Fifteen+ years of
healthcare thinking

Despite the historical difficulty in designing therapeutics that cross the BBB, Denali’s landmark approval could signal an inflection point for the BBB-crossing therapeutic pipeline.

The psoriasis story demonstrates that oral convenience may only compensate for modest efficacy gaps. Next-generation products in competitive market segments must deliver on a combination of efficacy, reduced adverse events, improved patient convenience and payer coverage in order to meaningfully win market share.

We explore four hypothesized value drivers of platform-based companies and evaluate the actual value achieved 10-15 years out from initial capital raise. We found that discovery platforms showed the highest lead asset success rates, significantly more out-licensing activity than non-platforms, and accounted for nearly all multi-asset approvals within our cohort. All platform types showed increased survivability and more licensing opportunities.