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Open Door Salon

Q3 2026 Edition

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How biotech gets funded in 2026.

In 2025, AbbVie Ventures reviewed more than 660 investment opportunities and added five companies to its portfolio. In Q3, Mike Goguen of Two Bear Capital, former FDA Commissioner Robert Califf, former Teva CEO Jeremy Levin and the rest of the Q3 guests told Lori Ellis what gets a biotech funded now, and what drains the money once it arrives. Free.



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Inside this edition

  • The yes. How a check gets written, and what the few funded companies have in common.
  • Where the money went. Family offices, new hubs, and the payers who decide whether cell and gene therapy stays investable.
  • What burns the runway. Every delay spends money raised to reach the next milestone.
  • What investors check now. The IP and data attackers want, and AI claims checked against what AI delivered.

Mike Goguen   Christian Schubert   Karen Harris   Mahesh Narayanan   Sara Jane Demy   Jeremy Levin   Bambi Grilley   Jaap Jan Boelens   Anna Titkova   Prashant Yadav   Robert Califf   Vid Desai   Christian Espinosa   Edwin Lindsay   David Esposito   Pavel Khrimian   Chad Raduege   Raja Mikkili   Anne Herold Li   Ryan Cawood   Raphaël Ognar   Nindhana Paranthaman   Paul Agapow

Every Q3 guest, on the record, distilled by Lori Ellis, host of Open Door Salon.

New conversation every week

Before you go, watch this one.

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What Gets a Biotech Pitch Funded

Mike Goguen of Two Bear Capital and Christian Schubert of AbbVie Ventures on what gets a biotech pitch funded, what loses one in the first twenty minutes, and how big a first round should be.

Watch on Open Door Salon →

The Briefing

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