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Latest — 13 Jun 2026

No-Royalty Thresholds in Pharma Royalty Financing: When the Cash Doesn't Flow

A no-royalty threshold is a contractually defined level of net sales, time, or performance below which the buyer of a royalty receives nothing. The mechanism is uncontroversial in concept and notoriously consequential in practice. It moves cash flow timing, reshapes IRR distributions, alters accounting recognition, complicates true-sale opinions,

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Company of the week: Cogent Biosciences

Cogent Biosciences, Inc. (Nasdaq: COGT) is a Waltham and Boulder based biotechnology company developing precision therapies for genetically defined diseases. Its single clinical-stage product, bezuclastinib, is a selective tyrosine kinase inhibitor of the KIT D816V mutation and other KIT exon 17 mutations, and is the engine behind three near-

Fund of the week: High-Tech Gründerfonds

What is High-Tech Gründerfonds? High-Tech Gründerfonds (HTGF) is Germany's largest and most active seed-stage venture investor. It is a public-private partnership, founded in 2005 in Bonn to close the early-stage funding gap that once left many German university and research spin-outs without

Digital Health Royalties

A mechanics-and-gap analysis of royalties in digital health and prescription digital therapeutics as of 2026.

How Veterinary Royalty Deals Are Built

Why animal-health royalties are structured the way they are: FDA-CVM regulatory triggers, species fragmentation, the cash-pay market, the option-to-acquire lifecycle that keeps eliminating royalties, and the deleveraging monetizations, with the numbers and the deal anatomy.

Grounding the Machine: How AI Drug Design Actually Handles Hallucination

A generative model does not know what it does not know. When it proposes a molecule, a binding pose, or a mechanism, the practical question, for anyone reading its output or underwriting the platform that produced it, is whether the answer is real or a confident fiction.

The Weekly Term Sheet (2026-W23)

The week in numbers Disclosed cash and committed capital first. The milestone-inclusive "up to" ceilings are noted second, not led with: where an upfront or a committed amount is disclosed, that is the number to anchor on. * $1.55B upfront cash: Servier to Edgewise for the muscular

Data Room Standards for Royalty Transactions: What Buyers Diligence First, and the Red Flags That Kill Deals

A royalty stream is only as good as the documents that prove it. The data room is where a buyer decides whether the cashflow it is being shown is real, durable, transferable, and unencumbered. Get the room right and a deal closes in weeks. Get it wrong and the buyer

Company of the week: Retro Biosciences

Retro Biosciences is a San Francisco-based longevity biotech founded in 2021 with a $180 million seed round funded entirely by OpenAI CEO Sam Altman, pursuing cellular reprogramming, autophagy, and cell replacement to add ten healthy years to the human lifespan.

Fund of the week: M Ventures

What is M Ventures? M Ventures is the strategic corporate venture capital arm of Merck KGaA, Darmstadt, Germany, the German science and technology group with operations spanning pharmaceuticals, life science tools and bioprocessing, and electronics materials. Founded in 2009 with an initial focus on healthcare drug development, M Ventures has

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P05.org

Weekly structural analysis on pharmaceutical royalty financing. Deal mechanics, legal events, fund positioning, primary sources.

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