Page 456 - Binder2

• Investor education on immune metrics:
LPs and GPs need to understand that immune
durability is not speculative—it’s quantifiable and
predictive.
Metrics like:
o ADA formation rates
o SLOR timelines
o Patient drug retention curves
are signals of economic value—not just
clinical trivia.
• Tolerance-first portfolio strategies:
VCs must look beyond the shiny efficacy number.
A biologic that works with the immune system may
take longer to prove, but offers:
o Higher lifetime value per patient
o Lower switching and churn
o Broader platform leverage

Funds should start asking:

“What’s your immune durability thesis?”

• Value-based modeling:
Startups need to show not just therapeutic potential,
but payer economics:
o Reduced need for monitoring and escalation
o Fewer co-therapies
o Compatibility with outcome-based contracts
• De-risking tolerogenic innovation:
Yes, tolerance-first platforms might take longer to
validate. But they also:
o Enable multiple products from a common
immune-compatible chassis
o Avoid costly ADA-driven redesign
o Position themselves for longer-term
licensing and payer trust

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