TD Cowen Insights

Recorded on 09/04/25TD Cowen analyst Yaron Werber speaks with Ricky Sun about Bain Capital's collaborative edge with both the Life Sciences and Private Equity teams, their broader Asia strategy with a focus on Japan and China, advice for biotech CEOs and boards, and opportunities and challenges in the current life sciences investing landscape. Ricky shares his learnings from Bain’s recent carve-out/taking private of Mitsubishi Tanabe Pharma (valued at roughly $3.3B), and notably how leveraging deep scientific and operational expertise across the Life Sciences and Japanese Private Equity teams was crucial for deal execution. In what is one of the key underpinnings of this deal, he shares optimism that the streamlining of drug approvals within the Japanese PMDA, especially for orphan indications, will allow faster time to market, reduce requirements to conduct Ph1 studies in Japanese patients by employing data from Western patients, and facilitate earlier feedback to sponsors, which will expedite approvals. He also cites his experience from >80 deals that suggests that quality of management, sound decision making, and discipline in capital deployment are the key factors for success in biotech. https://go.td.com/PodcastDisclosure

Recorded on 09/04/25 TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which includes a discussion of tokenized equity trading with Reid Noch, who follows U.S. market structure at TD Cowen. We also get a market update from Scott Smith, the TD Cowen specialty salesperson for financials. https://go.td.com/PodcastDisclosure

Recorded on 06/23/25TD Cowen's Machine Medicine: AI & Health Care podcast series takes on the cross-sector revolution in artificial intelligence and breaks it down one piece at a time. We highlight some of the biggest misconceptions about how AI is and can be used in different health care settings and aim to contextualize the latest and most significant developments in a field defined by rapid innovation.  In this episode, TD Cowen's health care analyst Brendan Smith hosts Jeff Elton, Vice Chairman of ConcertAI, to explore how ConcertAI is rewriting the playbook for designing and enrolling clinical trials using AI and data-driven precision. We discuss how ripe the current process of running clinical trials is for this kind of innovation as well as how recent guidance from the FDA is shifting conversations with customers. We also aim to unpack what the path toward widespread AI integration could look like and where the field may go from here, especially as the push for faster and more precise trials continues to be a top priority for the entire health care sector.   https://go.td.com/PodcastDisclosure

Recorded on 07/30/25Stem Cells To Skin: How Molecular Biology & AV Laboratories' SOM3 Molecule Drive Skin Wellness. We host AV Laboratories CEO Ami Mezezi and CMO Josh Smith to discover how they merge biotechnology and regenerative science with efficacious skincare. AV Laboratories is a biotech company first, differentiated by full vertical integration: developing, testing, and manufacturing all in-house. SOM3 is AV Laboratories' proprietary molecular nutrition system that delivers targeted amino acids and cofactors to support cell metabolism and longevity. https://go.td.com/PodcastDisclosure

Recorded on 08/28/2025 In this episode, Roman Schweizer, TD Cowen’s WRG geopolitics & defense analyst, discusses the big must-do things in Washington and potential catalysts through the end of the year with an All-Star reporter lineup. We cover recent Administration comments about the Federal Government taking equity positions in defense companies and look at upcoming issues such as the FY26 National Defense Authorization Act, appropriations, Continuing Resolutions, shutdown risk, rescissions, plus some program milestones on General Atomics' Collaborative Combat Aircraft, Northrop Grumman's B-21 and SpaceX's Starship. https://go.td.com/PodcastDisclosure

Recorded on 08/12/25We spoke with QTS's Co-CEO Tag Greason at TD Cowen's 11th Annual Communications Infrastructure Summit. Mr. Greason discusses the evolution of QTS since being taken private by Blackstone in 2021, the state of hyperscale AI demand, and the bottlenecks for data center capacity delivery. In addition, Mr. Greason highlights his observations of the enterprise data center market, trends for data center development yields, and lessons from prior infrastructure buildout cycles.   https://go.td.com/PodcastDisclosure

