Odd Lots D.A. Wallach Explains Why Biotech VC Is So Different
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Dec 12, 2025 
D.A. Wallach, co-founder of Time BioVentures and former lead singer of Chester French, shares his unique journey from music to biotech investing. He discusses the complexities of biotech, comparing it to a 'bag of options' with long timelines. Wallach emphasizes the importance of experienced founders and the challenges of clinical trials as major bottlenecks. He also tackles the impact of AI on drug discovery, the rise of China's biotech sector, and the nuances of patient autonomy, all while hinting at how music and biotech intersect.
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From Stage To Startup Studio
- D.A. Wallach describes three careers: rock musician, early VC investor (Spotify), then biotech investor.
- He likens his current role to a record producer helping scientists translate ideas into products.
Biotech Is A Portfolio Of Low‑Prob Options
- Biotech investments function like a bag of options with low base rates of success.
- Investors price potential scale times low probabilities and must build portfolios that survive many failures.
Invest Where Translation Is Scarce
- Source biotech deals from university research and early translational teams.
- Focus on funding the translational 'valley of death' where ideas become products.