01
We lead, and we hold reserves.
How We InvestWe lead or co-lead the first priced round, take a board seat, and keep reserves back so each company can finish its next study without waiting on a new investor.
- Round roleLead or co-lead
- Investment stageSeed → Phase 2
- Follow-on reservesAbout 18% of a fund
02
A bench that has run trials.
The Clinical BenchOur advisors are clinicians, chemists and regulatory specialists who have taken drugs into patients. They go through each company's target, trial design and manufacturing plan before the first dose.
- Advisors24 clinicians, chemists and regulators
- DisciplinesClinical · Chemistry · Regulatory
03
Marks you can check.
ReportingPrivate companies are held at their last priced round, public ones at the closing price. Our investors see the downside case beside the upside every quarter, before anyone asks.
- PrivateLast priced round
- PublicQuoted closing price
04
Two coasts, one bench.
Where We WorkFrom Boston and San Diego, with a partner in London, we back companies across the US and Europe — wherever the biology is strongest.
- Offices3
- MarketsUS · Europe