Data-driven perspectives on the business of biotech

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.



Most popular posts


Read our 1H2019 biopharma startup and venture capital report

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.





VC and finance

Valuing drug programs and biopharma companies

An interactive tool for valuing drug programs and explaining basic concepts in biopharma valuation.

The world's most expensive drug?

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.

Biotech finance 101: P&L forecasting

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.

Biotech finance 102: Valuation techniques and modeling considerations

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.

Valuations of biotech startups from Series A to IPO

Analysis of biopharma IPOs from 2018-Q12019: therapeutic area, therapeutic modality, development stage, and valuation of venture rounds.

Venture returns from biopharma IPOs, 2018-Q1 2019

Analysis of returns of venture investments in biopharma companies that went public from 2018-Q12019.

Top biotech venture funds of 2018

A look at the top biopharma venture capital funds of 2018.

Biopharma VC Basics 1: What do VCs do?

Describes the role of biopharma venture capital in the biotech system and economy as a whole.

Biopharma VC Basics 2: How do VCs work?

Overview of who venture capital firms serve, what their responsibilites are, and how they make money.

2019 IPO market outpacing 2018, but VC funding down 25%+

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 recovers from December lows

Biopharma VC funding in January 2019 recovers from its December 2018 lows, though Series A funding continues its year-long trend downward.




The case for young biotech CEOs





The biopharma opportunity

Why now is the best time ever to start biopharma company

Exploration of business, scientific and technological trends driving the explosion in biotech innovation and funding in the last five years.

A few charts on the Bio opportunity, and some problems startups can address (part 1/2)

A few charts describing the opportunity in bio and some of the problems facing the industry.

A few charts on the Bio opportunity, and some problems startups can address (part 2/2)

Some examples of problems in biopharma that startups might be suited to solving.





Startups

What are the characteristics of the top biotech startups?

A few characteristics that many successful biotech startups have.

Pitch basics: unmet need

First short post in a series describing common topics to cover in a pitch, focused on unmet need and clinical development.

Pitch basics: products and pipeline

Second short post in a series describing common topics to cover in a pitch, focused on products and pipeline.

Pitch basics: technology and platform

Third short post in a series describing common topics to cover in a pitch, focused on technology and platform.

Pitch basics: development plan

Fourth short post in a series describing common topics to cover in a pitch, focused on development plans.





Industry and trends

Drug development basics

Overview of the stages and costs of the drug development process, intended for those not too familiar with the industry.

2018 biopharma VC funding passes $3B; China on the rise

Update on YTD 2018 venture funding trends in biopharma, notably the rise of Chinese investment.

The biopharma startup job search

Overview of the current biopharma startup environment and ideas for how to navigate the job search.