and you are pre-diabetic and diabetes and you are pre-diabetic and and on the precipice of of turning and on the precipice of of turning and on the precipice of of turning diabetic, um we're starting to to be in diabetic, um we're starting to to be in diabetic, um we're starting to to be in a place where we're just not producing a place where we're just not producing a place where we're just not producing the insulin that's required to be able the insulin that's required to be able the insulin that's required to be able to take up that glucose that's coming to take up that glucose that's coming to take up that glucose that's coming from the food that we're eating. And so from the food that we're eating. And so from the food that we're eating. And so yes, by consuming fewer calories and and yes, by consuming fewer calories and and yes, by consuming fewer calories and and less food, we can we can hit part of less food, we can we can hit part of less food, we can we can hit part of that. But I think it's unknown as to that. But I think it's unknown as to that. But I think it's unknown as to whether that'll be enough to be able to whether that'll be enough to be able to whether that'll be enough to be able to undo your progression to diabetes. And undo your progression to diabetes. And undo your progression to diabetes. And so I might say you probably still need so I might say you probably still need so I might say you probably still need those medicines for that. I think on the those medicines for that. I think on the those medicines for that. I think on the other side of the equation um uh I think other side of the equation um uh I think other side of the equation um uh I think connected to that uh has to do with connected to that uh has to do with connected to that uh has to do with addiction. Some sense you could say that addiction. Some sense you could say that addiction. Some sense you could say that like food is a form of addiction. And so like food is a form of addiction. And so like food is a form of addiction. And so while consuming fewer calories will help while consuming fewer calories will help while consuming fewer calories will help protect us from the vicious cycle of of protect us from the vicious cycle of of protect us from the vicious cycle of of over consuming food, I would say in over consuming food, I would say in over consuming food, I would say in terms of the addiction data that'll terms of the addiction data that'll terms of the addiction data that'll start coming out over the next year or start coming out over the next year or start coming out over the next year or so, you would lose that benefit. Like so, you would lose that benefit. Like so, you would lose that benefit. Like you would you would lose the essentially you would you would lose the essentially you would you would lose the essentially the the free gift of protecting yourself the the free gift of protecting yourself the the free gift of protecting yourself from being addicted to drugs, alcohol or from being addicted to drugs, alcohol or from being addicted to drugs, alcohol or gambling. And that comes from the gambling. And that comes from the gambling. And that comes from the signaling in the brain, the satiety signaling in the brain, the satiety signaling in the brain, the satiety access in the brain that both cuts access in the brain that both cuts access in the brain that both cuts across food and also you know some of across food and also you know some of across food and also you know some of these these other you know not not great these these other you know not not great these these other you know not not great behaviors. And then I think there's an behaviors. And then I think there's an behaviors. And then I think there's an open question on on what just consuming open question on on what just consuming open question on on what just consuming food would do for cardiovascular food would do for cardiovascular food would do for cardiovascular outcomes. Um we've got compelling data outcomes. Um we've got compelling data outcomes. Um we've got compelling data right now uh at Anova Nordisk over the right now uh at Anova Nordisk over the right now uh at Anova Nordisk over the last year that basically shows that by last year that basically shows that by last year that basically shows that by taking GLP-1 medicines. There is a you taking GLP-1 medicines. There is a you taking GLP-1 medicines. There is a you know north of 20% reduction in our risk know north of 20% reduction in our risk know north of 20% reduction in our risk of having a heart attack or a stroke. of having a heart attack or a stroke. of having a heart attack or a stroke. And what I thought was pretty profound And what I thought was pretty profound And what I thought was pretty profound about the full data that they put out is about the full data that they put out is about the full data that they put out is that that was independent of weight that that was independent of weight that that was independent of weight loss. And so I think that speaks to me loss. And so I think that speaks to me loss. And so I think that speaks to me that there's just another axis and that there's just another axis and that there's just another axis and another biological driver that's that's another biological driver that's that's another biological driver that's that's driving this cardoprotective result. And driving this cardoprotective result. And driving this cardoprotective result. And so we might forfeit that. But without a so we might forfeit that. But without a so we might forfeit that. But without a doubt, if we could actually get access doubt, if we could actually get access doubt, if we could actually get access to great food and we can eat the right to great food and we can eat the right to great food and we can eat the right amount of it and stay disciplined, that amount of it and stay disciplined, that amount of it and stay disciplined, that would that would take us a long time. would that would take us a long time. would that would take us a long time. >> But it seems like summarized there is >> But it seems like summarized there is >> But it seems like summarized there is more going on than just that. like like more going on than just that. like like more going on than just that. like like the data seems to suggest that even if I the data seems to suggest that even if I the data seems to suggest that even if I could perfectly eat I might still reap could perfectly eat I might still reap could perfectly eat I might still reap benefits in these other ways from these benefits in these other ways from these benefits in these other ways from these drugs. Um is there any before I want to drugs. Um is there any before I want to drugs. Um is there any before I want to talk about the next layer it was the talk about the next layer it was the talk about the next layer it was the first layer you listed in cardiovascular first layer you listed in cardiovascular first layer you listed in cardiovascular and PCSK9 drugs to really drive home the and PCSK9 drugs to really drive home the and PCSK9 drugs to really drive home the point of existing drugs before we get to point of existing drugs before we get to point of existing drugs before we get to all the exciting new stuff which we'll all the exciting new stuff which we'll all the exciting new stuff which we'll talk about as well that there are talk about as well that there are talk about as well that there are existing drugs which could have radical existing drugs which could have radical existing drugs which could have radical impact if like everyone was on them. impact if like everyone was on them. impact if like everyone was on them. There are basically three different There are basically three different There are basically three different dimensions that are preventing people dimensions that are preventing people dimensions that are preventing people from getting maximal benefit of a from getting maximal benefit of a from getting maximal benefit of a breakthrough medicine that exists and is breakthrough medicine that exists and is breakthrough medicine that exists and is right here for all of us. Those break up right here for all of us. Those break up right here for all of us. Those break up into in my mind complexity, cost and into in my mind complexity, cost and into in my mind complexity, cost and convenience. convenience. convenience. So like I think all of us have had the So like I think all of us have had the So like I think all of us have had the experience of of of learning that we experience of of of learning that we experience of of of learning that we have some health problem and wanting to have some health problem and wanting to have some health problem and wanting to go do something about it. And so I've go do something about it. And so I've go do something about it. And so I've kept you up to date along the way. But kept you up to date along the way. But kept you up to date along the way. But it was amazing to me to just to to it was amazing to me to just to to it was amazing to me to just to to actually realize myself to practically actually realize myself to practically actually realize myself to practically have to deal with our health system and have to deal with our health system and have to deal with our health system and all of the different branches that it all of the different branches that it all of the different branches that it took from recognizing that I had a took from recognizing that I had a took from recognizing that I had a cholesterol problem to two years later cholesterol problem to two years later cholesterol problem to two years later finally getting access to the medicine finally getting access to the medicine finally getting access to the medicine that could help protect me from that that could help protect me from that that could help protect me from that problem. And uh it's everything from you problem. And uh it's everything from you problem. And uh it's everything from you want to go see a doctor because you get want to go see a doctor because you get want to go see a doctor because you get a blood test that says, "Hey, I got a a blood test that says, "Hey, I got a a blood test that says, "Hey, I got a problem." to learning that well the next problem." to learning that well the next problem." to learning that well the next appointment's only six weeks out. And appointment's only six weeks out. And appointment's only six weeks out. And then I go and of course they want to then I go and of course they want to then I go and of course they want to redo the blood test. And so you could redo the blood test. And so you could redo the blood test. And so you could just see like the friction in our system just see like the friction in our system just see like the friction in our system mounts and mounts and mounts. And mounts and mounts and mounts. And mounts and mounts and mounts. And eventually I think a lot of people just eventually I think a lot of people just eventually I think a lot of people just give up. It is really hard to navigate give up. It is really hard to navigate give up. It is really hard to navigate that system. And I think given you know that system. And I think given you know that system. And I think given you know what we're seeing with GLP1 medicines what we're seeing with GLP1 medicines what we're seeing with GLP1 medicines and what we're seeing that the direct to and what we're seeing that the direct to and what we're seeing that the direct to consumer side of that is driving most of consumer side of that is driving most of consumer side of that is driving most of the adoption today. I think we have to the adoption today. I think we have to the adoption today. I think we have to start asking ourselves start asking ourselves start asking ourselves why is it that I can go on my iPhone, I why is it that I can go on my iPhone, I why is it that I can go on my iPhone, I can go to Amazon, I click a button and can go to Amazon, I click a button and can go to Amazon, I click a button and the next day I can have toothpaste. But the next day I can have toothpaste. But the next day I can have toothpaste. But it takes me an incredible journey, it takes me an incredible journey, it takes me an incredible journey, hundreds of phone calls, multiple doctor hundreds of phone calls, multiple doctor hundreds of phone calls, multiple doctor visits, being pricricked and prodded visits, being pricricked and prodded visits, being pricricked and prodded multiple times just to protect myself multiple times just to protect myself multiple times just to protect myself from having a heart attack. Like that from having a heart attack. Like that from having a heart attack. Like that doesn't make sense. And so I think we doesn't make sense. And so I think we doesn't make sense. And so I think we have to balance like the opportunity for have to balance like the opportunity for have to balance like the opportunity for for health impact of this amazing for health impact of this amazing for health impact of this amazing medicine that we have with just the medicine that we have with just the medicine that we have with just the reality of how darn complicated it is to reality of how darn complicated it is to reality of how darn complicated it is to navigate through our system. navigate through our system. navigate through our system. Next is cost. Most medicines that we Next is cost. Most medicines that we Next is cost. Most medicines that we need to be on for the rest of our our need to be on for the rest of our our need to be on for the rest of our our lives that are going to be providing the lives that are going to be providing the lives that are going to be providing the chronic care the different layers of chronic care the different layers of chronic care the different layers of that defensive health stack that will that defensive health stack that will that defensive health stack that will protect us from these diseases. Those protect us from these diseases. Those protect us from these diseases. Those medicines today are priced as uh medicines today are priced as uh medicines today are priced as uh similarly to acute treatments yet they similarly to acute treatments yet they similarly to acute treatments yet they need to be taken over decades. So we need to be taken over decades. So we need to be taken over decades. So we have a a timeline problem. We have a have a a timeline problem. We have a have a a timeline problem. We have a horizon problem and I think that there's horizon problem and I think that there's horizon problem and I think that there's a lot of innovation that can that can a lot of innovation that can that can a lot of innovation that can that can occur around pricing models. If the occur around pricing models. If the occur around pricing models. If the world is is is move from where we are world is is is move from where we are world is is is move from where we are today which is waiting until there's a today which is waiting until there's a today which is waiting until there's a problem waiting until it's almost too problem waiting until it's almost too problem waiting until it's almost too late and reactively treating it to late and reactively treating it to late and reactively treating it to proactively getting out ahead of proactively getting out ahead of proactively getting out ahead of disease. And then I think the final part disease. And then I think the final part disease. And then I think the final part of that is compliance. And we alluded to of that is compliance. And we alluded to of that is compliance. And we alluded to that a little bit, but the reality of it that a little bit, but the reality of it that a little bit, but the reality of it is um we all know that medicine only is um we all know that medicine only is um we all know that medicine only works if we take it. And it turns out works if we take it. And it turns out works if we take it. And it turns out that because of the complexity of the that because of the complexity of the that because of the complexity of the system and getting it, because of how system and getting it, because of how system and getting it, because of how expensive these things are. And at the expensive these things are. And at the expensive these things are. And at the end of the day, because we're all human, end of the day, because we're all human, end of the day, because we're all human, the more frequently we have to take a the more frequently we have to take a the more frequently we have to take a medicine, the harder it is to go get it, medicine, the harder it is to go get it, medicine, the harder it is to go get it, the more times we have to go to the the more times we have to go to the the more times we have to go to the pharmacy, the more times we have to make pharmacy, the more times we have to make pharmacy, the more times we have to make that decision uh over the course of the that decision uh over the course of the that decision uh over the course of the year, the higher the probability we're year, the higher the probability we're year, the higher the probability we're just going to quit. And that's just just going to quit. And that's just just going to quit. And that's just human nature, myself included. And so, human nature, myself included. And so, human nature, myself included. And so, um, your compliance is like this um, your compliance is like this um, your compliance is like this invisible barrier to all of us realizing invisible barrier to all of us realizing invisible barrier to all of us realizing our our best health outcome. And so, on our our best health outcome. And so, on our our best health outcome. And so, on one hand, wow, I mean, GLP1 medicines is one hand, wow, I mean, GLP1 medicines is one hand, wow, I mean, GLP1 medicines is an example. It's miraculous. We went an example. It's miraculous. We went an example. It's miraculous. We went from from twice a day to once a week and from from twice a day to once a week and from from twice a day to once a week and now we've got versions that are once a now we've got versions that are once a now we've got versions that are once a month, maybe once a quarter. That's a month, maybe once a quarter. That's a month, maybe once a quarter. That's a huge unlock in my opinion. huge unlock in my opinion. huge unlock in my opinion. >> Maybe now's the time to tell a second >> Maybe now's the time to tell a second >> Maybe now's the time to tell a second drug story. Uh a far less well-known one drug story. Uh a far less well-known one drug story. Uh a far less well-known one than GLP1, which is PCSK9. I I I find than GLP1, which is PCSK9. I I I find than GLP1, which is PCSK9. I I I find this story to be so interesting uh for this story to be so interesting uh for this story to be so interesting uh for so many different reasons, but maybe so many different reasons, but maybe so many different reasons, but maybe most of all because it seems closest to most of all because it seems closest to most of all because it seems closest to a free what I'll call like a free lunch a free what I'll call like a free lunch a free what I'll call like a free lunch drug that exists. And because it helps drug that exists. And because it helps drug that exists. And because it helps deal with cardiovascular uh disease, deal with cardiovascular uh disease, deal with cardiovascular uh disease, which is something that everyone's, you which is something that everyone's, you which is something that everyone's, you know, in their family or themselves know, in their family or themselves know, in their family or themselves probably dealt with at some point, uh it probably dealt with at some point, uh it probably dealt with at some point, uh it seems incredibly important, close to as seems incredibly important, close to as seems incredibly important, close to as important as as the first one we talked important as as the first one we talked important as as the first one we talked about. Can you tell the story of this about. Can you tell the story of this about. Can you tell the story of this specific drug, like what what it does, specific drug, like what what it does, specific drug, like what what it does, how it works, the impact it might have? how it works, the impact it might have? how it works, the impact it might have? >> The headline here is PCSK9 medicines are >> The headline here is PCSK9 medicines are >> The headline here is PCSK9 medicines are amazing because what they do is they amazing because what they do is they amazing because what they do is they today can lower our our bad cholesterol, today can lower our our bad cholesterol, today can lower our our bad cholesterol, that LDL cholesterol by 50%. that LDL cholesterol by 50%. that LDL cholesterol by 50%. And we now have outcome studies in And we now have outcome studies in And we now have outcome studies in patients at different degrees of the of patients at different degrees of the of patients at different degrees of the of of having high cholesterol having um of having high cholesterol having um of having high cholesterol having um significant protection from ever significant protection from ever significant protection from ever developing and having a heart attack or developing and having a heart attack or developing and having a heart attack or a stroke. And so in patients that have a stroke. And so in patients that have a stroke. And so in patients that have previously had a heart attack or stroke, previously had a heart attack or stroke, previously had a heart attack or stroke, we can reduce that risk by over 20% in we can reduce that risk by over 20% in we can reduce that risk by over 20% in the future. And for people that are at the future. And for people that are at the future. And for people that are at high risk of having a heart attack or a high risk of having a heart attack or a high risk of having a heart attack or a stroke, the medicines that are approved stroke, the medicines that are approved stroke, the medicines that are approved and on the market today can lower that and on the market today can lower that and on the market today can lower that risk by about 25%. Um, and so these are risk by about 25%. Um, and so these are risk by about 25%. Um, and so these are are incredible medicines particularly are incredible medicines particularly are incredible medicines particularly because heart disease is still the because heart disease is still the because heart disease is still the number one killer in the US today. So number one killer in the US today. So number one killer in the US today. So the way these medicines were discovered the way these medicines were discovered the way these medicines were discovered is uh from human genetics. And so what is uh from human genetics. And so what is uh from human genetics. And so what we can do from a human genetic we can do from a human genetic we can do from a human genetic perspective is go around the world and perspective is go around the world and perspective is go around the world and look at different populations of people look at different populations of people look at different populations of people and study what are some of the and study what are some of the and study what are some of the attributes uh and some of the advantages attributes uh and some of the advantages attributes uh and some of the advantages of different populations. And it turns of different populations. And it turns of different populations. And it turns out that there's a population of people out that there's a population of people out that there's a population of people in the world um that have a genetic in the world um that have a genetic in the world um that have a genetic mutation that conveys a massive mutation that conveys a massive mutation that conveys a massive advantage. they have a mutation in their advantage. they have a mutation in their advantage. they have a mutation in their PCSK9 gene which means they don't PCSK9 gene which means they don't PCSK9 gene which means they don't produce the PCSK9 protein. produce the PCSK9 protein. produce the PCSK9 protein. Now what we've learned from both Now what we've learned from both Now what we've learned from both observing that that village and observing that that village and observing that that village and understanding you know the understanding you know the understanding you know the cardiorrotective nature of that genetic cardiorrotective nature of that genetic cardiorrotective nature of that genetic defect what we learned is that the defect what we learned is that the defect what we learned is that the production of this PCSK9 protein um production of this PCSK9 protein um production of this PCSK9 protein um actually interferes with our body's own actually interferes with our body's own actually interferes with our body's own ability to clear LDL cholesterol. And so ability to clear LDL cholesterol. And so ability to clear LDL cholesterol. And so what happens is the more PCSK9 we're what happens is the more PCSK9 we're what happens is the more PCSK9 we're producing, the fewer particles of LDL producing, the fewer particles of LDL producing, the fewer particles of LDL that we can clear, the higher our that we can clear, the higher our that we can clear, the higher our cholesterol grows over time, the more cholesterol grows over time, the more cholesterol grows over time, the more those little particles are invading our those little particles are invading our those little particles are invading our vasculature and starting to mount up vasculature and starting to mount up vasculature and starting to mount up until we get to a point where there's a until we get to a point where there's a until we get to a point