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From Surgeon to Biotech CEO with Jonathan Lim
@ a16z
04/30/25
Takeaways
JL
Jonathan Lim
04/30/25
@ a16z
I grew up in San Diego loving movies and thought I might become a filmmaker, but my passion for science led me to pursue a career in medicine to help people.
JL
Jonathan Lim
04/30/25
@ a16z
I was a happy surgeon, but after a two-year break in Boston working at Dana Farber Cancer Institute, I realized entrepreneurship looked really appealing.
JL
Jonathan Lim
04/30/25
@ a16z
I joined a four-person startup called Halo in 2003, which was a significant leap from my previous role at McKenzie, and it felt like a leap of faith.
JL
Jonathan Lim
04/30/25
@ a16z
At 31, I was called in as the CEO of Halo, despite knowing very little about biotech, and we had only three months of cash on hand with no VC dollars invested.
JL
Jonathan Lim
04/30/25
@ a16z
We explored going public through a reverse merger, and within a year, we uplisted to the American Stock Exchange and later to NASDAQ, marking a significant milestone for the company.
JL
Jonathan Lim
04/30/25
@ a16z
Erasca's mission is to erase cancer, specifically targeting RAS-driven cancers, and while we are making progress, we still have a long way to go.
JL
Jonathan Lim
04/30/25
@ a16z
The cancer-fighting community aims to increase the long-term remission rate from 20% to higher percentages by exploring various treatment combinations.
JL
Jonathan Lim
04/30/25
@ a16z
Recent advancements in immunotherapy and targeted therapies are providing new hope in the fight against cancer, with exciting breakthroughs in treatments for various tumor types.
JL
Jonathan Lim
04/30/25
@ a16z
During my trip to the Galapagos Islands, I reflected on Darwin's theory of evolution and its parallels to business, emphasizing the need for entrepreneurs to adapt to survive.
JL
Jonathan Lim
04/30/25
@ a16z
The frigate bird, which has vestigial oil glands and cannot dive for fish like other birds, symbolizes the importance of adaptation in both nature and business, especially in the challenging biotech environment where entrepreneurs must adapt or die by reprioritizing, raising funds smartly, and staying agile to survive and thrive.
JL
Jonathan Lim
04/30/25
@ a16z
The last few years have been sobering for the biotech industry, highlighting the need to adapt quickly to survive amidst fierce competition for attention from investors, partners, and talent.
JL
Jonathan Lim
04/30/25
@ a16z
At Erasca, we've pivoted significantly, focusing on prioritizations and accessing capital to develop programs that genuinely impact patients.
JL
Jonathan Lim
04/30/25
@ a16z
Embracing change is essential not just for survival but for thriving in the biotech industry, which requires both defensive and offensive strategies.
JL
Jonathan Lim
04/30/25
@ a16z
In the current environment, the focus should be on developing products that can demonstrate clear impact on patients, whether through safety or efficacy.
JL
Jonathan Lim
04/30/25
@ a16z
When we went public in 2021, we decided to save our funds instead of spending them immediately, anticipating tougher days ahead in the biotech landscape.
JL
Jonathan Lim
04/30/25
@ a16z
In Hollywood, successful films often take years to develop, similar to how it takes about 8 to 10 years for a typical drug to go from inception to launch.
JL
Jonathan Lim
04/30/25
@ a16z
Both the biotech and film industries require a portfolio approach to investment, as the probability of success for any given project is uncertain.