Breakthrough drugs aren't always driven by novel biological targets. Major successes like Humira or GLP-1s often succeeded through a superior modality (a humanized antibody) or a contrarian bet on a market (obesity). This shows that business and technical execution can be more critical than being the first to discover a biological mechanism.

Ipsen's drug Icorvo, which failed in the large NASH market, found unexpected success in the rare liver disease PBC. The smaller market is growing faster than anticipated due to physicians treating patients earlier and a key competitor being withdrawn. This demonstrates how a failed asset can be repurposed for a highly successful niche application.

A genetic diagnostics machine was built to speed up patient diagnosis in hospitals. However, its biggest market turned out to be pharmaceutical companies needing to prove drug efficacy. This highlights how true product-market fit can be discovered accidentally in an adjacent, more lucrative market.

Terns Pharmaceuticals, previously known for its obesity and MASH programs, scored a major win with its chronic myeloid leukemia drug. This success demonstrates that a diversified, seemingly unfocused early-stage pipeline can be a strategic asset, allowing a company to pivot to a surprise blockbuster when other programs fail.

Recognizing that business leaders—not scientists—often set research priorities, Jonathan Steckbeck intentionally earned an MBA before his PhD. This nontraditional path gave him the commercial acumen to found a company where he could direct both the scientific and business strategy from day one.

A crucial piece of advice for biotech founders is to interact with patients as early as possible. This 'patient first' approach helps uncover unmet needs in their treatment journey, providing a more powerful and differentiated perspective than focusing solely on the scientific or commercial landscape.

A family tragedy transformed the theoretical problem of antibiotic resistance into a personal mission for Jonathan Steckbeck. This motivated him to pursue a PhD specifically to find a technology he could spin out into a company, leading to the creation of Peptilogics.

The company's lead molecule was initially invented to treat CNS diseases like Alzheimer's. A pivot occurred when a postdoc with an interest in oncology tested the compounds against refractory tumors, uncovering their true potential and leading to the company's formation around a new indication.

CEO Jonathan Steckbeck simplifies a complex topic by describing peptides as a "Goldilocks modality." They sit between small molecules (good access, poor specificity) and biologics (poor access, good specificity), ideally offering the best of both worlds for targeted drug delivery.