Qapital Research

Vertical Thesis

Draft

Biotech

GLP-1 economics, gene editing maturing, AI-bio entering the data flywheel.

3

Companies in Coverage

4

Sub-themes

0

Trail signals (90d)

2026-05-20

Thesis updated

Our thesis

Draft. The thesis: obesity + metabolic disease is a multi-decade re-platforming of healthcare; gene editing has moved from "will it work" to "what will it cost"; AI-bio platforms are now within striking distance of meaningful clinical impact.

Sub-themes we track

GLP-1 / obesity

Lilly + Novo durability, oral GLP-1 next leg.

Gene editing

Vertex/CRISPR, Casgevy commercial ramp, next-gen editors.

AI drug discovery

Recursion, Schrödinger, AlphaFold-derived platforms.

mRNA platform

Beyond COVID — oncology, rare disease, immunology.

Indicators we monitor

  • Prescription volume + payer coverage (GLP-1)
  • Clinical readout calendar
  • FDA approval pace by modality
  • M&A premiums in mid-cap biotech