Six months on, a weekly shot that shrinks your jeans size still makes more money than @OpenAI and @AnthropicAI combined. The shots are Ozempic and Mounjaro. Last year they brought in $71B, four times the $18B the two AI labs booked. This year AI almost caught up, mostly because Anthropic’s sales exploded. It sold $11.5B from April to June alone, more than Ozempic, after $4.6B in all of 2025. The drugs still lead by about a third. Only about 1 in 50 people with obesity worldwide takes one. Two obesity pills arrived this year: @novonordisk's Wegovy in January and @EliLillyandCo's Foundayo in April, both priced at $149 a month, and more than 30 new obesity drugs are in late-stage trials. AI already has 1.2 billion weekly users. The drugs have barely started.

Today we’re announcing the $600M Formation Bio Drug Development Accelerator Fund. @lintaho and I started @FormationBio because we believed the biggest bottleneck in bringing new medicines to patients wasn’t drug discovery, but drug development. As AI dramatically accelerates discovery, that bottleneck is only becoming more acute. Without the capital and capacity to advance promising drugs through clinical trials, much of that progress won’t translate into medicines for patients. Our new Fund brings together dedicated capital, drug development expertise, and AI-powered development capabilities to acquire promising drugs and advance them through the clinic.

I captured this video in my lab to show the power of medicines called T-cell engagers. Left: T cells move in and out of a cancer tumoroid, largely ignoring it. Right: Add a T-cell engager, and the T cells attack. Once they recognize their targets, they tear through the tumor.