Recorded on 07/09/25From Trauma to Transformation, the Future Is Regenerative Skincare. Nicolas Travis intimately shares how failed facial reconstruction surgeries at 19 inspired him to build Allies of Skin, a global brand rooted in clinical science. Nicolas' mission is to make science-backed skincare more human and accessible for all skin journeys using regenerative actives including growth factors and peptides.How Recovery Inspired Allies of Skin's Regenerative Approach. In this episode, Nicolas Travis, CEO/Founder of Allies of Skin, highlights how the brand combines rigorous science with a deeply human approach to beauty. He details how he launched Allies of Skin with three science-backed products, including the Peptides & Antioxidants Advanced Firming Daily Treatment (which is still their #1 best-selling moisturizer today), the Retinal & Peptides Advanced Repair Night Cream, and the Molecular Saviour Probiotics Treatment Mist. Travis explains how he then introduced the breakthrough Multi Peptides & Growth Factor Advanced Lifting Serum, a $188 hero product that took five years to create and has sold out seven times with a 12,000-person waitlist. Nicolas discusses how growth factors and peptides act as “personal trainers for your skin,” strengthening collagen and cellular communication. Travis also shares how Allies validates every launch through 28- and 56-day clinical studies and is now advancing into custom exosome delivery for 40x deeper ingredient penetration. We explore how Allies of Skin has scaled to 36 countries in nine years, driving rapid growth across Amazon, direct-to-consumer, and Cult Beauty, while also expanding retail doors at Nordstrom, Neiman Marcus, and Violet Grey. Targeting mature customers with higher spending power and loyalty, Allies balances margin goals with accessibility, offering products like SPF at $45, and adopts a channel-agnostic philosophy, meeting consumers where they shop, from luxury retailers to TikTok Shop. https://go.td.com/PodcastDisclosure

Recorded on 08/13/25 This episode features Tom Fitzgerald, TD Cowen's airline analyst, and Moshe Orenbuch, TD Cowen's specialty finance analyst, discussing major takeaways on the health of the consumer and outlook for travel demand as we approach the fall. Topics include the continued strength in premium product demand, divergences in spend by income cohorts and age demographics, the latest color on corporate travel demand, credit card commentary on spending categories, competition across loyalty programs, and an update on aircraft leasing. https://go.td.com/PodcastDisclosure

Recorded on 07/07/25Learn About Clinically Kind Skincare Powered by Goat Milk. Co-Founder and Chief Kindness Officer of Beekman 1802, Dr. Brent Ridge, shares how he grew Beekman 1802 from a rural goat farm into a global leader in sensitive skin care. Brent's medical background, clinical efficacy, storytelling, and kindness philosophy fuel Beekman's omnichannel growth strategy across DTC, Ulta, QVC, and Amazon.Where Kindness Meets The Microbiome: Beekman 1802's Science-Backed Secret to Loyalty. In this episode, Brent shares how he and his partner co-founded Beekman 1802 during a financial crisis by embracing the original act of kindness - taking in a neighboring farmer’s goats. That ethos of empathy now drives their company culture, product development, and community-building strategy. Brent unpacks how goat milk became the foundation for barrier-safe skincare and how the brand has leaned into science with its proprietary “Milk RX” exosome line, microbiome-friendly body care, and peptide-forward innovation. We also dive into goat milk's composition of 160bn+ exosomes/mL, and how these natural vesicles may serve as delivery systems for peptides that support barrier repair and microbiome health.Brent explains how Beekman leverages a statistically validated “Kindness Quotient” to screen its 7,000-person ambassador crew, and how emotional connection, not virality, is the true measure of customer loyalty. He discusses the brand’s omnichannel strategy and how being bootstrapped for 10 years shaped Beekman’s long-term growth approach. From aging science and microbiome research to AI’s role in accelerating product innovation, Brent offers an insightful perspective into what it means to scale with intention, empathy, and scientific rigor.  https://go.td.com/PodcastDisclosure

Recorded on 07/30/25TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which includes a discussion with TD rates strategist Gennadiy Goldberg on the threat to interest on reserves as well as a broader recap of policy changes for financial companies, including expectations for bank capital reforms. https://go.td.com/PodcastDisclosure