where there's a blockage. And so um recognizing the blockage. And so um recognizing the blockage. And so um recognizing the import of of that PCSK9 protein driven import of of that PCSK9 protein driven import of of that PCSK9 protein driven from the observation of human genetics from the observation of human genetics from the observation of human genetics and from data that showed in these and from data that showed in these and from data that showed in these populations of people with longitudinal populations of people with longitudinal populations of people with longitudinal studies over 15 years the fact that they studies over 15 years the fact that they studies over 15 years the fact that they were genetically deficient in the were genetically deficient in the were genetically deficient in the production of the PCSK9 protein led to production of the PCSK9 protein led to production of the PCSK9 protein led to them having an 88% them having an 88% them having an 88% reduction in the risk of ever developing reduction in the risk of ever developing reduction in the risk of ever developing cardiovascular disease. That was cardiovascular disease. That was cardiovascular disease. That was miraculous. And so what the miraculous. And so what the miraculous. And so what the pharmaceutical industry sought to do was pharmaceutical industry sought to do was pharmaceutical industry sought to do was how can we how can we how can we >> replicate this? >> replicate this? >> replicate this? >> Exactly. How do we get that advantage >> Exactly. How do we get that advantage >> Exactly. How do we get that advantage into the hands of people? And so they into the hands of people? And so they into the hands of people? And so they came up with injectable biologic came up with injectable biologic came up with injectable biologic medicines at first um that you can medicines at first um that you can medicines at first um that you can inject and would go and find their way inject and would go and find their way inject and would go and find their way in your body to that PCSK9 uh protein in your body to that PCSK9 uh protein in your body to that PCSK9 uh protein and bind to it, make it so that protein and bind to it, make it so that protein and bind to it, make it so that protein couldn't bind to your LDL receptor. And couldn't bind to your LDL receptor. And couldn't bind to your LDL receptor. And that was the beginnings of those that was the beginnings of those that was the beginnings of those medicines. But what innovators then medicines. But what innovators then medicines. But what innovators then sought to do next was how do we make it sought to do next was how do we make it sought to do next was how do we make it easier for people to take those easier for people to take those easier for people to take those medicines and get the benefit. And so medicines and get the benefit. And so medicines and get the benefit. And so the next big innovation in that space the next big innovation in that space the next big innovation in that space was moving from injectable biologics or was moving from injectable biologics or was moving from injectable biologics or monoconal antibodies to what's a new monoconal antibodies to what's a new monoconal antibodies to what's a new modality called um RNA interference. And modality called um RNA interference. And modality called um RNA interference. And what these are is another form of what these are is another form of what these are is another form of subcutaneously injected medicine that subcutaneously injected medicine that subcutaneously injected medicine that makes its way down into your liver. And makes its way down into your liver. And makes its way down into your liver. And it had the attributes of these being it had the attributes of these being it had the attributes of these being very long duration molecules and made it very long duration molecules and made it very long duration molecules and made it so that we didn't have to inject so that we didn't have to inject so that we didn't have to inject ourselves 26 times a year, but maybe ourselves 26 times a year, but maybe ourselves 26 times a year, but maybe only twice. only twice. only twice. >> It's incredible when you think about >> It's incredible when you think about >> It's incredible when you think about seeking out a population that has a seeking out a population that has a seeking out a population that has a natural advantage, figuring out what it natural advantage, figuring out what it natural advantage, figuring out what it is, and then conferring it to others is, and then conferring it to others is, and then conferring it to others through a drug like this. The dramatic through a drug like this. The dramatic through a drug like this. The dramatic reduction in cardiovascular incidence of reduction in cardiovascular incidence of reduction in cardiovascular incidence of people, of course, the genetic group, people, of course, the genetic group, people, of course, the genetic group, 88%, but also the people that take this 88%, but also the people that take this 88%, but also the people that take this drug is so interesting. drug is so interesting. drug is so interesting. >> I I always wonder the body is so >> I I always wonder the body is so >> I I always wonder the body is so complex. the such a complex system. complex. the such a complex system. complex. the such a complex system. There seems to be very few things in There seems to be very few things in There seems to be very few things in biology that just are one like one use biology that just are one like one use biology that just are one like one use or one explanation. Like there's all or one explanation. Like there's all or one explanation. Like there's all sorts of stuff going on. What are the sorts of stuff going on. What are the sorts of stuff going on. What are the trade-offs in in I'm interested in both trade-offs in in I'm interested in both trade-offs in in I'm interested in both PCSK9 and GOP1 since we've talked about PCSK9 and GOP1 since we've talked about PCSK9 and GOP1 since we've talked about both. It just seems like there's always both. It just seems like there's always both. It just seems like there's always a trade-off like there there really a trade-off like there there really a trade-off like there there really aren't usually free lunches in markets aren't usually free lunches in markets aren't usually free lunches in markets in nature and in biology. in nature and in biology. in nature and in biology. >> So what's the skeptic's point of view? >> So what's the skeptic's point of view? >> So what's the skeptic's point of view? Like if I could somehow fly in the Like if I could somehow fly in the Like if I could somehow fly in the smartest, you know, datadriven smartest, you know, datadriven smartest, you know, datadriven scientific skeptic of the use of these scientific skeptic of the use of these scientific skeptic of the use of these drugs, what would that person say? drugs, what would that person say? drugs, what would that person say? >> PCSK9s are very much more that free >> PCSK9s are very much more that free >> PCSK9s are very much more that free lunch than um than GLP1 ones. GLP1's are lunch than um than GLP1 ones. GLP1's are lunch than um than GLP1 ones. GLP1's are easy. I mean, GLP1s have real toxicity easy. I mean, GLP1s have real toxicity easy. I mean, GLP1s have real toxicity associated with them. So um without a associated with them. So um without a associated with them. So um without a doubt, we've got we see in the clinical doubt, we've got we see in the clinical doubt, we've got we see in the clinical studies significant rates of nausea, studies significant rates of nausea, studies significant rates of nausea, vomiting, and diarrhea are the first vomiting, and diarrhea are the first vomiting, and diarrhea are the first symptoms that emerge that cause a lot of symptoms that emerge that cause a lot of symptoms that emerge that cause a lot of people to quit these medicines early. people to quit these medicines early. people to quit these medicines early. And if you look past that and you look And if you look past that and you look And if you look past that and you look at people that have been on these at people that have been on these at people that have been on these medicines for longer and longer periods medicines for longer and longer periods medicines for longer and longer periods of time, you look at the labels of these of time, you look at the labels of these of time, you look at the labels of these medicines and the clinical studies, you medicines and the clinical studies, you medicines and the clinical studies, you know, there's risk of of of having uh know, there's risk of of of having uh know, there's risk of of of having uh the development of of gallstones and um the development of of gallstones and um the development of of gallstones and um and pancreatitis and pancreatitis and pancreatitis and and of course these are um issues and and of course these are um issues and and of course these are um issues that would emerge just from having that would emerge just from having that would emerge just from having weight loss in general. Um which adds to weight loss in general. Um which adds to weight loss in general. Um which adds to that list, you know, um um muscle that list, you know, um um muscle that list, you know, um um muscle decline as well. These are all decline as well. These are all decline as well. These are all consequences of losing weight and losing consequences of losing weight and losing consequences of losing weight and losing weight quickly over a period of time. weight quickly over a period of time. weight quickly over a period of time. But when you look at the other side of But when you look at the other side of But when you look at the other side of the equation, the benefit that you get, the equation, the benefit that you get, the equation, the benefit that you get, the fact that these are so protective the fact that these are so protective the fact that these are so protective across so many different axes, and the across so many different axes, and the across so many different axes, and the data is pretty clear, not only will they data is pretty clear, not only will they data is pretty clear, not only will they protect us from developing diabetes, protect us from developing diabetes, protect us from developing diabetes, obesity, and cardiovascular disease. obesity, and cardiovascular disease. obesity, and cardiovascular disease. When you look at the implication of When you look at the implication of When you look at the implication of those diseases on expected human those diseases on expected human those diseases on expected human lifespan, we're talking about the lifespan, we're talking about the lifespan, we're talking about the aggregate of those diseases costing us 5 aggregate of those diseases costing us 5 aggregate of those diseases costing us 5 to 10 years. it's very much well worth to 10 years. it's very much well worth to 10 years. it's very much well worth it for people to take the risk of it for people to take the risk of it for people to take the risk of developing um these these other you know developing um these these other you know developing um these these other you know sub liabilities that you can do sub liabilities that you can do sub liabilities that you can do something about by just stopping the something about by just stopping the something about by just stopping the medicine um for the benefit and so I medicine um for the benefit and so I medicine um for the benefit and so I think there is a real trade-off without think there is a real trade-off without think there is a real trade-off without a doubt it is not a free lunch for GLP1s a doubt it is not a free lunch for GLP1s a doubt it is not a free lunch for GLP1s and but for PCSK9 it's it is pretty much and but for PCSK9 it's it is pretty much and but for PCSK9 it's it is pretty much a free lunch um you know there was uh a a free lunch um you know there was uh a a free lunch um you know there was uh a ton of concern in the early days like ton of concern in the early days like ton of concern in the early days like you know what happens if your LDL goes you know what happens if your LDL goes you know what happens if your LDL goes down to zero down to zero down to zero >> yeah what if doesn't LDL do good things >> yeah what if doesn't LDL do good things >> yeah what if doesn't LDL do good things like like like >> exactly >> exactly >> exactly >> it's there for some reason >> it's there for some reason >> it's there for some reason >> and it turns out that that LDL is >> and it turns out that that LDL is >> and it turns out that that LDL is produced in lots of different places in produced in lots of different places in produced in lots of different places in our bodies. It turns out that you can our bodies. It turns out that you can our bodies. It turns out that you can you can basically pin that PCSK9 bad you can basically pin that PCSK9 bad you can basically pin that PCSK9 bad protein down to zero. And the best we protein down to zero. And the best we protein down to zero. And the best we can do in terms of reduction of our LDL can do in terms of reduction of our LDL can do in terms of reduction of our LDL from really not even in humans but in from really not even in humans but in from really not even in humans but in animal models is something in the 80 to animal models is something in the 80 to animal models is something in the 80 to 90% zone. And because we have people 90% zone. And because we have people 90% zone. And because we have people that are walking around with mutations that are walking around with mutations that are walking around with mutations where they don't produce any PCSK9 and where they don't produce any PCSK9 and where they don't produce any PCSK9 and they live incredibly long healthy lives they live incredibly long healthy lives they live incredibly long healthy lives and don't have the vicious fate of and don't have the vicious fate of and don't have the vicious fate of having a heart attack or stroke. I think having a heart attack or stroke. I think having a heart attack or stroke. I think we've got the combination of of animal we've got the combination of of animal we've got the combination of of animal model evidence that suggests we really model evidence that suggests we really model evidence that suggests we really can't get LDL to zero combined with the can't get LDL to zero combined with the can't get LDL to zero combined with the fact that we've got genetically fact that we've got genetically fact that we've got genetically advantaged people walking around that advantaged people walking around that advantaged people walking around that aren't even producing the protein to the aren't even producing the protein to the aren't even producing the protein to the same degree as others. Um that this one same degree as others. Um that this one same degree as others. Um that this one is very much a free lunch in that. Do is very much a free lunch in that. Do is very much a free lunch in that. Do you think everyone in the world will be you think everyone in the world will be you think everyone in the world will be on this particular drug at some point? on this particular drug at some point? on this particular drug at some point? >> I I would that would be a dream for me. >> I I would that would be a dream for me. >> I I would that would be a dream for me. I think a big dream for me is that I think a big dream for me is that I think a big dream for me is that everybody anywhere who wants to have the everybody anywhere who wants to have the everybody anywhere who wants to have the maximum level of cardio protection could maximum level of cardio protection could maximum level of cardio protection could get access to this medicine and could get access to this medicine and could get access to this medicine and could stay on it. And I I would argue because stay on it. And I I would argue because stay on it. And I I would argue because it is more asymmetric, it is more in the it is more asymmetric, it is more in the it is more asymmetric, it is more in the degree of that free lunch. I would argue degree of that free lunch. I would argue degree of that free lunch. I would argue that if you just project down the road that if you just project down the road that if you just project down the road longer term, this medicine should be far longer term, this medicine should be far longer term, this medicine should be far bigger in terms of the number of people bigger in terms of the number of people bigger in terms of the number of people that that are on it and the revenues that that are on it and the revenues that that are on it and the revenues that are associated with it than than that are associated with it than than that are associated with it than than GLP1s. That's not what's playing out GLP1s. That's not what's playing out GLP1s. That's not what's playing out right now. And it's not playing out right now. And it's not playing out right now. And it's not playing out right now really for two reasons. Um, right now really for two reasons. Um, right now really for two reasons. Um, one, GLP1s have this amazing attribute one, GLP1s have this amazing attribute one, GLP1s have this amazing attribute to them that you take them and very to them that you take them and very to them that you take them and very quickly you start to have some side quickly you start to have some side quickly you start to have some side effects. So you know you're on them and effects. So you know you're on them and effects. So you know you're on them and you start to see the benefits. When you you start to see the benefits. When you you start to see the benefits. When you compare the two, it's easier for compare the two, it's easier for compare the two, it's easier for medicines where there's an acute, clear, medicines where there's an acute, clear, medicines where there's an acute, clear, easily measurable benefit for people to easily measurable benefit for people to easily measurable benefit for people to stay on them. Unfortunately, in the stay on them. Unfortunately, in the stay on them. Unfortunately, in the setting of cardiovascular disease and setting of cardiovascular disease and setting of cardiovascular disease and particularly thinking about bad particularly thinking about bad particularly thinking about bad cholesterol, cholesterol, cholesterol, this is to me the most dangerous setup this is to me the most dangerous setup this is to me the most dangerous setup because you don't feel anything if you because you don't feel anything if you because you don't feel anything if you have a high level of bad cholesterol. have a high level of bad cholesterol. have a high level of bad cholesterol. Uh, you could think of it as this silent Uh, you could think of it as this silent Uh, you could think of it as this silent killer that's just working in the killer that's just working in the killer that's just working in the background, slowly accumulating in our background, slowly accumulating in our background, slowly accumulating in our bodies. And you can be doing everything bodies. And you can be doing everything bodies. And you can be doing everything right and being at your peak physical right and being at your peak physical right and being at your peak physical shape and then all of a sudden out of shape and then all of a sudden out of shape and then all of a sudden out of nowhere, you can have a heart attack or nowhere, you can have a heart attack or nowhere, you can have a heart attack or a stroke because if we don't pay a stroke because if we don't pay a stroke because if we don't pay attention to the levels of this bad attention to the levels of this bad attention to the levels of this bad cholesterol in our body, they can sneak cholesterol in our body, they can sneak cholesterol in our body, they can sneak up on us and claim our lives. And so to up on us and claim our lives. And so to up on us and claim our lives. And so to me, because the reward is so me, because the reward is so me, because the reward is so asymmetrically favorable versus the asymmetrically favorable versus the asymmetrically favorable versus the risk, because the earlier we can risk, because the earlier we can risk, because the earlier we can intervene with the accumulation of intervene with the accumulation of intervene with the accumulation of cholesterol in our body and keep that at cholesterol in our body and keep that at cholesterol in our body and keep that at bay, the greater the likelihood is that bay, the greater the likelihood is that bay, the greater the likelihood is that we're going to get through the rest of we're going to get through the rest of we're going to get through the rest of our lives, even if other things manifest our lives, even if other things manifest our lives, even if other things manifest like diabetes or or high in inflammation like diabetes or or high in inflammation like diabetes or or high in inflammation or our blood pressure goes up, we're or our blood pressure goes up, we're or our blood pressure goes up, we're going to be able to be right at the core going to be able to be right at the core going to be able to be right at the core of the problem and keep that as low as of the problem and keep that as low as of the problem and keep that as low as possible. meaning that we've got the possible. meaning that we've got the possible. meaning that we've got the lowest level of accumulation across our lowest level of accumulation across our lowest level of accumulation across our vasculature. vasculature. vasculature. >> The I think the number three and four >> The I think the number three and four >> The I think the number three and four killers after we talked about metabolic killers after we talked about metabolic killers after we talked about metabolic disorders um and and cardiovascular are disorders um and and cardiovascular are disorders um and and cardiovascular are neurodeenerative and cancers. And so I'd neurodeenerative and cancers. And so I'd neurodeenerative and cancers. And so I'd love to spend a couple minutes on each love to spend a couple minutes on each love to spend a couple minutes on each of those. Neurodeenerative in particular of those. Neurodeenerative in particular of those. Neurodeenerative in particular Alzheimer's drugs seems to have been Alzheimer's drugs seems to have been Alzheimer's drugs seems to have been kind of this wasteland like we don't we kind of this wasteland like we don't we kind of this wasteland like we don't we really don't understand what's going on. really don't understand what's going on. really don't understand what's going on. Um, and as a result, we haven't made a Um, and as a result, we haven't made a Um, and as a result, we haven't made a lot of progress at either protecting lot of progress at either protecting lot of progress at either protecting against or treating something like against or treating something like against or treating something like dementia, Alzheimer's. What is going on dementia, Alzheimer's. What is going on dementia, Alzheimer's. What is going on in the world of science and in the in the world of science and in the in the world of science and in the business of of pharmaceuticals to business of of pharmaceuticals to business of of pharmaceuticals to address this specific problem? address this specific problem? address this specific problem? >> Yeah, it was it's it's been a wasteland >> Yeah, it was it's it's been a wasteland >> Yeah, it was it's it's been a wasteland for for decades and and I think um I for for decades and and I think um I for for decades and and I think um I think we've finally cracked the think we've finally cracked the think we've finally cracked the beginning of the code, but not the full beginning of the code, but not the full beginning of the code, but not the full answer. What we found today is in answer. What we found today is in answer. What we found today is in patients that have confirmed levels of patients that have confirmed levels of patients that have confirmed levels of plaques that have developed over decades plaques that have developed over decades plaques that have developed over decades in their brains, um, we now have in their brains, um, we now have in their brains, um, we now have medicines that people can take that will medicines that people can take that will medicines that people can take that will start to break up those plaques and start to break up those plaques and start to break up those plaques and remove them. Now, unfortunately, and remove them. Now, unfortunately, and remove them. Now, unfortunately, and this will be intuitive, if you get to this will be intuitive, if you get to this will be intuitive, if you get to the patient that late in the disease, a the patient that late in the disease, a the patient that late in the disease, a lot of of of damage to the brain has lot of of of damage to the brain has lot of of of damage to the brain has already happened because you can imagine already happened because you can imagine already happened because you can imagine like these plaques are building. they like these plaques are building. they like these plaques are building. they have to go somewhere and they're they're have to go somewhere and they're they're have to go somewhere and they're they're causing death and destruction of the causing death and destruction of the causing death and destruction of the tissue around them. And so today we've tissue around them. And so today we've tissue around them. And so today we've got some amazing medicines that are both got some amazing medicines