TechBio AI valuations, hype or real? For companies using AI to make clinical development cheaper and faster, it looks a lot less like hype. They are front-loading success - especially from Phase I to II, where most capital gets incinerated. >PhI to II success jumps to ~80% (~40-65% historic) >PhII still hard, but meaningfully better than baseline >Later stages show smaller deltas, as expected While we often value companies off peak sales and lifetime revenue, is not only about peak sales. How much capital and time you spend to find out if something works matters as well. AI helps: >pick better targets, >run tighter trials, >kill bad programs faster, >reach POC sooner, Then you cut burn, shorten timelines, and improve capital recycling = higher rNPV and IRR!!!! So who buys one of these AI clinical efficiency enhancement stories? >mid-cap pharma that needs pipeline but cannot afford repeated Phase II misses >big pharma BD looking for de-risked assets with cleaner early data >platform acquirers who want a repeatable engine, not a one-off drug >strategics facing patent cliffs, where speed matters 🤔The question is do one of the buyers above make a traditional M&A bid? Or do they wind up signing lucrative collaboration or subscription models and the ultimate buyer is one of the tech health divisions (think Google, OpenAI, Meta, etc) that can integrate the backend data and use it to further drive enhancement? biospace.com/drug-developmen…