The massive M&A activity in the cell and gene therapy space in the last two quarters have been promising. We saw Lilly’s announcement to acquire Orna Therapeutics just last week. But for the most part, the broad uptake of gene therapies has been limited by the long-standing challenge of delivery. If we had a platform that could modularly engineer cell-specific delivery vehicles for diverse genetic payloads, we could unlock therapies across vastly broader indications, from cancer to cardiovascular and neurodegenerative disease. This is the future that Syenex works toward. A few weeks ago, I sat down with Jay Rosanelli in SF at JP Morgan Healthcare. We talked about: -- The economics of platform vs. Tx companies -- The technical bottlenecks in viral vector and non-viral delivery -- A brief history of biotech capital -- What’s next for neurotech and AI x bio. Perhaps one day, a singular injection will be enough to durably rewrite the genetic drivers of disease. Until then, one of the hardest problems in biology will remain in delivery, and I look forward to following how small biotechs rise to the occasion.