that are both got some amazing medicines that are both Biogen and Eli Liy that if you are late Biogen and Eli Liy that if you are late Biogen and Eli Liy that if you are late in the disease progression of in the disease progression of in the disease progression of Alzheimer's, you can start to slow the Alzheimer's, you can start to slow the Alzheimer's, you can start to slow the decline. We can slow that decline by decline. We can slow that decline by decline. We can slow that decline by about 30%. And so intuitively that just about 30%. And so intuitively that just about 30%. And so intuitively that just gives us a lot more years, you know, at gives us a lot more years, you know, at gives us a lot more years, you know, at the baseline level of cognition that we the baseline level of cognition that we the baseline level of cognition that we have versus, you know, really declining have versus, you know, really declining have versus, you know, really declining much more rapidly. It turns out that if much more rapidly. It turns out that if much more rapidly. It turns out that if we can identify a patient that's at risk we can identify a patient that's at risk we can identify a patient that's at risk for Alzheimer's disease earlier and for Alzheimer's disease earlier and for Alzheimer's disease earlier and earlier and earlier if we is a test earlier and earlier if we is a test earlier and earlier if we is a test available to do that well then it makes available to do that well then it makes available to do that well then it makes perfect sense that if we can start perfect sense that if we can start perfect sense that if we can start giving people these medicines as early giving people these medicines as early giving people these medicines as early as possible not only will you be there as possible not only will you be there as possible not only will you be there in the early stages before a lot of in the early stages before a lot of in the early stages before a lot of damage is done but you can think about damage is done but you can think about damage is done but you can think about it as turning off the faucet. So, as it as turning off the faucet. So, as it as turning off the faucet. So, as these new amaloid plaques are produced, these new amaloid plaques are produced, these new amaloid plaques are produced, you can be um attacking them with a you can be um attacking them with a you can be um attacking them with a medicine that helps to accelerate their medicine that helps to accelerate their medicine that helps to accelerate their clearance. And oh my goodness, maybe clearance. And oh my goodness, maybe clearance. And oh my goodness, maybe that has a dramatic effect on long-term that has a dramatic effect on long-term that has a dramatic effect on long-term decline. Maybe it reduces those rates by decline. Maybe it reduces those rates by decline. Maybe it reduces those rates by 40, 50 or more percent over a longer 40, 50 or more percent over a longer 40, 50 or more percent over a longer period of time, which means the earlier period of time, which means the earlier period of time, which means the earlier we can get them and the better those we can get them and the better those we can get them and the better those medicines are at interacting with those medicines are at interacting with those medicines are at interacting with those plaques. And the easier it is for those plaques. And the easier it is for those plaques. And the easier it is for those people to stay on those medicines, we people to stay on those medicines, we people to stay on those medicines, we might be able to wake up in a world might be able to wake up in a world might be able to wake up in a world where we live without this disease. where we live without this disease. where we live without this disease. >> We know that that's possible with GLP-1s >> We know that that's possible with GLP-1s >> We know that that's possible with GLP-1s for diabetes and obesity. If you take for diabetes and obesity. If you take for diabetes and obesity. If you take them early enough, you will not become them early enough, you will not become them early enough, you will not become diabetic. You will not become obese. We diabetic. You will not become obese. We diabetic. You will not become obese. We know that's possible for cardiovascular know that's possible for cardiovascular know that's possible for cardiovascular disease. If you start taking a PCSK9 disease. If you start taking a PCSK9 disease. If you start taking a PCSK9 inhibitor earlier in your life, which by inhibitor earlier in your life, which by inhibitor earlier in your life, which by the way, I think the riskreward is the way, I think the riskreward is the way, I think the riskreward is actually even more favorable than actually even more favorable than actually even more favorable than statins in terms of human health, but we statins in terms of human health, but we statins in terms of human health, but we know that you won't progress to to know that you won't progress to to know that you won't progress to to cardiovascular disease. The same is true cardiovascular disease. The same is true cardiovascular disease. The same is true for Alzheimer's. As your business scales for Alzheimer's. As your business scales for Alzheimer's. As your business scales up, everything gets more complex, up, everything gets more complex, up, everything gets more complex, especially your compliance and security especially your compliance and security especially your compliance and security needs. With so many tools offering needs. With so many tools offering needs. With so many tools offering band-aids and patches, it's band-aids and patches, it's band-aids and patches, it's unfortunately far too easy for something unfortunately far too easy for something unfortunately far too easy for something to slip through the cracks. Fortunately, to slip through the cracks. Fortunately, to slip through the cracks. Fortunately, Vanta is a powerful tool designed to Vanta is a powerful tool designed to Vanta is a powerful tool designed to simplify and automate your security work simplify and automate your security work simplify and automate your security work and deliver a single source of truth for and deliver a single source of truth for and deliver a single source of truth for compliance and risk. There's a reason compliance and risk. There's a reason compliance and risk. There's a reason that Ramp, Cursor, and Snowflake all use that Ramp, Cursor, and Snowflake all use that Ramp, Cursor, and Snowflake all use Vanta. It frees them to focus on Vanta. It frees them to focus on Vanta. It frees them to focus on building amazing differentiated building amazing differentiated building amazing differentiated products, knowing that compliance and products, knowing that compliance and products, knowing that compliance and security are under control. Learn more security are under control. Learn more security are under control. Learn more at vanta.com/invest. at vanta.com/invest. at vanta.com/invest. I know firsthand how complex the tech I know firsthand how complex the tech I know firsthand how complex the tech stack is for asset management firms. And stack is for asset management firms. And stack is for asset management firms. And seemingly every new tool and data source seemingly every new tool and data source seemingly every new tool and data source makes the problem even worse, adding makes the problem even worse, adding makes the problem even worse, adding more complexity, more headcount, and more complexity, more headcount, and more complexity, more headcount, and more risk. Ridgeline offers a better way more risk. Ridgeline offers a better way more risk. Ridgeline offers a better way forward. One unified platform that forward. One unified platform that forward. 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Ridgeline can unlock for your firm. Ridgeline can unlock for your firm. Schedule a demo at ridgeline.ai. Schedule a demo at ridgeline.ai. Schedule a demo at ridgeline.ai. So, up to this point, we can imagine a So, up to this point, we can imagine a So, up to this point, we can imagine a future world, as I know you do, where future world, as I know you do, where future world, as I know you do, where everyone can enjoy the benefits of everyone can enjoy the benefits of everyone can enjoy the benefits of protective defensive measures in in our protective defensive measures in in our protective defensive measures in in our health stack for these three specific health stack for these three specific health stack for these three specific killers. What about cancer? Like cancer killers. What about cancer? Like cancer killers. What about cancer? Like cancer is is the last one that some ways feels is is the last one that some ways feels is is the last one that some ways feels the most visceral uh and and the the most visceral uh and and the the most visceral uh and and the scariest. uh you know, you hear you have scariest. uh you know, you hear you have scariest. uh you know, you hear you have cancer or someone has cancer, it feels cancer or someone has cancer, it feels cancer or someone has cancer, it feels like this uh death nail or just like this uh death nail or just like this uh death nail or just terrifying piece of news. I think we've terrifying piece of news. I think we've terrifying piece of news. I think we've made huge strides in treating cancer, made huge strides in treating cancer, made huge strides in treating cancer, but I'm curious how you would frame up but I'm curious how you would frame up but I'm curious how you would frame up the problem that is dealing with the problem that is dealing with the problem that is dealing with preventing treating all different kinds preventing treating all different kinds preventing treating all different kinds of cancer. Well, and and if if if of cancer. Well, and and if if if of cancer. Well, and and if if if we are successful in mobilizing people we are successful in mobilizing people we are successful in mobilizing people around a health stack and we can move around a health stack and we can move around a health stack and we can move from reactively treating disease to from reactively treating disease to from reactively treating disease to helping people be as proactive about helping people be as proactive about helping people be as proactive about their health as possible. I think the their health as possible. I think the their health as possible. I think the unintended consequence of that is unintended consequence of that is unintended consequence of that is because as people live longer, because as people live longer, because as people live longer, eventually something's going to get us. eventually something's going to get us. eventually something's going to get us. And so I think what we find is like the And so I think what we find is like the And so I think what we find is like the incidence of cancer being the issue that incidence of cancer being the issue that incidence of cancer being the issue that that that uh that brings us down, the that that uh that brings us down, the that that uh that brings us down, the disease that brings us down, you know, disease that brings us down, you know, disease that brings us down, you know, could rise. And so I think we would be could rise. And so I think we would be could rise. And so I think we would be remiss to not talk about, you know, remiss to not talk about, you know, remiss to not talk about, you know, where we are with cancer and what needs where we are with cancer and what needs where we are with cancer and what needs to be true to actually really start to be true to actually really start to be true to actually really start beating it in a way that matters. Cancer beating it in a way that matters. Cancer beating it in a way that matters. Cancer is hard um both because we often is hard um both because we often is hard um both because we often identify it too late and then when we identify it too late and then when we identify it too late and then when we do, cancer is like a sneaky devil. Um, do, cancer is like a sneaky devil. Um, do, cancer is like a sneaky devil. Um, you might have an angle of attack to go you might have an angle of attack to go you might have an angle of attack to go and beat that cancer that presents and beat that cancer that presents and beat that cancer that presents itself early. And as soon as you're itself early. And as soon as you're itself early. And as soon as you're making progress with a medicine against making progress with a medicine against making progress with a medicine against that angle of attack, all of a sudden that angle of attack, all of a sudden that angle of attack, all of a sudden the cancer has a survival instinct and the cancer has a survival instinct and the cancer has a survival instinct and it redirects. And now a medicine that it redirects. And now a medicine that it redirects. And now a medicine that was working incredibly well that had was working incredibly well that had was working incredibly well that had shrunk a tumor completely to zero is is shrunk a tumor completely to zero is is shrunk a tumor completely to zero is is having no effect. Because while that having no effect. Because while that having no effect. Because while that medicine eliminated the cells that were medicine eliminated the cells that were medicine eliminated the cells that were most vulnerable to the medicine, guess most vulnerable to the medicine, guess most vulnerable to the medicine, guess what? the cells that were left behind, what? the cells that were left behind, what? the cells that were left behind, even if it's just a few, now had the even if it's just a few, now had the even if it's just a few, now had the advantage in growing rapidly and causing advantage in growing rapidly and causing advantage in growing rapidly and causing a new set of harm and and setting a a new set of harm and and setting a a new set of harm and and setting a patient on a on a horrific direction. patient on a on a horrific direction. patient on a on a horrific direction. And so, it's hard because we tend to And so, it's hard because we tend to And so, it's hard because we tend to identify cancer too late and then when identify cancer too late and then when identify cancer too late and then when we do, it's shifty. Now, um I think that we do, it's shifty. Now, um I think that we do, it's shifty. Now, um I think that there's there's also the opportunity for there's there's also the opportunity for there's there's also the opportunity for optimism around it. And I think it gets optimism around it. And I think it gets optimism around it. And I think it gets to topic you and I have spent some time to topic you and I have spent some time to topic you and I have spent some time talking about which is testing. And I talking about which is testing. And I talking about which is testing. And I would say the areas of testing today would say the areas of testing today would say the areas of testing today that I find most exciting are across um that I find most exciting are across um that I find most exciting are across um being proactive and early identification being proactive and early identification being proactive and early identification of the risk and then once a cancer of the risk and then once a cancer of the risk and then once a cancer emerges, what do we do about it? And so emerges, what do we do about it? And so emerges, what do we do about it? And so talking maybe across both of those talking maybe across both of those talking maybe across both of those modalities and then come back to the modalities and then come back to the modalities and then come back to the medicines that are associated with that. medicines that are associated with that. medicines that are associated with that. In terms of identifying cancer early um In terms of identifying cancer early um In terms of identifying cancer early um there are companies like Exact Sciences there are companies like Exact Sciences there are companies like Exact Sciences and Garden Health that have gone really and Garden Health that have gone really and Garden Health that have gone really hard at breakthrough innovations to help hard at breakthrough innovations to help hard at breakthrough innovations to help us screen for colorectile cancer. Now of us screen for colorectile cancer. Now of us screen for colorectile cancer. Now of course we have the gold standard that's course we have the gold standard that's course we have the gold standard that's available which um which is a available which um which is a available which um which is a colonoscopy and I have to go get one colonoscopy and I have to go get one colonoscopy and I have to go get one next year. Um, but none of us are ever next year. Um, but none of us are ever next year. Um, but none of us are ever looking forward to that. And so because looking forward to that. And so because looking forward to that. And so because it's something people don't look forward it's something people don't look forward it's something people don't look forward to, even though everybody should be to, even though everybody should be to, even though everybody should be getting them and with regular getting them and with regular getting them and with regular periodicity, most people don't. And I periodicity, most people don't. And I periodicity, most people don't. And I think that's really tragic because by think that's really tragic because by think that's really tragic because by not getting your colonoscopy, not getting your colonoscopy, not getting your colonoscopy, um, you're putting yourself at risk for um, you're putting yourself at risk for um, you're putting yourself at risk for colon cancer, which is an incredibly colon cancer, which is an incredibly colon cancer, which is an incredibly slow growing cancer. And if you just got slow growing cancer. And if you just got slow growing cancer. And if you just got the colonoscopy, like I think we could the colonoscopy, like I think we could the colonoscopy, like I think we could very much live in a world today with a very much live in a world today with a very much live in a world today with a very low incidence of of colorectile very low incidence of of colorectile very low incidence of of colorectile cancer. Garden Health and Exact Sciences cancer. Garden Health and Exact Sciences cancer. Garden Health and Exact Sciences went directly at this problem. Exact went directly at this problem. Exact went directly at this problem. Exact Sciences has a stool-based test that has Sciences has a stool-based test that has Sciences has a stool-based test that has incredible ability to predict um people incredible ability to predict um people incredible ability to predict um people being at risk of cancer. Same thing for being at risk of cancer. Same thing for being at risk of cancer. Same thing for Garden Health. Garden Health took it to Garden Health. Garden Health took it to Garden Health. Garden Health took it to the next step in terms of knowing that the next step in terms of knowing that the next step in terms of knowing that you can go after markers that would you can go after markers that would you can go after markers that would predict colorectal cancer, but predict colorectal cancer, but predict colorectal cancer, but recognizing that the commercial um model recognizing that the commercial um model recognizing that the commercial um model around being able to get people to not around being able to get people to not around being able to get people to not just receive the prescription um for a just receive the prescription um for a just receive the prescription um for a stool-based test, but the complexity of stool-based test, but the complexity of stool-based test, but the complexity of people being able to complete the test people being able to complete the test people being able to complete the test and get that sample back was one that and get that sample back was one that and get that sample back was one that just could never have the scale as a just could never have the scale as a just could never have the scale as a simple blood test. And so Garnet learned simple blood test. And so Garnet learned simple blood test. And so Garnet learned from Exact Scienc's advancement and then from Exact Scienc's advancement and then from Exact Scienc's advancement and then came up with the nextG version as a came up with the nextG version as a came up with the nextG version as a simple blood test that you can get done simple blood test that you can get done simple blood test that you can get done just about anywhere. Um, and it's been just about anywhere. Um, and it's been just about anywhere. Um, and it's been amazing to see that not only are both of amazing to see that not only are both of amazing to see that not only are both of those markets continuing to grow, but those markets continuing to grow, but those markets continuing to grow, but the blood test is inflecting. That to me the blood test is inflecting. That to me the blood test is inflecting. That to me is exciting because it means that again, is exciting because it means that again, is exciting because it means that again, people care, doctors care, people care, people care, doctors care, people care, people care, doctors care, people care, they're getting it done, and that means they're getting it done, and that means they're getting it done, and that means we're going to be safer and safer from we're going to be safer and safer from we're going to be safer and safer from these. Um, but I think it's important these. Um, but I think it's important these. Um, but I think it's important for people to realize that not all tests for people to realize that not all tests for people to realize that not all tests are created equally. And to me, when I are created equally. And to me, when I are created equally. And to me, when I look at a new diagnostic in the space, I look at a new diagnostic in the space, I look at a new diagnostic in the space, I care deeply about two metrics. One is um care deeply about two metrics. One is um care deeply about two metrics. One is um the sensitivity and the other is the the sensitivity and the other is the the sensitivity and the other is the speciv specificity. One of them tells us speciv specificity. One of them tells us speciv specificity. One of them tells us um what is of all the people that could um what is of all the people that could um what is of all the people that could have cancer, have cancer, have cancer, what percentage of those samples are we what percentage of those samples are we what percentage of those samples are we actually getting back? that is a direct actually getting back? that is a direct actually getting back? that is a direct a an accurate diagnosis of cancer. So if a an accurate diagnosis of cancer. So if a an accurate diagnosis of cancer. So if there are 100 cancers in a sample, what there are 100 cancers in a sample, what there are 100 cancers in a sample, what percentage of them actually get picked percentage of them actually get picked percentage of them actually get picked up as cancer? That's the sensitivity. up as cancer? That's the sensitivity. up as cancer? That's the sensitivity. And then the specificity is if there's And then the specificity is if there's And then the specificity is if there's 100 samples uh that don't have cancer, 100 samples uh that don't have cancer, 100 samples uh that don't have cancer, what percentage of those give us a false what percentage of those give us a false what percentage of those give us a false positive saying that you have cancer and positive saying that you have cancer and positive saying that you have cancer and when you don't? I think both of those when you don't? I think both of those when you don't? I think both of those are really important metrics. And at the are really important metrics. And at the are really important metrics. And at the same time, I think that there's a whole same time, I think that there's a whole same time, I think that there's a whole other industry around multicancer early other industry around multicancer early other industry around multicancer early detection that's evolving right now and detection that's evolving right now and detection that's evolving right now and unfolding right before our eyes. These unfolding right before our eyes. These unfolding right before our eyes. These are companies like moving from not just are companies like moving from not just are companies like moving from not just having single cancer tests, but having having single cancer tests, but having having single cancer tests, but having multi-cancer tests across, you know, multi-cancer tests across, you know, multi-cancer tests across, you know, large numbers of of tumor types that large numbers of of tumor types that large numbers of of tumor types that that can be um uh really dangerous. When that can be um uh really dangerous. When that can be um uh really dangerous. When you think about how I describe the you think about how I describe the you think about how I describe the offensive and defensive side of the offensive and defensive side of the offensive and defensive side of the health stack, the defensive medicines health stack, the defensive medicines health stack, the defensive medicines that we can take to to to keep us that we can take to to to keep us that we can take to to to keep us maximally protected, what's not in there maximally protected, what's not in there maximally protected, what's not in there is anything to protect us from directly is anything to protect us from directly is anything to protect us from directly from cancer. But that's because I try