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Clinicians say, “The drug stopped working” instead
of “Your immune system rejected this therapy.”
That language protects the product. It fails the
patient. The mindset must shift toward full
durability disclosure.

Until this shift happens, even the most sophisticated
science will be undermined by an outdated philosophy.
Immunology isn’t a nuisance—it’s the terrain. And if
you ignore the terrain, your drug won’t last the journey.

Investment: Rewiring What Capital Rewards

Behind every biologic therapy is a financial structure: seed
rounds, Series A, exit multiples, royalty deals. Capital
doesn’t just fund innovation—it shapes what kind of
innovation gets built.

And right now, that capital is optimized for speed—not
longevity.

Venture firms are trained to bet on quick wins: get to IND,
get a strong Phase II signal, and license or IPO before the
real-world immune data catches up. But tolerization
doesn’t show up on that timeline. It appears after the
payout—when the patient loses response, the drug is
discontinued, and the cycle starts again.

This is where the biologics investment model breaks
down.

To fix it, we need a capital ecosystem that values
durability:

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