I write data-driven articles and analyses on biotech startups and venture capital. Content ranges from deep dives on industry trends to resources for learning about the industry.
I've worked in biotech startups my whole career, as an investor, at startups and as a financial analyst in investment banking and on the healthcare team of a FAANG company.
2018 was a banner year for biopharma startups and VC. But the picture has been mixed through the first half of 2019. In our 1H2019 biopharma report, we take a data-driven look into biopharma venture funding, IPO and M&A activity.
An interactive tool for valuing drug programs and explaining basic concepts in biopharma valuation.
An introduction to biotech business and finance through the analysis of the company that developed what will likely be world's most expensive drug. Includes downloadable financial model.
First post in a series about biotech finance, aimed at finance professionals who are interested in biotech, focused on fundamentals of P&L forecasting for drug companies.
Second post in a series about biotech finance, aimed at finance professionals who are interested in biotech, focused on common valuation techniques for biopharma companies.
Analysis of biopharma IPOs from 2018-Q12019: therapeutic area, therapeutic modality, development stage, and valuation of venture rounds.
Analysis of returns of venture investments in biopharma companies that went public from 2018-Q12019.
Describes the role of biopharma venture capital in the biotech system and economy as a whole.
Overview of who venture capital firms serve, what their responsibilites are, and how they make money.
A quick update on the VC and IPO markets: the IPO market stays strong, but venture funding is down from 2018's record levels.
Biopharma VC funding in January 2019 recovers from its December 2018 lows, though Series A funding continues its year-long trend downward.
A summary version of the posts is here.
Exploration of business, scientific and technological trends driving the explosion in biotech innovation and funding in the last five years.
A few charts describing the opportunity in bio and some of the problems facing the industry.
Some examples of problems in biopharma that startups might be suited to solving.
A few characteristics that many successful biotech startups have.
First short post in a series describing common topics to cover in a pitch, focused on unmet need and clinical development.
Second short post in a series describing common topics to cover in a pitch, focused on products and pipeline.
Third short post in a series describing common topics to cover in a pitch, focused on technology and platform.
Fourth short post in a series describing common topics to cover in a pitch, focused on development plans.
Overview of the stages and costs of the drug development process, intended for those not too familiar with the industry.
Update on YTD 2018 venture funding trends in biopharma, notably the rise of Chinese investment.
Overview of the current biopharma startup environment and ideas for how to navigate the job search.