to from cancer. But that's because I try to from cancer. But that's because I try to attack cancer from the screening attack cancer from the screening attack cancer from the screening perspective. I made that part of perspective. I made that part of perspective. I made that part of offense. You know, over time, I think at offense. You know, over time, I think at offense. You know, over time, I think at a minimum people should be doing a a minimum people should be doing a a minimum people should be doing a colonoscopy. I think that the next colonoscopy. I think that the next colonoscopy. I think that the next best-in-class version of that is best-in-class version of that is best-in-class version of that is colonoscopy married with either a blood colonoscopy married with either a blood colonoscopy married with either a blood test or a stoolbased test with some test or a stoolbased test with some test or a stoolbased test with some regular periodicity to it. And I think regular periodicity to it. And I think regular periodicity to it. And I think over the next three to five years, over the next three to five years, over the next three to five years, particularly with how AI uh and the particularly with how AI uh and the particularly with how AI uh and the evolution of these tests are really evolution of these tests are really evolution of these tests are really converging to help them to move faster converging to help them to move faster converging to help them to move faster and faster and to be better and better. and faster and to be better and better. and faster and to be better and better. Um I think we're going to wake up within Um I think we're going to wake up within Um I think we're going to wake up within the next 5 years with really awesome the next 5 years with really awesome the next 5 years with really awesome multicancer early detection tests. And multicancer early detection tests. And multicancer early detection tests. And when we have them, then shame on us if when we have them, then shame on us if when we have them, then shame on us if we're not getting them. And shame on us we're not getting them. And shame on us we're not getting them. And shame on us for that not acting on the learnings for that not acting on the learnings for that not acting on the learnings that come from them. And and this will that come from them. And and this will that come from them. And and this will be obvious, but the earlier we know that be obvious, but the earlier we know that be obvious, but the earlier we know that we have a cancer, the greater the range we have a cancer, the greater the range we have a cancer, the greater the range of options are for us to go do something of options are for us to go do something of options are for us to go do something about it. And I think we're finding that about it. And I think we're finding that about it. And I think we're finding that across lots of different cancers, across lots of different cancers, across lots of different cancers, there's opportunities to have amazing there's opportunities to have amazing there's opportunities to have amazing results. Um sadly, my brother-in-law's results. Um sadly, my brother-in-law's results. Um sadly, my brother-in-law's father um passed from multimoma father um passed from multimoma father um passed from multimoma um maybe almost a decade ago. If he had um maybe almost a decade ago. If he had um maybe almost a decade ago. If he had been diagnosed today with multimoma, his been diagnosed today with multimoma, his been diagnosed today with multimoma, his outcome, his prognosis is dramatically outcome, his prognosis is dramatically outcome, his prognosis is dramatically different because not only is our different because not only is our different because not only is our ability to test and identify that people ability to test and identify that people ability to test and identify that people are developing cancers getting better, are developing cancers getting better, are developing cancers getting better, not only do we have other types of tests not only do we have other types of tests not only do we have other types of tests that we can look at what are the that we can look at what are the that we can look at what are the mutational drivers of that cancer that mutational drivers of that cancer that mutational drivers of that cancer that help to connect not just cancer but the help to connect not just cancer but the help to connect not just cancer but the type of cancer to the best medicine to type of cancer to the best medicine to type of cancer to the best medicine to that we have today to go treat it. But that we have today to go treat it. But that we have today to go treat it. But the medicines are getting better and the medicines are getting better and the medicines are getting better and better. And so while cancer medicines better. And so while cancer medicines better. And so while cancer medicines began as many medicines do with just began as many medicines do with just began as many medicines do with just pills and injectable biologics, today we pills and injectable biologics, today we pills and injectable biologics, today we have an entirely new class of medicines have an entirely new class of medicines have an entirely new class of medicines that are these um CARTT cells that are that are these um CARTT cells that are that are these um CARTT cells that are either cells that we take out of a either cells that we take out of a either cells that we take out of a patient's body and arm them with the patient's body and arm them with the patient's body and arm them with the ability to go attack the cancer directly ability to go attack the cancer directly ability to go attack the cancer directly or companies like Capstan just just came or companies like Capstan just just came or companies like Capstan just just came up with the nextG version of that where up with the nextG version of that where up with the nextG version of that where they can inject on an IV basis that can they can inject on an IV basis that can they can inject on an IV basis that can go and attack the cancer cells, you go and attack the cancer cells, you go and attack the cancer cells, you know, directly without having to even know, directly without having to even know, directly without having to even take cells out of a patient's body and take cells out of a patient's body and take cells out of a patient's body and have that happen within the patient's have that happen within the patient's have that happen within the patient's own body. And what we're seeing from own body. And what we're seeing from own body. And what we're seeing from these medicines is dramatic efficacy. these medicines is dramatic efficacy. these medicines is dramatic efficacy. So, we're seeing that they have the So, we're seeing that they have the So, we're seeing that they have the potential to reduce tumors um by 100% potential to reduce tumors um by 100% potential to reduce tumors um by 100% and to do that in 70% plus of patients and to do that in 70% plus of patients and to do that in 70% plus of patients and to keep them at bay for really long and to keep them at bay for really long and to keep them at bay for really long periods of time. And so while we haven't periods of time. And so while we haven't periods of time. And so while we haven't yet cured cancer, to me I think the yet cured cancer, to me I think the yet cured cancer, to me I think the slope of the line is really exciting slope of the line is really exciting slope of the line is really exciting both from the testing angle and the both from the testing angle and the both from the testing angle and the earlier we can identify these cancers earlier we can identify these cancers earlier we can identify these cancers and from the increasing range of and from the increasing range of and from the increasing range of modalities and options that we have to modalities and options that we have to modalities and options that we have to go after and destroy them. What about go after and destroy them. What about go after and destroy them. What about imaging both skin imaging um interesting imaging both skin imaging um interesting imaging both skin imaging um interesting companies doing that like Neco uh deep companies doing that like Neco uh deep companies doing that like Neco uh deep deep body imaging like companies like deep body imaging like companies like deep body imaging like companies like Peruvo it's quite expensive but as I Peruvo it's quite expensive but as I Peruvo it's quite expensive but as I think about the health stack as think about the health stack as think about the health stack as something that we could do that's something that we could do that's something that we could do that's preventative how do you feel about those preventative how do you feel about those preventative how do you feel about those technologies which are relatively new um technologies which are relatively new um technologies which are relatively new um but but do try to take a picture you but but do try to take a picture you but but do try to take a picture you know worth a thousand words inside your know worth a thousand words inside your know worth a thousand words inside your body and identify a tumor early or body and identify a tumor early or body and identify a tumor early or something like that do you think that's something like that do you think that's something like that do you think that's worth it worth it worth it >> yeah to to me more data is worth it so >> yeah to to me more data is worth it so >> yeah to to me more data is worth it so long as you can put it in the right long as you can put it in the right long as you can put it in the right context context context So when we get the result of a colctal So when we get the result of a colctal So when we get the result of a colctal cancer test, screening test, we know the cancer test, screening test, we know the cancer test, screening test, we know the context for that and we actually know context for that and we actually know context for that and we actually know whether um we have something that's whether um we have something that's whether um we have something that's useful or not. I think that the the useful or not. I think that the the useful or not. I think that the the pictures that we can get from groups pictures that we can get from groups pictures that we can get from groups like Proo and others are powerful like Proo and others are powerful like Proo and others are powerful because we can see progression over time because we can see progression over time because we can see progression over time and we can use that data and and we can use that data and and we can use that data and particularly as AI is going to particularly as AI is going to particularly as AI is going to increasingly become our medical home, increasingly become our medical home, increasingly become our medical home, arming our our our our AI system with arming our our our our AI system with arming our our our our AI system with that information will be super helpful. that information will be super helpful. that information will be super helpful. Um, the thing that I worry about though Um, the thing that I worry about though Um, the thing that I worry about though is as you measure more and more is as you measure more and more is as you measure more and more different dimensions with each of them different dimensions with each of them different dimensions with each of them having a material false positive rate, having a material false positive rate, having a material false positive rate, the odds that you come out of that the odds that you come out of that the odds that you come out of that experience with a false positive that experience with a false positive that experience with a false positive that can be disruptive in life becomes can be disruptive in life becomes can be disruptive in life becomes material. And so it's not to discourage material. And so it's not to discourage material. And so it's not to discourage anybody from from doing these. It's just anybody from from doing these. It's just anybody from from doing these. It's just to make sure that any data that we're to make sure that any data that we're to make sure that any data that we're collecting, make sure we put it into the collecting, make sure we put it into the collecting, make sure we put it into the right context set so that we can have um right context set so that we can have um right context set so that we can have um um a framework for how we deal with um a framework for how we deal with um a framework for how we deal with whatever information comes from taking whatever information comes from taking whatever information comes from taking that test. So for me personally, I'm not that test. So for me personally, I'm not that test. So for me personally, I'm not yet pursuing those. Um I I'm very much yet pursuing those. Um I I'm very much yet pursuing those. Um I I'm very much focused on areas where if we're going to focused on areas where if we're going to focused on areas where if we're going to go and do a test, it's going to have a go and do a test, it's going to have a go and do a test, it's going to have a high probability of capturing what I'm high probability of capturing what I'm high probability of capturing what I'm testing for and a low probability of testing for and a low probability of testing for and a low probability of giving me a false reading. And I think giving me a false reading. And I think giving me a false reading. And I think the more information that we can um the more information that we can um the more information that we can um accumulate with really high fidelity, accumulate with really high fidelity, accumulate with really high fidelity, the better we'll be at being proactive the better we'll be at being proactive the better we'll be at being proactive about our health. about our health. about our health. >> Everything we talked about today was >> Everything we talked about today was >> Everything we talked about today was discovered and developed by incredibly discovered and developed by incredibly discovered and developed by incredibly talented um people, both scientists, um talented um people, both scientists, um talented um people, both scientists, um people in the medical field, but then people in the medical field, but then people in the medical field, but then business builders that turn these things business builders that turn these things business builders that turn these things into great products and great companies. into great products and great companies. into great products and great companies. Maybe just describe so as not to take it Maybe just describe so as not to take it Maybe just describe so as not to take it for granted what that process is in the for granted what that process is in the for granted what that process is in the first place. Back to biology is first place. Back to biology is first place. Back to biology is complicated. like it is unfreaking complicated. like it is unfreaking complicated. like it is unfreaking believable we can do the things you've believable we can do the things you've believable we can do the things you've been describing so far in this been describing so far in this been describing so far in this conversation and that we're on a conversation and that we're on a conversation and that we're on a trajectory to do even like the trajectory to do even like the trajectory to do even like the granularity with which we can make edits granularity with which we can make edits granularity with which we can make edits for lack of a better term into what's for lack of a better term into what's for lack of a better term into what's going on in biology is probably just going on in biology is probably just going on in biology is probably just going to continue to accelerate. So I going to continue to accelerate. So I going to continue to accelerate. So I want to understand that process itself want to understand that process itself want to understand that process itself and then we can talk about how AI and then we can talk about how AI and then we can talk about how AI figures into that discovery process. figures into that discovery process. figures into that discovery process. >> So first of all what are the two key >> So first of all what are the two key >> So first of all what are the two key ingredients for discovery to happen? Um, ingredients for discovery to happen? Um, ingredients for discovery to happen? Um, you need uh scientific instinct married you need uh scientific instinct married you need uh scientific instinct married with with tremendous amounts of capital. with with tremendous amounts of capital. with with tremendous amounts of capital. And I think you need both of those to And I think you need both of those to And I think you need both of those to converge in order for there to be a converge in order for there to be a converge in order for there to be a breakthrough that allows us to live breakthrough that allows us to live breakthrough that allows us to live healthier and and uh and longer lives. healthier and and uh and longer lives. healthier and and uh and longer lives. Um, so let's let's break those into Um, so let's let's break those into Um, so let's let's break those into their pieces, the science of medicine their pieces, the science of medicine their pieces, the science of medicine and the business of medicine because I and the business of medicine because I and the business of medicine because I think they're both independently think they're both independently think they're both independently interesting. Oftent times what ends up interesting. Oftent times what ends up interesting. Oftent times what ends up happening to discover a medicine is a happening to discover a medicine is a happening to discover a medicine is a scientist um for whatever reason in scientist um for whatever reason in scientist um for whatever reason in their journey gets inspired to spend their journey gets inspired to spend their journey gets inspired to spend their lives uh on trying to crack the their lives uh on trying to crack the their lives uh on trying to crack the code in a certain disease. And uh what code in a certain disease. And uh what code in a certain disease. And uh what tends to happen is as you've identified tends to happen is as you've identified tends to happen is as you've identified a a problem that you want to solve just a a problem that you want to solve just a a problem that you want to solve just like in any you know consumer or tech like in any you know consumer or tech like in any you know consumer or tech product like what's the problem we're product like what's the problem we're product like what's the problem we're trying to solve? um you then have to go trying to solve? um you then have to go trying to solve? um you then have to go through a a tremendous amount of through a a tremendous amount of through a a tremendous amount of research to understand every single research to understand every single research to understand every single thing you can about that problem and thing you can about that problem and thing you can about that problem and most importantly what could be driving most importantly what could be driving most importantly what could be driving it. And so what's developed over time is it. And so what's developed over time is it. And so what's developed over time is a method, probably one of the most a method, probably one of the most a method, probably one of the most important methods in the history of important methods in the history of important methods in the history of humanity called the scientific method. humanity called the scientific method. humanity called the scientific method. Um, which is the systematic way by which Um, which is the systematic way by which Um, which is the systematic way by which a scientist moves from focusing on a a scientist moves from focusing on a a scientist moves from focusing on a problem they want to solve to actually problem they want to solve to actually problem they want to solve to actually solving it. And there's a couple of solving it. And there's a couple of solving it. And there's a couple of discrete steps in that scientific discrete steps in that scientific discrete steps in that scientific method. Um, and tremendous amount of method. Um, and tremendous amount of method. Um, and tremendous amount of iteration that leads to cracking that iteration that leads to cracking that iteration that leads to cracking that code. And so once you've identified the code. And so once you've identified the code. And so once you've identified the problem that you want to solve, the problem that you want to solve, the problem that you want to solve, the first step to solving that is come up first step to solving that is come up first step to solving that is come up with a hypothesis with a hypothesis with a hypothesis for what could be driving that disease. for what could be driving that disease. for what could be driving that disease. And the way scientists tend to do that And the way scientists tend to do that And the way scientists tend to do that is everything from like the PCSK9 is everything from like the PCSK9 is everything from like the PCSK9 example where scientists are observing example where scientists are observing example where scientists are observing nature. Where are their populations of nature. Where are their populations of nature. Where are their populations of people that have an advantage? Okay, people that have an advantage? Okay, people that have an advantage? Okay, let's go figure that out. That's cool. let's go figure that out. That's cool. let's go figure that out. That's cool. Let's go understand it. um all the way Let's go understand it. um all the way Let's go understand it. um all the way through to like combing through um through to like combing through um through to like combing through um thousands and thousands of pages of the thousands and thousands of pages of the thousands and thousands of pages of the literature to understand what people literature to understand what people literature to understand what people have tried to crack a code that still have tried to crack a code that still have tried to crack a code that still exists today that you want to go crack exists today that you want to go crack exists today that you want to go crack and and that's a a deep literature and and that's a a deep literature and and that's a a deep literature review. And so, you know, fortunately, review. And so, you know, fortunately, review. And so, you know, fortunately, um there are tons of papers that exist um there are tons of papers that exist um there are tons of papers that exist on successes or or tiny steps to on successes or or tiny steps to on successes or or tiny steps to successes that exist and are available successes that exist and are available successes that exist and are available for anybody. I think the unfortunate for anybody. I think the unfortunate for anybody. I think the unfortunate part of the literature is that what's part of the literature is that what's part of the literature is that what's often missing is all the failures, which often missing is all the failures, which often missing is all the failures, which would be even more informative than the would be even more informative than the would be even more informative than the successes. So, generally speaking, when successes. So, generally speaking, when successes. So, generally speaking, when a scientist wants to go solve that a scientist wants to go solve that a scientist wants to go solve that problem, they're either going to observe problem, they're either going to observe problem, they're either going to observe a population, they're going to start a population, they're going to start a population, they're going to start reading a ton of research, they're going reading a ton of research, they're going reading a ton of research, they're going to probably put both of those those to probably put both of those those to probably put both of those those insights together and use that insights together and use that insights together and use that foundation to form their first foundation to form their first foundation to form their first hypothesis for what could be the hypothesis for what could be the hypothesis for what could be the solution to the problem. Okay. So from solution to the problem. Okay. So from solution to the problem. Okay. So from having a hypothesis then the the amazing having a hypothesis then the the amazing having a hypothesis then the the amazing scientists can then go figure out what scientists can then go figure out what scientists can then go figure out what experiments do I need to run to test experiments do I need to run to test experiments do I need to run to test that hypothesis and even more what's my that hypothesis and even more what's my that hypothesis and even more what's my prediction for what should happen in prediction for what should happen in prediction for what should happen in those experiments and those are really those experiments and those are really those experiments and those are really important steps because the design of important steps because the design of important steps because the design of the experiment and the quality of the the experiment and the quality of the the experiment and the quality of the data that comes out from from that data that comes out from from that data that comes out from from that experiment will either confirm your experiment will either confirm your experiment will either confirm your hypothesis and you move forward or it hypothesis and you move forward or it