Karl Thiel

You're hurting the top of the funnel when you do that.

The good news, such as it is, is that the current budget, which is not being passed because of the shutdown, but the current budget calls for basically both the House and Senate versions call for restoration of most of NIH funding.

This is one area in which House and Senate Republicans, for the most part, kind of push back against funding.

the White House, and they want to restore most of that funding.

So, hopefully, the impact will ultimately be less than it could have been.

But it's still extremely disruptive and it's going to work through the funnel for years.

Yeah, I think that's right.

I do think there is an expectation that some of the most radical moves made by the administration will be mitigated or reversed at some point.

It's pretty clearly broken.

I mean, you could argue that it's not a breaker.

And I would say that that's, you know, fair enough.

I mean, this is a drug company that's well over 100 years old.

It came to us on our scorecard through Celgene.

That's right.

You know, Bristol acquired Celgene.

And swallowed a breaker.

Exactly.

It swallowed a breaker and has, you know,

continued to struggle since.

And I would say that it is a broken breaker that I've come to believe in again.