Jacob Kimmel

And in many cases, what we found is that unlike with LLMs, where a lot of the data that was necessary to build these was sort of a common good.

It was produced as a function of the internet, shared across everyone.

It's pretty common across all the domains everyone wants to use it for.

This biological data is still in its infancy.

It's like, imagine we're in like the early 1980s and we are just now thinking about trying to create some of the first web pages.

That's kind of the era we're in.

Right.

And so we're going after and generating some of our own data in this very niche circumstance, like building the very high quality corpus, the Wikipedia that you might train your overly analogized now LLM on.

and then building the first products based on that, and then expanding from there.

And so we think that's necessary because of where we are today.

There isn't this internet-like equivalent of data that everyone can go out and reap rewards from.

The gray market piece I'll maybe put aside and say, you know, that's sort of a IP enforcement at a geostrategic level that I'm maybe not qualified to speak to.

But I do think it comes down to IP enforcement effectively.

I think for that gray market piece, another reason that sort of the traditional pharmaceutical industry I think will still continue to reap the majority of rewards here is that

Most of the payment in the United States, which provides most of the revenue for drug discovery in the world, goes through a payment system that is not just direct consumer.

It goes through payers.

And so if you have the opportunity to either, like, order a sketchy vial off of some website from some company in Shenzhen, or you can go through your doctor and get a prescription with a relatively low copay for trizepatide, the real thing, I think most patients will go for trizepatide.

I think you and I probably live in a milieu of people who are much more comfortable with

ordering the vials from Shenzhen than most people might be.

But I don't consider that to be a tremendous concern writ large.