hypothesis and you move forward or it will reject your hypothesis and then you will reject your hypothesis and then you will reject your hypothesis and then you go back through and you loop to your go back through and you loop to your go back through and you loop to your next hypothesis and your next set of next hypothesis and your next set of next hypothesis and your next set of experiments and you continue to loop and experiments and you continue to loop and experiments and you continue to loop and loop and loop. And so what scientific loop and loop. And so what scientific loop and loop. And so what scientific method generally looks like is method generally looks like is method generally looks like is hypothesis, experimental design, hypothesis, experimental design, hypothesis, experimental design, execution of that experimental design, execution of that experimental design, execution of that experimental design, review of the data that comes from that review of the data that comes from that review of the data that comes from that experiment, reading out, test that data experiment, reading out, test that data experiment, reading out, test that data result versus your original hypothesis, result versus your original hypothesis, result versus your original hypothesis, either confirm the hypothesis or reloop either confirm the hypothesis or reloop either confirm the hypothesis or reloop and reloop and reloop and reloop. And so and reloop and reloop and reloop. And so and reloop and reloop and reloop. And so there's this iterative process um that there's this iterative process um that there's this iterative process um that tends to begin its journey from the tends to begin its journey from the tends to begin its journey from the literature very quickly move into what literature very quickly move into what literature very quickly move into what we call in vitro experiments or or we call in vitro experiments or or we call in vitro experiments or or experiments that are done in uh in petri experiments that are done in uh in petri experiments that are done in uh in petri dishes. Um and as we start to develop dishes. Um and as we start to develop dishes. Um and as we start to develop evidence and support for a hypothesis in evidence and support for a hypothesis in evidence and support for a hypothesis in cell-based experiments, it tends to move cell-based experiments, it tends to move cell-based experiments, it tends to move on to small animals and then larger on to small animals and then larger on to small animals and then larger animals. Um, and then it gets to the animals. Um, and then it gets to the animals. Um, and then it gets to the point where the totality of the data and point where the totality of the data and point where the totality of the data and the evidence that you've collected from the evidence that you've collected from the evidence that you've collected from a hypothesis perspective to the a hypothesis perspective to the a hypothesis perspective to the cell-based experiments to the animal cell-based experiments to the animal cell-based experiments to the animal based experiments, you put that all based experiments, you put that all based experiments, you put that all together in a beautiful package that you together in a beautiful package that you together in a beautiful package that you present to regulators and you say, "I present to regulators and you say, "I present to regulators and you say, "I think I've cracked the code. I think I think I've cracked the code. I think I think I've cracked the code. I think I can move us forward against disease A, can move us forward against disease A, can move us forward against disease A, B, or C. And here's the hypothesis that B, or C. And here's the hypothesis that B, or C. And here's the hypothesis that we had. Here's how we tested it. Here's we had. Here's how we tested it. Here's we had. Here's how we tested it. Here's all of the data we've generated that all of the data we've generated that all of the data we've generated that helps me, the scientific team, to helps me, the scientific team, to helps me, the scientific team, to believe that we might have cracked this believe that we might have cracked this believe that we might have cracked this code. And now we would like your code. And now we would like your code. And now we would like your approval to go start and agree on what approval to go start and agree on what approval to go start and agree on what studies should look like to test how studies should look like to test how studies should look like to test how toxic or how dangerous this breakthrough toxic or how dangerous this breakthrough toxic or how dangerous this breakthrough could be for somebody. And if we can could be for somebody. And if we can could be for somebody. And if we can show that there's good margin between show that there's good margin between show that there's good margin between really high doses and where that really high doses and where that really high doses and where that toxicity starts to come in and the doses toxicity starts to come in and the doses toxicity starts to come in and the doses that we've proven from our experiments that we've proven from our experiments that we've proven from our experiments are likely to help somebody live a are likely to help somebody live a are likely to help somebody live a longer, better, healthier life, we want longer, better, healthier life, we want longer, better, healthier life, we want your permission to then go and actually your permission to then go and actually your permission to then go and actually test that in a person for the first test that in a person for the first test that in a person for the first time. And so this is incredible. And time. And so this is incredible. And time. And so this is incredible. And then that process that I just described, then that process that I just described, then that process that I just described, you can imagine most of them fail. Um you can imagine most of them fail. Um you can imagine most of them fail. Um but for the ones that do succeed and get but for the ones that do succeed and get but for the ones that do succeed and get the chance to then go into toxicity the chance to then go into toxicity the chance to then go into toxicity studies and then ultimately into humans studies and then ultimately into humans studies and then ultimately into humans um those are the ones that get really um those are the ones that get really um those are the ones that get really excited but they take years and years of excited but they take years and years of excited but they take years and years of iterating and looping to go from that iterating and looping to go from that iterating and looping to go from that beginning idea through the literature beginning idea through the literature beginning idea through the literature ultimately to the animal study that ultimately to the animal study that ultimately to the animal study that makes you believe you've actually makes you believe you've actually makes you believe you've actually cracked that code. And then of course cracked that code. And then of course cracked that code. And then of course from there, this is so much of a from there, this is so much of a from there, this is so much of a marathon than a sprint because you've marathon than a sprint because you've marathon than a sprint because you've spent years trying to crack the code. spent years trying to crack the code. spent years trying to crack the code. And now that you have, guess what? Now And now that you have, guess what? Now And now that you have, guess what? Now you've got another five to seven years you've got another five to seven years you've got another five to seven years worth of clinical studies you have to do worth of clinical studies you have to do worth of clinical studies you have to do to prove that in people the idea you had to prove that in people the idea you had to prove that in people the idea you had for a medicine actually has the effect for a medicine actually has the effect for a medicine actually has the effect that it's intended to and that per our that it's intended to and that per our that it's intended to and that per our discussion earlier that benefit to risk discussion earlier that benefit to risk discussion earlier that benefit to risk equation is favorable to the point that equation is favorable to the point that equation is favorable to the point that the regulators should should approve it the regulators should should approve it the regulators should should approve it and let it come to the market. I I have and let it come to the market. I I have and let it come to the market. I I have two questions here. Yeah. The process two questions here. Yeah. The process two questions here. Yeah. The process itself is is beautiful and has driven so itself is is beautiful and has driven so itself is is beautiful and has driven so much discovery and progress not just in much discovery and progress not just in much discovery and progress not just in medicine but scientific method-driven medicine but scientific method-driven medicine but scientific method-driven progress everywhere. progress everywhere. progress everywhere. >> But I'm curious about two dimensions of >> But I'm curious about two dimensions of >> But I'm curious about two dimensions of shortening that feedback loop or shortening that feedback loop or shortening that feedback loop or increasing the velocity of new increasing the velocity of new increasing the velocity of new discoveries and progress. One is AI uh discoveries and progress. One is AI uh discoveries and progress. One is AI uh and the second is what I'll call citizen and the second is what I'll call citizen and the second is what I'll call citizen pharmarmacology which is people this is pharmarmacology which is people this is pharmarmacology which is people this is you know becoming really prevalent in you know becoming really prevalent in you know becoming really prevalent in sort of the pept what I'll call the sort of the pept what I'll call the sort of the pept what I'll call the peptide community. People love talking peptide community. People love talking peptide community. People love talking about peptides these days. Um, GOP1's a about peptides these days. Um, GOP1's a about peptides these days. Um, GOP1's a peptide, collagen's a peptide. Like, peptide, collagen's a peptide. Like, peptide, collagen's a peptide. Like, like there's there's well-known things like there's there's well-known things like there's there's well-known things that are peptides, but there's this that are peptides, but there's this that are peptides, but there's this whole class of things that we can talk whole class of things that we can talk whole class of things that we can talk about. But it seems like if you take to about. But it seems like if you take to about. But it seems like if you take to Reddit, for example, you will find Reddit, for example, you will find Reddit, for example, you will find groups of people organizing to test new groups of people organizing to test new groups of people organizing to test new things on themselves outside of the things on themselves outside of the things on themselves outside of the normal, you know, RCT FDA approved normal, you know, RCT FDA approved normal, you know, RCT FDA approved process. And if you shorten it, you process. And if you shorten it, you process. And if you shorten it, you probably increase the danger, but you probably increase the danger, but you probably increase the danger, but you decrease the time to learning or decrease the time to learning or decrease the time to learning or something. Um, so, so you got both of something. Um, so, so you got both of something. Um, so, so you got both of these things as interesting aspects to these things as interesting aspects to these things as interesting aspects to me of what will drive forward progress me of what will drive forward progress me of what will drive forward progress in drug discovery. I riff on each maybe in drug discovery. I riff on each maybe in drug discovery. I riff on each maybe starting with AI. starting with AI. starting with AI. >> What what is real already? What do you >> What what is real already? What do you >> What what is real already? What do you think will become real by virtue of the think will become real by virtue of the think will become real by virtue of the increasing um, you know, skill level or increasing um, you know, skill level or increasing um, you know, skill level or reasoning level of the models? what reasoning level of the models? what reasoning level of the models? what you're basically describing on the AI you're basically describing on the AI you're basically describing on the AI side is is our quest to try to get to a side is is our quest to try to get to a side is is our quest to try to get to a level of of scientific super level of of scientific super level of of scientific super intelligence. Like you you could imagine intelligence. Like you you could imagine intelligence. Like you you could imagine that from an AI perspective that from an AI perspective that from an AI perspective um if scientists are armed with an um if scientists are armed with an um if scientists are armed with an agentic infrastructure that has a agentic infrastructure that has a agentic infrastructure that has a scientific intelligence that's like at scientific intelligence that's like at scientific intelligence that's like at an Einstein level or multiple of an Einstein level or multiple of an Einstein level or multiple of Einstein level. Oh my goodness. It's Einstein level. Oh my goodness. It's Einstein level. Oh my goodness. It's like the force multiplication that can like the force multiplication that can like the force multiplication that can occur between a superstar scientist occur between a superstar scientist occur between a superstar scientist armed with that agentic resource means armed with that agentic resource means armed with that agentic resource means that they will do science faster and that they will do science faster and that they will do science faster and with higher probability for lower cost with higher probability for lower cost with higher probability for lower cost and have greater impact. So I think and have greater impact. So I think and have greater impact. So I think that's a good it's an important that's a good it's an important that's a good it's an important conceptual framing and you can imagine conceptual framing and you can imagine conceptual framing and you can imagine that any that any that any human scientists on their own tinkering human scientists on their own tinkering human scientists on their own tinkering in the way that I just described in the way that I just described in the way that I just described scientific method and that wheel of scientific method and that wheel of scientific method and that wheel of science spinning and spinning and science spinning and spinning and science spinning and spinning and spinning um that us as human scientists spinning um that us as human scientists spinning um that us as human scientists are always going to be constrained by are always going to be constrained by are always going to be constrained by what we can retain in our human minds what we can retain in our human minds what we can retain in our human minds and constrained by you know our ability and constrained by you know our ability and constrained by you know our ability to use our human hands to go run those to use our human hands to go run those to use our human hands to go run those experiments. And so you know there are experiments. And so you know there are experiments. And so you know there are super talented incredibly smart people super talented incredibly smart people super talented incredibly smart people that can retaining volumes and volumes that can retaining volumes and volumes that can retaining volumes and volumes of scientific papers can't retain all of of scientific papers can't retain all of of scientific papers can't retain all of them. AI can if humans are running them. AI can if humans are running them. AI can if humans are running experiments not AIdriven robotics experiments not AIdriven robotics experiments not AIdriven robotics there's just a certain throughput that there's just a certain throughput that there's just a certain throughput that is going to be limited by human hands is going to be limited by human hands is going to be limited by human hands that would be unlimited if you had an that would be unlimited if you had an that would be unlimited if you had an enogentic robotically driven system. And enogentic robotically driven system. And enogentic robotically driven system. And so at the simplest level, I think AI so at the simplest level, I think AI so at the simplest level, I think AI coming into the discovery of medicines coming into the discovery of medicines coming into the discovery of medicines is one of the biggest unlocks that we is one of the biggest unlocks that we is one of the biggest unlocks that we will see in the history of medicine will see in the history of medicine will see in the history of medicine because it means that we're no longer because it means that we're no longer because it means that we're no longer constrained by our minds. We're no constrained by our minds. We're no constrained by our minds. We're no longer constrained by our hands. Um we longer constrained by our hands. Um we longer constrained by our hands. Um we can generate not just a few hypotheses can generate not just a few hypotheses can generate not just a few hypotheses for what the answer can be from the for what the answer can be from the for what the answer can be from the total sample set of knowledge that total sample set of knowledge that total sample set of knowledge that exists. we can identify all n number of exists. we can identify all n number of exists. we can identify all n number of hypotheses that that that could exist hypotheses that that that could exist hypotheses that that that could exist and should exist and then figure out and should exist and then figure out and should exist and then figure out what is the greatest and best next what is the greatest and best next what is the greatest and best next experiment to go run that and run those experiment to go run that and run those experiment to go run that and run those in real time 24 hours a day, seven days in real time 24 hours a day, seven days in real time 24 hours a day, seven days a week. And so the the sheer ability to a week. And so the the sheer ability to a week. And so the the sheer ability to be more comprehensive and complete in be more comprehensive and complete in be more comprehensive and complete in our hypothesis set and then the sheer our hypothesis set and then the sheer our hypothesis set and then the sheer ability to run experimentation at a ability to run experimentation at a ability to run experimentation at a scale that's unprecedented I think scale that's unprecedented I think scale that's unprecedented I think practically means um we are going to be practically means um we are going to be practically means um we are going to be able to speed breakthroughs from from able to speed breakthroughs from from able to speed breakthroughs from from from timelines that would typically take from timelines that would typically take from timelines that would typically take three to five years to timelines that three to five years to timelines that three to five years to timelines that can take less than a couple of years. I can take less than a couple of years. I can take less than a couple of years. I I think the other important element when I think the other important element when I think the other important element when we think about um AI and its impact on we think about um AI and its impact on we think about um AI and its impact on drug development is um not just the drug development is um not just the drug development is um not just the potential of what could be from that potential of what could be from that potential of what could be from that conceptual frame but where are we today conceptual frame but where are we today conceptual frame but where are we today and um I think it's really exciting. So and um I think it's really exciting. So and um I think it's really exciting. So today I would say we're in the early today I would say we're in the early today I would say we're in the early innings of being able to discover novel innings of being able to discover novel innings of being able to discover novel targets and I would say that we have not targets and I would say that we have not targets and I would say that we have not yet um in a systematic way been able to yet um in a systematic way been able to yet um in a systematic way been able to discover a target that didn't exist yet. discover a target that didn't exist yet. discover a target that didn't exist yet. Um, but what we can do is for targets Um, but what we can do is for targets Um, but what we can do is for targets that we know exist, but that we have that we know exist, but that we have that we know exist, but that we have really struggled to be able to develop really struggled to be able to develop really struggled to be able to develop medicines against those targets, we're medicines against those targets, we're medicines against those targets, we're starting to see that code be broken um starting to see that code be broken um starting to see that code be broken um by AI and and AI being a big force by AI and and AI being a big force by AI and and AI being a big force multiplier. It's enabling that to multiplier. It's enabling that to multiplier. It's enabling that to happen. And so what we have today are happen. And so what we have today are happen. And so what we have today are companies that can go from um what would companies that can go from um what would companies that can go from um what would historically been running these massive historically been running these massive historically been running these massive screens that are incredibly time screens that are incredibly time screens that are incredibly time consuming um to doing all of that consuming um to doing all of that consuming um to doing all of that screening work in silico and can go from screening work in silico and can go from screening work in silico and can go from model to molecule in what would have model to molecule in what would have model to molecule in what would have taken a couple years time in a month. taken a couple years time in a month. taken a couple years time in a month. That's That's That's >> that's already true today. >> that's already true today. >> that's already true today. >> Already true today. Yep. There there are >> Already true today. Yep. There there are >> Already true today. Yep. There there are there are companies like whether that's there are companies like whether that's there are companies like whether that's Laya Sciences, Anaba, these are Laya Sciences, Anaba, these are Laya Sciences, Anaba, these are companies that um you can basically ask companies that um you can basically ask companies that um you can basically ask the agentic system to develop you a the agentic system to develop you a the agentic system to develop you a molecule against a certain target and it molecule against a certain target and it molecule against a certain target and it can crack that code and give us can crack that code and give us can crack that code and give us something that we can work with and something that we can work with and something that we can work with and start running an experiments in a start running an experiments in a start running an experiments in a month's time. Is it your impression that month's time. Is it your impression that month's time. Is it your impression that this is like a this is just going to this is like a this is just going to this is like a this is just going to happen? Like there's there's no major happen? Like there's there's no major happen? Like there's there's no major risk left that AI will not have major risk left that AI will not have major risk left that AI will not have major impact on this entire both target and impact on this entire both target and impact on this entire both target and and therapeutic discovery process like and therapeutic discovery process like and therapeutic discovery process like is this is this now are we now on a is this is this now are we now on a is this is this now are we now on a curve that's just like feels inevitable curve that's just like feels inevitable curve that's just like feels inevitable to you? to you? to you? >> Yeah, to me we're on that curve. >> Yeah, to me we're on that curve. >> Yeah, to me we're on that curve. >> When did that >> When did that >> When did that >> um >> um >> um >> how recently? very recently. I think um >> how recently? very recently. I think um >> how recently? very recently. I think um I think for a there's for most of my I think for a there's for most of my I think for a there's for most of my career there's been some version of career there's been some version of career there's been some version of machine learning and the hopes of AI machine learning and the hopes of AI machine learning and the hopes of AI really driving drug discovery and and um really driving drug discovery and and um really driving drug discovery and and um and the development of of novel and the development of of novel and the development of of novel medicines against those discoveries. And medicines against those discoveries. And medicines against those discoveries. And um and I and I and I always worried that um and I and I and I always worried that