Biology belongs to everyone.

The world's largest companies, from the Dutch East India Company in the 1640s to Apple in 2024, were driven by globally distributable products. Living technology doesn't have one yet – not even obesity drugs will come close.

The DNA sequencing leader raised only $36 million in venture capital and just $96 million at its IPO. Illumina achieved its first operating profit eight years after being founded and has been cash flow positive since 2006.

One quarter through the "century of biology," we're great at building startups deemed successful by the vanity metrics of success, but terrible at building commercially successful businesses.

The founders nailed the timing for the company's public debut in 2021, but the short-term tradeoffs made then are now biting investors. A fair valuation on the other side of $1 per share leaves only one option.