Venrock — portfolio autopsies

Achaogen spent 15 years developing a new antibiotic, won FDA approval in June 2018 — and filed for Chapter 7 bankruptcy in April 2019, just 10 months after approval, because hospital purchasing refused to pay for its drug.

The $1.4B healthcare transparency IPO that proved benefits platforms are worth a fraction of what Wall Street paid for them

Unilever paid $1B for subscription razors — then sold the business 7 years later for approximately 15 cents on the dollar

The anti-obesity biotech that discovered a novel MetAP2 enzyme pathway, advanced to Phase 3, and dissolved after two fatal clinical safety events.

The fastest-growing HR software startup in history — until it was exposed for letting employees sell insurance without licenses, triggering a $4.5B valuation collapse.