um and I and I and I always worried that in order for that paradigm to be true, in order for that paradigm to be true, in order for that paradigm to be true, it required data that didn't actually it required data that didn't actually it required data that didn't actually exist in any easy place. exist in any easy place. exist in any easy place. um like if all you do is train a AI um like if all you do is train a AI um like if all you do is train a AI models based on the research that's models based on the research that's models based on the research that's available you have unfortunately have a available you have unfortunately have a available you have unfortunately have a paradigm of a lot of garbage in garbage paradigm of a lot of garbage in garbage paradigm of a lot of garbage in garbage out and I think one of the things that out and I think one of the things that out and I think one of the things that people don't appreciate uh if when I people don't appreciate uh if when I people don't appreciate uh if when I start talking to them about you know start talking to them about you know start talking to them about you know what data exists is that unfortunately a what data exists is that unfortunately a what data exists is that unfortunately a lot of the recorded literature is lot of the recorded literature is lot of the recorded literature is actually incorrect and there's been tons actually incorrect and there's been tons actually incorrect and there's been tons of studies that show if you go try to of studies that show if you go try to of studies that show if you go try to replicate the experiments that are in replicate the experiments that are in replicate the experiments that are in the literature you don't even get the the literature you don't even get the the literature you don't even get the same results and so definitionally if same results and so definitionally if same results and so definitionally if that is True. And these AI companies that is True. And these AI companies that is True. And these AI companies don't have a source of creating novel don't have a source of creating novel don't have a source of creating novel data. Like what what are you going to data. Like what what are you going to data. Like what what are you going to do? How are you going to train? Right? do? How are you going to train? Right? do? How are you going to train? Right? We've seen just how powerful LLMs have We've seen just how powerful LLMs have We've seen just how powerful LLMs have been been and how impactful they are been been and how impactful they are been been and how impactful they are across so many different areas of life across so many different areas of life across so many different areas of life because they've been trained on because they've been trained on because they've been trained on trillions and trillions of novel tokens. trillions and trillions of novel tokens. trillions and trillions of novel tokens. And so so data ends up being a big part And so so data ends up being a big part And so so data ends up being a big part of what drives to advanced levels of of what drives to advanced levels of of what drives to advanced levels of intelligence and drives an intelligence intelligence and drives an intelligence intelligence and drives an intelligence revolution. Well, the same has to be revolution. Well, the same has to be revolution. Well, the same has to be true in science. And so the AI companies true in science. And so the AI companies true in science. And so the AI companies that I believe are going to be most set that I believe are going to be most set that I believe are going to be most set up for success are the companies that up for success are the companies that up for success are the companies that have incredible AI talent um have access have incredible AI talent um have access have incredible AI talent um have access to significant amounts of capital and to significant amounts of capital and to significant amounts of capital and can combine both of them with a novel can combine both of them with a novel can combine both of them with a novel way by which they can generate science way by which they can generate science way by which they can generate science tokens that don't exist in the public tokens that don't exist in the public tokens that don't exist in the public domain. In fact, the generation of those domain. In fact, the generation of those domain. In fact, the generation of those tokens becomes a big driver of their tokens becomes a big driver of their tokens becomes a big driver of their moat. and not only the driver of the moat. and not only the driver of the moat. and not only the driver of the moat but actually what enables them to moat but actually what enables them to moat but actually what enables them to be able to get to an increasing and be able to get to an increasing and be able to get to an increasing and increasing level of scientific increasing level of scientific increasing level of scientific intelligence that starts to separate intelligence that starts to separate intelligence that starts to separate from that of which can be achieved with from that of which can be achieved with from that of which can be achieved with the LLMs without having the benefit of the LLMs without having the benefit of the LLMs without having the benefit of those tokens and we're starting to see those tokens and we're starting to see those tokens and we're starting to see that so we've got um one company that that so we've got um one company that that so we've got um one company that we're really close to today that's we're really close to today that's we're really close to today that's actually starting to show the bending of actually starting to show the bending of actually starting to show the bending of that curve and helping us to see that that curve and helping us to see that that curve and helping us to see that the idea of getting to scientific super the idea of getting to scientific super the idea of getting to scientific super intelligence um is one that is likely to intelligence um is one that is likely to intelligence um is one that is likely to follow a pretty deterministic set of follow a pretty deterministic set of follow a pretty deterministic set of scaling laws. scaling laws. scaling laws. >> I think it was OpenAI that came out with >> I think it was OpenAI that came out with >> I think it was OpenAI that came out with this announcement maybe working with GKO this announcement maybe working with GKO this announcement maybe working with GKO or somebody where they've created like a or somebody where they've created like a or somebody where they've created like a closed loop automated lab and discovery closed loop automated lab and discovery closed loop automated lab and discovery process of not just models but physical process of not just models but physical process of not just models but physical world testing as well. If you close your world testing as well. If you close your world testing as well. If you close your eyes and think I don't know 5 7 10 years eyes and think I don't know 5 7 10 years eyes and think I don't know 5 7 10 years from now what do you think that what's from now what do you think that what's from now what do you think that what's your best guess? I know it's hard to your best guess? I know it's hard to your best guess? I know it's hard to predict the future but what's your best predict the future but what's your best predict the future but what's your best guess knowing what you know at what the guess knowing what you know at what the guess knowing what you know at what the discovery process will look like at that discovery process will look like at that discovery process will look like at that point? point? point? >> I think it's going to be completely >> I think it's going to be completely >> I think it's going to be completely automated. Uh, you know, I I was up at automated. Uh, you know, I I was up at automated. Uh, you know, I I was up at Laya Sciences the other day and and you Laya Sciences the other day and and you Laya Sciences the other day and and you go into their labs, uh, and what you see go into their labs, uh, and what you see go into their labs, uh, and what you see is all of these robotic arms and you is all of these robotic arms and you is all of these robotic arms and you see, uh, petri dishes that are moving see, uh, petri dishes that are moving see, uh, petri dishes that are moving around in an automated fashion, moving around in an automated fashion, moving around in an automated fashion, moving from one spot to the next spot. Um, and from one spot to the next spot. Um, and from one spot to the next spot. Um, and to me, I think what that means is the to me, I think what that means is the to me, I think what that means is the scale of data that's going to be scale of data that's going to be scale of data that's going to be required to be able to train these required to be able to train these required to be able to train these models, the trillions of tokens that are models, the trillions of tokens that are models, the trillions of tokens that are required, um, has got to move beyond the required, um, has got to move beyond the required, um, has got to move beyond the constraints of of human hands because it constraints of of human hands because it constraints of of human hands because it would just cost so much money to do it would just cost so much money to do it would just cost so much money to do it in uh, human capital, uh, driven manner. in uh, human capital, uh, driven manner. in uh, human capital, uh, driven manner. It has to be done robotically and and It has to be done robotically and and It has to be done robotically and and for that to be done, it has to have an for that to be done, it has to have an for that to be done, it has to have an anentic engine behind it and needs to anentic engine behind it and needs to anentic engine behind it and needs to produce data at a scale that's kind of produce data at a scale that's kind of produce data at a scale that's kind of unprecedented. Um and so what I think unprecedented. Um and so what I think unprecedented. Um and so what I think the future of discovery looks like is uh the future of discovery looks like is uh the future of discovery looks like is uh agentic systems that can drive um robots agentic systems that can drive um robots agentic systems that can drive um robots to do most of the experimentation that to do most of the experimentation that to do most of the experimentation that we're doing today with human hands. And we're doing today with human hands. And we're doing today with human hands. And I think that's a big unlock for the I think that's a big unlock for the I think that's a big unlock for the ability to funnel. ability to funnel. ability to funnel. >> Yeah. Exactly. And so now um superstar, >> Yeah. Exactly. And so now um superstar, >> Yeah. Exactly. And so now um superstar, brilliant, amazing scientists, um you brilliant, amazing scientists, um you brilliant, amazing scientists, um you know, who go down their life journey to know, who go down their life journey to know, who go down their life journey to become a scientist that wants to fight become a scientist that wants to fight become a scientist that wants to fight against the disease, wants to um do work against the disease, wants to um do work against the disease, wants to um do work that matters, uh is no longer going to that matters, uh is no longer going to that matters, uh is no longer going to spend twothirds of their career at the spend twothirds of their career at the spend twothirds of their career at the side of a bench pipe heading all day side of a bench pipe heading all day side of a bench pipe heading all day long, is going to have all that time long, is going to have all that time long, is going to have all that time back to point their energy and their back to point their energy and their back to point their energy and their their um their enthusiasm, their their um their enthusiasm, their their um their enthusiasm, their optimism towards trying to figure out optimism towards trying to figure out optimism towards trying to figure out how do I use the systems and machines how do I use the systems and machines how do I use the systems and machines that I have and point them in the right that I have and point them in the right that I have and point them in the right direction at the codes that we should be direction at the codes that we should be direction at the codes that we should be cracking. And so that's really enabled cracking. And so that's really enabled cracking. And so that's really enabled when you have the combination of when you have the combination of when you have the combination of brilliant human scientists force brilliant human scientists force brilliant human scientists force multiplied by the agentic power of these multiplied by the agentic power of these multiplied by the agentic power of these systems that are being built. And the systems that are being built. And the systems that are being built. And the more those agentic systems can be fully more those agentic systems can be fully more those agentic systems can be fully automated where all that lab automated where all that lab automated where all that lab experimentation is happening um in real experimentation is happening um in real experimentation is happening um in real time and without the need for human time and without the need for human time and without the need for human interaction. I think the quicker and interaction. I think the quicker and interaction. I think the quicker and quicker it can scale and I think the quicker it can scale and I think the quicker it can scale and I think the quicker and quicker we can achieve that quicker and quicker we can achieve that quicker and quicker we can achieve that level of scientific super intelligence. level of scientific super intelligence. level of scientific super intelligence. What do you make of this whole like What do you make of this whole like What do you make of this whole like peptides plus citizen pharmacology side peptides plus citizen pharmacology side peptides plus citizen pharmacology side of things? I think they just came out of things? I think they just came out of things? I think they just came out and said there's going to be 14 and said there's going to be 14 and said there's going to be 14 something peptides that are allowed to something peptides that are allowed to something peptides that are allowed to be compounded and um it seems to be like be compounded and um it seems to be like be compounded and um it seems to be like deregulation of sorts happening in this deregulation of sorts happening in this deregulation of sorts happening in this space. People say peptides I think not space. People say peptides I think not space. People say peptides I think not really knowing like what that even really knowing like what that even really knowing like what that even means. So maybe like define it and I'm means. So maybe like define it and I'm means. So maybe like define it and I'm just curious what you think of this. It just curious what you think of this. It just curious what you think of this. It really plays to your earlier point about really plays to your earlier point about really plays to your earlier point about these generations, these younger these generations, these younger these generations, these younger generations especially seem to be a new generations especially seem to be a new generations especially seem to be a new attitude towards all of this stuff which attitude towards all of this stuff which attitude towards all of this stuff which is like I want to own this and part of is like I want to own this and part of is like I want to own this and part of owning it is a willingness to take risks owning it is a willingness to take risks owning it is a willingness to take risks that are beyond above and beyond what that are beyond above and beyond what that are beyond above and beyond what like is mandated or regulated I'm like is mandated or regulated I'm like is mandated or regulated I'm allowed to take and so I'm just curious allowed to take and so I'm just curious allowed to take and so I'm just curious for your take on this this subculture is for your take on this this subculture is for your take on this this subculture is fascinating to me. you know, you read fascinating to me. you know, you read fascinating to me. you know, you read about BPC157 about BPC157 about BPC157 or or these different kind I think or or these different kind I think or or these different kind I think that's the number all all these that's the number all all these that's the number all all these interesting different things that are interesting different things that are interesting different things that are being tried. Do you have a take on on being tried. Do you have a take on on being tried. Do you have a take on on the impact that this will have? the impact that this will have? the impact that this will have? >> I think it's hard to know. The reality >> I think it's hard to know. The reality >> I think it's hard to know. The reality of it is whether it's you know you look of it is whether it's you know you look of it is whether it's you know you look to the commercial success of GLP1s or to the commercial success of GLP1s or to the commercial success of GLP1s or you look to like the massive movement you look to like the massive movement you look to like the massive movement around peptides. Um and honestly it's around peptides. Um and honestly it's around peptides. Um and honestly it's not even limited to just peptides. Like not even limited to just peptides. Like not even limited to just peptides. Like you go on Reddit you can see people are you go on Reddit you can see people are you go on Reddit you can see people are experimenting across all sorts of experimenting across all sorts of experimenting across all sorts of different dimensions. Um, and I think different dimensions. Um, and I think different dimensions. Um, and I think what's happened is we live in a world what's happened is we live in a world what's happened is we live in a world where um, people want to go and figure where um, people want to go and figure where um, people want to go and figure things out that help other people. And things out that help other people. And things out that help other people. And now we've got platforms that allow now we've got platforms that allow now we've got platforms that allow people to share that. And so we see the people to share that. And so we see the people to share that. And so we see the creation of groups that can exist today creation of groups that can exist today creation of groups that can exist today that couldn't exist in the future before that couldn't exist in the future before that couldn't exist in the future before we had the technology like we have today we had the technology like we have today we had the technology like we have today and the communities that can get formed. and the communities that can get formed. and the communities that can get formed. And so whether you're looking at it from And so whether you're looking at it from And so whether you're looking at it from the perspective of people coming the perspective of people coming the perspective of people coming together under shared missions that's together under shared missions that's together under shared missions that's happened throughout the history of of happened throughout the history of of happened throughout the history of of all of humanity, you know, this is a all of humanity, you know, this is a all of humanity, you know, this is a shared mission where people are saying shared mission where people are saying shared mission where people are saying like I want to take my future health like I want to take my future health like I want to take my future health into my own hands and I'm not willing to into my own hands and I'm not willing to into my own hands and I'm not willing to wait um for scientists to go take on wait um for scientists to go take on wait um for scientists to go take on this problem independently for it to go this problem independently for it to go this problem independently for it to go down the traditional pathways. Like I down the traditional pathways. Like I down the traditional pathways. Like I don't have the time. I need to know the don't have the time. I need to know the don't have the time. I need to know the answers now because I think for myself answers now because I think for myself answers now because I think for myself this is going to really matter. And this is going to really matter. And this is going to really matter. And people have a hypothesis for this and people have a hypothesis for this and people have a hypothesis for this and they want to test it. And so they're they want to test it. And so they're they want to test it. And so they're fighting really hard to go and get those fighting really hard to go and get those fighting really hard to go and get those hypotheses tested. At the same time that hypotheses tested. At the same time that hypotheses tested. At the same time that you see, you know, what I would call you see, you know, what I would call you see, you know, what I would call like that grassroots peptide movement, like that grassroots peptide movement, like that grassroots peptide movement, you also have a recognition by the FDA you also have a recognition by the FDA you also have a recognition by the FDA that we've got to move a lot faster that that we've got to move a lot faster that that we've got to move a lot faster that so long as we have all these frictions so long as we have all these frictions so long as we have all these frictions in the system of of going from a in the system of of going from a in the system of of going from a hypothesis for a medicine to the testing hypothesis for a medicine to the testing hypothesis for a medicine to the testing of a medicine in people and then of a medicine in people and then of a medicine in people and then ultimately an approval, um disease is ultimately an approval, um disease is ultimately an approval, um disease is going to keep winning. And so I think going to keep winning. And so I think going to keep winning. And so I think we're seeing under under Marty Mccari we're seeing under under Marty Mccari we're seeing under under Marty Mccari real leadership to want to go and try to real leadership to want to go and try to real leadership to want to go and try to break down those barriers and those break down those barriers and those break down those barriers and those frictions that are making the drug frictions that are making the drug frictions that are making the drug discovery and the drug development discovery and the drug development discovery and the drug development process be incredibly timeconuming and process be incredibly timeconuming and process be incredibly timeconuming and incredibly complex. And some of the incredibly complex. And some of the incredibly complex. And some of the manifestation of the the real world manifestation of the the real world manifestation of the the real world impact of that spans everything from, impact of that spans everything from, impact of that spans everything from, you know, Marty brought in an AI system you know, Marty brought in an AI system you know, Marty brought in an AI system to help them be able to comb through the to help them be able to comb through the to help them be able to comb through the thousands of pages of filings that thousands of pages of filings that thousands of pages of filings that sponsors behind medicines have to submit sponsors behind medicines have to submit sponsors behind medicines have to submit in uh record time versus the, you know, in uh record time versus the, you know, in uh record time versus the, you know, armies of people that would have to comb armies of people that would have to comb armies of people that would have to comb through that and the days and days of through that and the days and days of through that and the days and days of days of time that are wasted. all the days of time that are wasted. all the days of time that are wasted. all the way through to starting to challenge way through to starting to challenge way through to starting to challenge every aspect of okay well in what every aspect of okay well in what every aspect of okay well in what settings do we not need nearly as much settings do we not need nearly as much settings do we not need nearly as much evidence in animals and we could rely on evidence in animals and we could rely on evidence in animals and we could rely on cell-based experiments in what settings cell-based experiments in what settings cell-based experiments in what settings do we no longer need multiple redundant do we no longer need multiple redundant do we no longer need multiple redundant studies that show us the same thing we studies that show us the same thing we studies that show us the same thing we can cut through it with one study can cut through it with one study can cut through it with one study anywhere you look um we are seeing a anywhere you look um we are seeing a anywhere you look um we are seeing a movement to be able to do things more movement to be able to do things more movement to be able to do things more efficient faster and having a greater efficient faster and having a greater efficient faster and having a greater impact impact impact >> I've had this experience with you >> I've had this experience with you >> I've had this experience with you countless times where I'll introduce you countless times where I'll introduce you countless times where I'll introduce