Diligence memos (4)
Diligence reports by thesis and company. Click a card to open the full PDF.
AI Across the Drug-R&D Stack
August 2026
A forward-looking map of where a new layer of defensible value is forming as AI accelerates each step of drug R&D: physical AI in synthesis, in silico SAR, connective-tissue software, and the at-home data layer in consumer health.
SURGE Therapeutics
June 2026
Intraoperative immunotherapy via an injectable hydrogel placed in the tumor resection cavity. A bet on lead asset SRG-514 with a capital-efficient, pipeline-in-a-product model and a fast 505(b)(2) path.
Excelsior Sciences
June 2026
Scientific diligence on the smart bloccs iterative-synthesis platform. Established Burke-lab boronate chemistry with a defensible IP position; the open question is how much drug-relevant sp3-rich space it covers.
Oban Therapeutics
June 2026
Series A1 diligence on OBN-06, a selective M4 ago-PAM for schizophrenia. Differentiated mechanism addressing the low-ACh limitation of pure PAMs, in a field narrowed by the emraclidine failure and the NMRA-266 clinical hold.