you to somebody we'll have a conversation to somebody we'll have a conversation to somebody we'll have a conversation like this And somewhere between 30 like this And somewhere between 30 like this And somewhere between 30 minutes in and and 230 minutes in, the minutes in and and 230 minutes in, the minutes in and and 230 minutes in, the person has a thought which they rarely person has a thought which they rarely person has a thought which they rarely say, which is who the hell is this guy? say, which is who the hell is this guy? say, which is who the hell is this guy? >> We we've done the same thing yet again, >> We we've done the same thing yet again, >> We we've done the same thing yet again, which has gone hours into the which has gone hours into the which has gone hours into the conversation without like laying any conversation without like laying any conversation without like laying any sort of groundwork for your background. sort of groundwork for your background. sort of groundwork for your background. Can you just tell us your Can you just tell us your Can you just tell us your >> personal story a little bit? >> personal story a little bit? >> personal story a little bit? >> I I've just been super lucky. I um it's >> I I've just been super lucky. I um it's >> I I've just been super lucky. I um it's funny now now that you as a question I funny now now that you as a question I funny now now that you as a question I think uh re reflecting back on my think uh re reflecting back on my think uh re reflecting back on my childhood I guess my parents were childhood I guess my parents were childhood I guess my parents were training me to be a biotech builder and training me to be a biotech builder and training me to be a biotech builder and investor since the time I was five but investor since the time I was five but investor since the time I was five but um I had like the greatest childhood um I had like the greatest childhood um I had like the greatest childhood ever grew up in a typical uh American ever grew up in a typical uh American ever grew up in a typical uh American home. My my dad was this relentless home. My my dad was this relentless home. My my dad was this relentless entrepreneur. He um he was the type of entrepreneur. He um he was the type of entrepreneur. He um he was the type of person that worked harder than anybody I person that worked harder than anybody I person that worked harder than anybody I knew. And um he was so allin in any knew. And um he was so allin in any knew. And um he was so allin in any business endeavor he was pursuing. Like business endeavor he was pursuing. Like business endeavor he was pursuing. Like our entire family was all in on it. Mom our entire family was all in on it. Mom our entire family was all in on it. Mom was doing the billing. U my brother and was doing the billing. U my brother and was doing the billing. U my brother and I were in the garage refinishing I were in the garage refinishing I were in the garage refinishing furniture. Like kind of grew up around furniture. Like kind of grew up around furniture. Like kind of grew up around business by being around my dad and he business by being around my dad and he business by being around my dad and he was just such an inspirational force in was just such an inspirational force in was just such an inspirational force in my life. Despite the fact that he was my life. Despite the fact that he was my life. Despite the fact that he was such a relentless businessman, he was such a relentless businessman, he was such a relentless businessman, he was never successful really at any of those. never successful really at any of those. never successful really at any of those. And I think if he were sitting here And I think if he were sitting here And I think if he were sitting here today, you know, sadly he passed of today, you know, sadly he passed of today, you know, sadly he passed of Parkinson's over a decade ago. Um, one Parkinson's over a decade ago. Um, one Parkinson's over a decade ago. Um, one of the things he told me in in those of the things he told me in in those of the things he told me in in those last few days is that um, he felt like last few days is that um, he felt like last few days is that um, he felt like he never, you know, sort of stuck with he never, you know, sort of stuck with he never, you know, sort of stuck with anything long enough to see it through anything long enough to see it through anything long enough to see it through over the tougher moments and would just over the tougher moments and would just over the tougher moments and would just quickly move on to the next thing and quickly move on to the next thing and quickly move on to the next thing and the next thing. And so I learned that the next thing. And so I learned that the next thing. And so I learned that lesson from watching him in real life lesson from watching him in real life lesson from watching him in real life and kind of being in business with him. and kind of being in business with him. and kind of being in business with him. But you pair my dad with my mom who's But you pair my dad with my mom who's But you pair my dad with my mom who's been an absolute force in my life. My been an absolute force in my life. My been an absolute force in my life. My mom is this incredible ever optimist. mom is this incredible ever optimist. mom is this incredible ever optimist. And from my earliest memories of my mom, And from my earliest memories of my mom, And from my earliest memories of my mom, um I can remember her drilling into my um I can remember her drilling into my um I can remember her drilling into my mind. mind. mind. We always commit and we never quit. And We always commit and we never quit. And We always commit and we never quit. And that uh she pretty much convinced me that uh she pretty much convinced me that uh she pretty much convinced me that I could do anything I wanted if I that I could do anything I wanted if I that I could do anything I wanted if I put my mind to it. And so I feel like um put my mind to it. And so I feel like um put my mind to it. And so I feel like um from my dad, I I I I got to experience from my dad, I I I I got to experience from my dad, I I I I got to experience and see what it means to take risk and and see what it means to take risk and and see what it means to take risk and that you can fail and life goes on. And that you can fail and life goes on. And that you can fail and life goes on. And from my mom, I developed this sense of from my mom, I developed this sense of from my mom, I developed this sense of resilience. And I think both of those resilience. And I think both of those resilience. And I think both of those attributes are are very much probably attributes are are very much probably attributes are are very much probably connected to why when uh I found uh connected to why when uh I found uh connected to why when uh I found uh medicine, I fell in love with it. Um medicine, I fell in love with it. Um medicine, I fell in love with it. Um particularly the discovery and the particularly the discovery and the particularly the discovery and the development of it. Um so from that early development of it. Um so from that early development of it. Um so from that early childhood, I was the first in my family childhood, I was the first in my family childhood, I was the first in my family that got a chance to to go to college. I that got a chance to to go to college. I that got a chance to to go to college. I I I graduated from MIT and had just an I I graduated from MIT and had just an I I graduated from MIT and had just an amazing experience there. Um, for me, amazing experience there. Um, for me, amazing experience there. Um, for me, um, being at MIT and learning more and um, being at MIT and learning more and um, being at MIT and learning more and more about business and, uh, economics, more about business and, uh, economics, more about business and, uh, economics, um, and science and connecting it back um, and science and connecting it back um, and science and connecting it back to my early days of, of working to my early days of, of working to my early days of, of working alongside my dad and getting a chance alongside my dad and getting a chance alongside my dad and getting a chance to, at the time, not realizing, but put to, at the time, not realizing, but put to, at the time, not realizing, but put money into some of the deals that my dad money into some of the deals that my dad money into some of the deals that my dad was doing, I could put $2 into a rocking was doing, I could put $2 into a rocking was doing, I could put $2 into a rocking chair that we bought and if we sold it chair that we bought and if we sold it chair that we bought and if we sold it for 200 bucks, I thought that was for 200 bucks, I thought that was for 200 bucks, I thought that was amazing. And if we didn't sell it, I was amazing. And if we didn't sell it, I was amazing. And if we didn't sell it, I was pissed. I didn't realize I was learning pissed. I didn't realize I was learning pissed. I didn't realize I was learning in these early days about uh risk and in these early days about uh risk and in these early days about uh risk and reward from from my dad. And then when reward from from my dad. And then when reward from from my dad. And then when you get to a place like MIT and you you get to a place like MIT and you you get to a place like MIT and you start to see um the black and white start to see um the black and white start to see um the black and white version of the equations associated with version of the equations associated with version of the equations associated with that, it was a it was a real kind of you that, it was a it was a real kind of you that, it was a it was a real kind of you know um major step forward for me that know um major step forward for me that know um major step forward for me that inspired me to want to then go on to to inspired me to want to then go on to to inspired me to want to then go on to to New York City and and to Wall Street. Um New York City and and to Wall Street. Um New York City and and to Wall Street. Um because I thought to myself, no better because I thought to myself, no better because I thought to myself, no better place to really learn about business and place to really learn about business and place to really learn about business and how capital connects to business and how capital connects to business and how capital connects to business and what it takes than to come to the what it takes than to come to the what it takes than to come to the epicenter of that here in New York City. epicenter of that here in New York City. epicenter of that here in New York City. And um and so I end up at Meyer Lynch And um and so I end up at Meyer Lynch And um and so I end up at Meyer Lynch and and had some amazing mentors that and and had some amazing mentors that and and had some amazing mentors that were really inspiring to me. Had two were really inspiring to me. Had two were really inspiring to me. Had two major stops at Merryill. One on the major stops at Merryill. One on the major stops at Merryill. One on the capital market side and then after doing capital market side and then after doing capital market side and then after doing that for a while, I wanted to go see uh that for a while, I wanted to go see uh that for a while, I wanted to go see uh how these crazy securities, derivative how these crazy securities, derivative how these crazy securities, derivative securities traded. And so I had a chance securities traded. And so I had a chance securities traded. And so I had a chance to move to the Maryland's derivatives to move to the Maryland's derivatives to move to the Maryland's derivatives desk. And um I think what was just so desk. And um I think what was just so desk. And um I think what was just so fun for me about reflecting back on that fun for me about reflecting back on that fun for me about reflecting back on that time is I actually never picked biotech. time is I actually never picked biotech. time is I actually never picked biotech. When I got moved over to to the uh When I got moved over to to the uh When I got moved over to to the uh derivative desk, um I was just put into derivative desk, um I was just put into derivative desk, um I was just put into biotech. I was assigned to the biotech biotech. I was assigned to the biotech biotech. I was assigned to the biotech subgroup of the derivatives desk and subgroup of the derivatives desk and subgroup of the derivatives desk and knew nothing about it. But I fell in knew nothing about it. But I fell in knew nothing about it. But I fell in love with it so quickly because the love with it so quickly because the love with it so quickly because the riskreward in that setting was about riskreward in that setting was about riskreward in that setting was about life and death. And when I was looking life and death. And when I was looking life and death. And when I was looking at what was going on and the companies at what was going on and the companies at what was going on and the companies that I needed to be understanding to be that I needed to be understanding to be that I needed to be understanding to be able to price risk, it was like wild to able to price risk, it was like wild to able to price risk, it was like wild to me what was going on. I I had no idea me what was going on. I I had no idea me what was going on. I I had no idea about this entire field of the about this entire field of the about this entire field of the development of medicine. I had no real development of medicine. I had no real development of medicine. I had no real appreciation for just the sheer capital appreciation for just the sheer capital appreciation for just the sheer capital that's required to move it forward. And that's required to move it forward. And that's required to move it forward. And here I am through total serendipity. I here I am through total serendipity. I here I am through total serendipity. I find myself at the epicenter of needing find myself at the epicenter of needing find myself at the epicenter of needing to understand these companies deeply to understand these companies deeply to understand these companies deeply enough to price risk and getting a enough to price risk and getting a enough to price risk and getting a chance to be in front of all of the chance to be in front of all of the chance to be in front of all of the buyside investors that are building and buyside investors that are building and buyside investors that are building and back in these companies um that I became back in these companies um that I became back in these companies um that I became inspired by the work that they were all inspired by the work that they were all inspired by the work that they were all doing. I was so inspired by it that in doing. I was so inspired by it that in doing. I was so inspired by it that in my seat I got to be out with these my seat I got to be out with these my seat I got to be out with these people a lot because they were curious people a lot because they were curious people a lot because they were curious what activity was going on the trading what activity was going on the trading what activity was going on the trading desk and what it meant for them and desk and what it meant for them and desk and what it meant for them and their investments. And I was always their investments. And I was always their investments. And I was always interested in learning more about how do interested in learning more about how do interested in learning more about how do they build and back these companies. And they build and back these companies. And they build and back these companies. And what I came to quickly realize in what I came to quickly realize in what I came to quickly realize in talking to all these people from all talking to all these people from all talking to all these people from all these different investment firms was these different investment firms was these different investment firms was that their strategies were actually very that their strategies were actually very that their strategies were actually very similar. And so I said, "Huh, you know, similar. And so I said, "Huh, you know, similar. And so I said, "Huh, you know, knowing what I know about derivative knowing what I know about derivative knowing what I know about derivative securities and that I had learned from securities and that I had learned from securities and that I had learned from my my days at MIT, my time at Meil my my days at MIT, my time at Meil my my days at MIT, my time at Meil Lynch, and recognizing that most people Lynch, and recognizing that most people Lynch, and recognizing that most people in the life science investment world in the life science investment world in the life science investment world were just using equity securities, it were just using equity securities, it were just using equity securities, it struck me that there was a better way to struck me that there was a better way to struck me that there was a better way to either to build these portfolios and either to build these portfolios and either to build these portfolios and select securities, ways in which we select securities, ways in which we select securities, ways in which we might be able to either maintain the might be able to either maintain the might be able to either maintain the type of return that they needed for type of return that they needed for type of return that they needed for their investors but at lower risk or their investors but at lower risk or their investors but at lower risk or maintain the risk and produce a higher maintain the risk and produce a higher maintain the risk and produce a higher rate of turn. And so I went off and I rate of turn. And so I went off and I rate of turn. And so I went off and I spent my nights and weekends um writing spent my nights and weekends um writing spent my nights and weekends um writing this beautiful deck um that I thought this beautiful deck um that I thought this beautiful deck um that I thought had really cracked the code on what had really cracked the code on what had really cracked the code on what portfolios needed to look like in the portfolios needed to look like in the portfolios needed to look like in the life sciences sector would allow a scale life sciences sector would allow a scale life sciences sector would allow a scale of capital to get behind these amazing of capital to get behind these amazing of capital to get behind these amazing medicines that had never before been medicines that had never before been medicines that had never before been achieved. And when it was done, I could achieved. And when it was done, I could achieved. And when it was done, I could not wait to send it out. I remember not wait to send it out. I remember not wait to send it out. I remember telling my roommate Don was like, "Don, telling my roommate Don was like, "Don, telling my roommate Don was like, "Don, I'm ready to send this out. I'm going to I'm ready to send this out. I'm going to I'm ready to send this out. I'm going to send it to everybody and you just watch. send it to everybody and you just watch. send it to everybody and you just watch. My phone is going to be ringing off the My phone is going to be ringing off the My phone is going to be ringing off the hook. Everybody in the world is going to hook. Everybody in the world is going to hook. Everybody in the world is going to want to do this and put this strategy to want to do this and put this strategy to want to do this and put this strategy to work and my days at Maril Lynch are work and my days at Maril Lynch are work and my days at Maril Lynch are numbered. I'm going to be out of here numbered. I'm going to be out of here numbered. I'm going to be out of here soon enough. I sent it out. Crickets. I soon enough. I sent it out. Crickets. I soon enough. I sent it out. Crickets. I didn't get one single response. And I didn't get one single response. And I didn't get one single response. And I couldn't believe it because I'm like, couldn't believe it because I'm like, couldn't believe it because I'm like, how does nobody want to do this? How how does nobody want to do this? How how does nobody want to do this? How does nobody want to run a portfolio that does nobody want to run a portfolio that does nobody want to run a portfolio that can produce the same amount of reward can produce the same amount of reward can produce the same amount of reward but with lower risk or produce more but with lower risk or produce more but with lower risk or produce more reward for same? Didn't make any sense reward for same? Didn't make any sense reward for same? Didn't make any sense to me. And um and so it it turns out to me. And um and so it it turns out to me. And um and so it it turns out that uh months went by before uh my that uh months went by before uh my that uh months went by before uh my phone finally rang. But then one day it phone finally rang. But then one day it phone finally rang. But then one day it did and it was um uh who is today a dear did and it was um uh who is today a dear did and it was um uh who is today a dear friend of mine and mentor uh Jeff Kaplan friend of mine and mentor uh Jeff Kaplan friend of mine and mentor uh Jeff Kaplan who was the head of trading at at that who was the head of trading at at that who was the head of trading at at that time in 2005 a tiny little firm named time in 2005 a tiny little firm named time in 2005 a tiny little firm named Deerfield Management in its early days Deerfield Management in its early days Deerfield Management in its early days where Jim Flynn had just taken over as where Jim Flynn had just taken over as where Jim Flynn had just taken over as general partner. And um and Jim was a general partner. And um and Jim was a general partner. And um and Jim was a really unique leader of Deerfield really unique leader of Deerfield really unique leader of Deerfield because one of the things that I learned because one of the things that I learned because one of the things that I learned from from spending time with him was he from from spending time with him was he from from spending time with him was he obsessed over what is every which way by obsessed over what is every which way by obsessed over what is every which way by which our investment firm can have every which our investment firm can have every which our investment firm can have every type of advantage in producing our type of advantage in producing our type of advantage in producing our returns so that we can attract more and returns so that we can attract more and returns so that we can attract more and more capital and have more and more more capital and have more and more more capital and have more and more impact on the future of human health. impact on the future of human health. impact on the future of human health. How do we create advantages that would How do we create advantages that would How do we create advantages that would allow Deerfield to become the epicenter allow Deerfield to become the epicenter allow Deerfield to become the epicenter of capital to move innovation? And um I of capital to move innovation? And um I of capital to move innovation? And um I got lucky. I found like the one person got lucky. I found like the one person got lucky. I found like the one person in the world who cared about the things in the world who cared about the things in the world who cared about the things that I had to say. And after going and that I had to say. And after going and that I had to say. And after going and presenting on my ideas there for what at presenting on my ideas there for what at presenting on my ideas there for what at that point, which was a tiny team of that point, which was a tiny team of that point, which was a tiny team of about 12 people, um I got hired to join about 12 people, um I got hired to join about 12 people, um I got hired to join Deerfield. And I spent then the next 15 Deerfield. And I spent then the next 15 Deerfield. And I spent then the next 15 years of my career helping to build years of my career helping to build years of my career helping to build Deerfield into that dream state of being Deerfield into that dream state of being Deerfield into that dream state of being the go-to source of capital for the the go-to source of capital for the the go-to source of capital for the industry. Uh I didn't realize it at the industry. Uh I didn't realize it at the industry. Uh I didn't realize it at the time, but I I guess I was 24 when I time, but I I guess I was 24 when I time, but I I guess I was 24 when I joined. Um and I think the next youngest joined. Um and I think the next youngest joined. Um and I think the next youngest person at the firm was probably 40. Um person at the firm was probably 40. Um person at the firm was probably 40. Um these were all people that were super these were all people that were super these were all people that were super seasoned, had incredible experience. Um, seasoned, had incredible experience. Um, seasoned, had incredible experience. Um, and I think I was a bit of a novelty in and I think I was a bit of a novelty in and I think I was a bit of a novelty in the room because I would ask like almost the room because I would ask like almost the room because I would ask like almost a thousand questions every single day a thousand questions every single day a thousand questions every single day and these amazing people would spend the and these amazing people would spend the and these amazing people would spend the time to teach me. And so the time to teach me. And so the time to teach me. And so the apprenticeship that I was able to get apprenticeship that I was able to get apprenticeship that I was able to get from my time at Deerfield was like from my time at Deerfield was like from my time at Deerfield was like nothing I could have ever imagined. Um, nothing I could have ever imagined. Um, nothing I could have ever imagined. Um, and and I was all in like I I I I like and and I was all in like I I I I like and and I was all in like I I I I like was fully in love with investing in was fully in love with investing in was fully in love with investing in building and backing um anything whether building and backing um anything whether building and backing um anything whether it was a medical device, a diagnostic, a it was a medical device, a diagnostic, a it was a medical device, a diagnostic, a medicine, anything that could move human medicine, anything that could move human medicine, anything that could move human health forward. that spanned everything health forward. that spanned everything health forward. that spanned everything from helping these companies figure out from helping these companies figure out from helping these companies figure out how to finance their their innovation how to finance their their innovation how to finance their their innovation all the way through to spending time all the way through to spending time all the way through to spending time with our team on on how do we design and with our team on on how do we design and with our team on on how do we design and help a company design a clinical study help a company design a clinical study help a company design a clinical study in a way that would give them an in a way that would give them an in a way that would give them an advantage to showing something that's advantage to showing something that's advantage to showing something that's really special. Um and that that stayed really special. Um and that that stayed really special. Um and that that stayed true for about the first decade of my true for about the first decade of my true for about the first decade of my time at uh at Deerfield. Um and then time at uh at Deerfield. Um and then time at uh at Deerfield. Um and then something just really really tragic something just really really tragic something just really really tragic happened. Um, you know, at Deerfield, we happened. Um, you know, at Deerfield, we happened. Um, you know, at Deerfield, we were constantly building capabilities were constantly building capabilities were constantly building capabilities and constantly wanting new sources of and constantly wanting new sources of and constantly wanting new sources of data. And one of the sources of data data. And one of the sources of data data. And one of the sources of data that we had that we had acquired and had that we had that we had acquired and had that we had that we had acquired and had built out was now taking us deeper and built out was now taking us deeper and built out was now taking us deeper and deeper into understanding a patient's deeper into understanding a patient's deeper into understanding a patient's journey from uh the moment where they journey from uh the moment where they journey from uh the moment where they are prescribed the medicine to where are prescribed the medicine to where are prescribed the medicine to where they actually get the insurance approval they actually get the insurance approval they actually get the insurance approval to get that medicine and then how long to get that medicine and then how long to get that medicine and then how long they stay on the medicine. And what I they stay on the medicine. And what I they stay on the medicine. And what I was quickly learning about a decade into was quickly learning about a decade into was quickly learning about a decade into my obsession for all the amazing work my obsession for all the amazing work my obsession for all the amazing work that was going on around me is that yes, that was going on around me is that yes, that was going on around me is that yes, medicine only works if people take it, medicine only works if people take it, medicine only works if people take it, but they weren't. And that was a really but they weren't. And that was a really but they weren't. And that was a really dark period for me in my own journey dark period for me in my own journey dark period for me in my own journey because as I was reflecting on um all because as I was reflecting on um all because as I was reflecting on um all the time and effort and capital that I the time and effort and capital that I the time and effort and capital that I was a part of putting behind innovation, was a part of putting behind innovation, was a part of putting behind innovation, it became pretty quickly evident to me it became pretty quickly evident to me it became pretty quickly evident to me that you have to start asking the that you have to start asking the that you have to start asking the questions, well, for what purpose? If questions, well, for what purpose? If questions, well, for what purpose? If people need to be on a medicine for the people need to be on a medicine for the people need to be on a medicine for the rest of their lives and they're taking rest of their lives and they're taking rest of their lives and they're taking it for a year on average and then it for a year on average and then it for a year on average and then quitting, quitting, quitting, are we just optimizing for, you know, are we just optimizing for, you know, are we just optimizing for, you know, maximum expected returns but no impact maximum expected returns but no impact maximum expected returns but no impact on public health? Um, I had been married on public health? Um, I had been married on public health? Um, I had been married at the time. I got married in 2012. So, at the time. I got married in 2012. So, at the time. I got married in 2012. So, I'd been married for some number of I'd been married for some number of I'd been married for some number of years. And I started thinking about, you years. And I started thinking about, you years. And I started thinking about, you know, what what what does my life mean know, what what what does my life mean know, what what what does my life mean and like what how am I as a partner to and like what how am I as a partner to and like what how am I as a partner to my wife if I'm spending my time just my wife if I'm spending my time just my wife if I'm spending my time just focused on making money and not actually focused on making money and not actually focused on making money and not actually doing something that can move the world doing something that can move the world doing something that can move the world forward. We had had our first baby at forward. We had had our first baby at forward. We had had our first baby at that point and I was reflecting on just that point and I was reflecting on just that point and I was reflecting on just how impactful my parents were in terms how impactful my parents were in terms how impactful my parents were in terms of teaching me and uh what they armed me of teaching me and uh what they armed me of teaching me and uh what they armed me with as I went forward and was like what with as I went forward and was like what with as I went forward and was like what lessons would I be teaching my lessons would I be teaching my lessons would I be teaching my daughters? Um and and I got to the point daughters? Um and and I got to the point daughters? Um and and I got to the point where like the combination of thinking where like the combination of thinking where like the combination of thinking across all of those dimensions made me across all of those dimensions made me across all of those dimensions made me to question like am I just doing the to question like am I just doing the to question like am I just doing the wrong thing? Um do I need to go in a wrong thing? Um do I need to go in a wrong thing? Um do I need to go in a different direction? And um the answer different direction? And um the answer different direction? And um the answer was no. No. I what I needed to do was was no. No. I what I needed to do was was no. No. I what I needed to do was take sort of the innate entrepreneurial take sort of the innate entrepreneurial take sort of the innate entrepreneurial energy that comes from my upbringing and energy that comes from my upbringing and energy that comes from my upbringing and from my childhood, the skill set that I from my childhood, the skill set that I from my childhood, the skill set that I was able to develop from this amazing uh was able to develop from this amazing uh was able to develop from this amazing uh apprenticeship that I had at Deerfield apprenticeship that I had at Deerfield apprenticeship that I had at Deerfield and be able to point those talents not and be able to point those talents not and be able to point those talents not just at the discovery side of being able just at the discovery side of being able just at the discovery side of being able to have invention, but be able to point to have invention, but be able to point to have invention, but be able to point that at um the impact that's required to that at um the impact that's required to that at um the impact that's required to actually see these medicines have the actually see these medicines have the actually see these medicines have the impact that they're intended that impact that they're intended that impact that they're intended that they're intended to have. And a lot of they're intended to have. And a lot of they're intended to have. And a lot of that was my inspiration for leaving that was my inspiration for leaving that was my inspiration for leaving Deerfield and wanting to go build Deerfield and wanting to go build Deerfield and wanting to go build Braidwell. And I'm so fortunate because Braidwell. And I'm so fortunate because Braidwell. And I'm so fortunate because one of one of our dear friends, uh, one of one of our dear friends, uh, one of one of our dear friends, uh, Brian Krider, who's an incredible, Brian Krider, who's an incredible, Brian Krider, who's an incredible, uh, person, he's an amazing husband, uh, person, he's an amazing husband, uh, person, he's an amazing husband, father, incredibly talented business father, incredibly talented business father, incredibly talented business person, was also just as inspired as I person, was also just as inspired as I person, was also just as inspired as I was about where we found ourselves in was about where we found ourselves in was about where we found ourselves in the world and the type of impact that the world and the type of impact that the world and the type of impact that could happen but wasn't yet happening. could happen but wasn't yet happening. could happen but wasn't yet happening. He was the chief operating officer for He was the chief operating officer for He was the chief operating officer for for Bridgewater. Um I was co- co-running for Bridgewater. Um I was co- co-running for Bridgewater. Um I was co- co-running uh Deerfield and we decided to spend uh Deerfield and we decided to spend uh Deerfield and we decided to spend some really deep time trying to put our some really deep time trying to put our some really deep time trying to put our lessons learned um and our insights lessons learned um and our insights lessons learned um and our insights together and tried to design from a together and tried to design from a together and tried to design from a first principal perspective what would first principal perspective what would first principal perspective what would the operating system for human health the operating system for human health the operating system for human health look like and what could we do to be the look like and what could we do to be the look like and what could we do to be the driving force behind making that happen. driving force behind making that happen. driving force behind making that happen. How could we be the force that is not How could we be the force that is not How could we be the force that is not just okay with a once- ina- decade just okay with a once- ina- decade just okay with a once- ina- decade hundred billion dollar GLP1 revolution, hundred billion dollar GLP1 revolution, hundred billion dollar GLP1 revolution, but how do we be the force behind making but how do we be the force behind making but how do we be the force behind making sure that this once in a lifetime sure that this once in a lifetime sure that this once in a lifetime trillion dollar costs savings revolution trillion dollar costs savings revolution trillion dollar costs savings revolution happens because we can be the force happens because we can be the force happens because we can be the force behind medicines having their moment behind medicines having their moment behind medicines having their moment where they could prevent diseases that where they could prevent diseases that where they could prevent diseases that are already preventable today. And that are already preventable today. And that are already preventable today. And that really inspired us and and um after kind really inspired us and and um after kind really inspired us and and um after kind of seeing it, we couldn't unsee it. And of seeing it, we couldn't unsee it. And of seeing it, we couldn't unsee it. And then we spent many more months thinking then we spent many more months thinking then we spent many more months thinking about well how would we go do it? How about well how would we go do it? How about well how would we go do it? How would we build it? And um and that would we build it? And um and that would we build it? And um and that became Braidwell where where I'm became Braidwell where where I'm became Braidwell where where I'm spending my time today and and we're spending my time today and and we're spending my time today and and we're having the the most fun that we've ever having the the most fun that we've ever having the the most fun that we've ever had. had. had. >> And if you could sum up the investment >> And if you could sum up the investment >> And if you could sum up the investment approach in its simplest form, how would approach in its simplest form, how would approach in its simplest form, how would you do it? you do it? you do it? >> I think I just bring you into what we >> I think I just bring you into what we >> I think I just bring you into what we call our morning meeting. So um at call our morning meeting. So um at call our morning meeting. So um at Braidwell, uh we get together as a team Braidwell, uh we get together as a team Braidwell, uh we get together as a team every morning from 9:15 until we're every morning from 9:15 until we're every morning from 9:15 until we're done. And I want you to imagine like so done. And I want you to imagine like so done. And I want you to imagine like so you're in this room. Uh you've seen it. you're in this room. Uh you've seen it. you're in this room. Uh you've seen it. So you're in this room. It's a big room So you're in this room. It's a big room So you're in this room. It's a big room and we've got and uh an amazingly and we've got and uh an amazingly and we've got and uh an amazingly talented team of scientists, talented team of scientists, talented team of scientists, biostisticians, commercial experts, AI biostisticians, commercial experts, AI biostisticians, commercial experts, AI experts, investors, operating people, experts, investors, operating people, experts, investors, operating people, traders, structured finance people. Like traders, structured finance people. Like traders, structured finance people. Like we have a pretty significant team and we have a pretty significant team and we have a pretty significant team and everybody on the team has uh some everybody on the team has uh some everybody on the team has uh some special superpower that they contribute special superpower that they contribute special superpower that they contribute to us trying to figure out what to us trying to figure out what to us trying to figure out what companies have amazing technologies that companies have amazing technologies that companies have amazing technologies that we should be getting behind and backing we should be getting behind and backing we should be getting behind and backing and helping them to go as fast as and helping them to go as fast as and helping them to go as fast as possible to have human impact. That cuts possible to have human impact. That cuts possible to have human impact. That cuts at some of those big unlocks that would at some of those big unlocks that would at some of those big unlocks that would be the difference between having be the difference between having be the difference between having something and having it have its impact. something and having it have its impact. something and having it have its impact. And then as we get to look across the And then as we get to look across the And then as we get to look across the ecosystem of everything that is moving ecosystem of everything that is moving ecosystem of everything that is moving forward today, where do we also see the forward today, where do we also see the forward today, where do we also see the major gaps where medicine should exist major gaps where medicine should exist major gaps where medicine should exist but they don't yet? Um and so to me but they don't yet? Um and so to me but they don't yet? Um and so to me being in that room is the most fun part being in that room is the most fun part being in that room is the most fun part of the day. And I think it um very much of the day. And I think it um very much of the day. And I think it um very much epitomizes what our philosophy is, which epitomizes what our philosophy is, which epitomizes what our philosophy is, which is that in order to be a great backer of is that in order to be a great backer of is that in order to be a great backer of innovation, we essentially need to be innovation, we essentially need to be innovation, we essentially need to be able to answer three questions. Are the able to answer three questions. Are the able to answer three questions. Are the innovations we're getting behind going innovations we're getting behind going innovations we're getting behind going to work or fail? are they ultimately to work or fail? are they ultimately to work or fail? are they ultimately going to be relevant from a market going to be relevant from a market going to be relevant from a market potential or not? Um, and is there a way potential or not? Um, and is there a way potential or not? Um, and is there a way by which we could back this company, by which we could back this company, by which we could back this company, invest in this company, you know, enable invest in this company, you know, enable invest in this company, you know, enable this company to move forward faster with this company to move forward faster with this company to move forward faster with capital, um, that produces a return capital, um, that produces a return capital, um, that produces a return that's attractive enough for the that's attractive enough for the that's attractive enough for the investors that are trusting us with investors that are trusting us with investors that are trusting us with their capital. And so um we want to their capital. And so um we want to their capital. And so um we want to bring together the most talented minds bring together the most talented minds bring together the most talented minds at each of those different areas of at each of those different areas of at each of those different areas of domain expertise to give us an advantage domain expertise to give us an advantage domain expertise to give us an advantage that we can uh in a replicable manner that we can uh in a replicable manner that we can uh in a replicable manner deploy day after day after day to both deploy day after day after day to both deploy day after day after day to both be backing the companies that should be be backing the companies that should be be backing the companies that should be moving forward faster and making exist moving forward faster and making exist moving forward faster and making exist the companies that don't but should. the companies that don't but should. the companies that don't but should. >> It's an incredible room to be in. It >> It's an incredible room to be in. It >> It's an incredible room to be in. It makes me wonder like if everyone could makes me wonder like if everyone could makes me wonder like if everyone could design their own room to be in from 9:15 design their own room to be in from 9:15 design their own room to be in from 9:15 to whenever every day. It'd be a fun to whenever every day. It'd be a fun to whenever every day. It'd be a fun exercise. I know you're also a builder. exercise. I know you're also a builder. exercise. I know you're also a builder. Uh we'll save that discussion for for Uh we'll save that discussion for for Uh we'll save that discussion for for another time. Unfortunately, we're out another time. Unfortunately, we're out another time. Unfortunately, we're out of time. I could literally I mean I I of time. I could literally I mean I I of time. I could literally I mean I I have pages of notes. You and I do this have pages of notes. You and I do this have pages of notes. You and I do this every time we talk. We set aside an every time we talk. We set aside an every time we talk. We set aside an hour. We should have set we should set hour. We should have set we should set hour. We should have set we should set aside a day. Um but I'll go to my aside a day. Um but I'll go to my aside a day. Um but I'll go to my traditional closing question for this traditional closing question for this traditional closing question for this session, and I'm sure we'll do this many session, and I'm sure we'll do this many session, and I'm sure we'll do this many times together over the years to come. times together over the years to come. times together over the years to come. What is the kindest thing that anyone's What is the kindest thing that anyone's What is the kindest thing that anyone's ever done for you? ever done for you? ever done for you? >> Ah, that's that's my wife. Um look, I'm >> Ah, that's that's my wife. Um look, I'm >> Ah, that's that's my wife. Um look, I'm I'm pretty darn hard at it every day. I'm pretty darn hard at it every day. I'm pretty darn hard at it every day. Every minute of the day, I can be hard Every minute of the day, I can be hard Every minute of the day, I can be hard at it. And um you know that that drives at it. And um you know that that drives at it. And um you know that that drives me to different levels of stress and and me to different levels of stress and and me to different levels of stress and and I could be so myopically deep down I could be so myopically deep down I could be so myopically deep down trying to figure something out that I trying to figure something out that I trying to figure something out that I kind of just lose track of everything kind of just lose track of everything kind of just lose track of everything else around me. Um and my wife Cass has else around me. Um and my wife Cass has else around me. Um and my wife Cass has this amazing ability to just know when this amazing ability to just know when this amazing ability to just know when I'm at that like just on the precipice I'm at that like just on the precipice I'm at that like just on the precipice of that breaking point and she could of that breaking point and she could of that breaking point and she could find some way to distract me, make me find some way to distract me, make me find some way to distract me, make me laugh and kind of get me back to laugh and kind of get me back to laugh and kind of get me back to neutral. And I think um I think that's a neutral. And I think um I think that's a neutral. And I think um I think that's a big force and an advantage for me big force and an advantage for me big force and an advantage for me because I don't have to worry about because I don't have to worry about because I don't have to worry about going so hard because I've got a partner going so hard because I've got a partner going so hard because I've got a partner that's right there by my side that can that's right there by my side that can that's right there by my side that can help make sure that um I could not just help make sure that um I could not just help make sure that um I could not just be going after things I really care be going after things I really care be going after things I really care about doing but uh having some fun along about doing but uh having some fun along about doing but uh having some fun along the way the way the way >> knowing Cass. I know that's true. Alex, >> knowing Cass. I know that's true. Alex, >> knowing Cass. I know that's true. Alex, thanks so much for your time. thanks so much for your time. thanks so much for your time. >> Thank you. I had a great time. >> Your finance team isn't losing money on >> Your finance team isn't losing money on big mistakes. It's leaking through a big mistakes. It's leaking through a big mistakes. It's leaking through a thousand tiny decisions nobody's thousand tiny decisions nobody's thousand tiny decisions nobody's watching. Ramp puts guardrails on watching. Ramp puts guardrails on watching. Ramp puts guardrails on spending before it happens. Real-time spending before it happens. Real-time spending before it happens. Real-time limits, automatic rules, zero limits, automatic rules, zero limits, automatic rules, zero firefighting. Try it at ramp.com/invest. firefighting. Try it at ramp.com/invest. firefighting. Try it at ramp.com/invest. 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