The Biotech Startups Podcast 🧬 AI & Capital Efficiency: Building a Lab-Free Biotech | Caitlyn Krebs (Part 4/4)
Apr 23, 2026
41:21
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"Trust yourself, trust your instincts, and also the relationships and partnerships that you build along the way — because at the end of the day, it's all about the people."
In this episode of The Biotech Startups Podcast, we dive into how Nalu Bio CEO and co-founder Caitlyn Krebs is harnessing AI and the largely untapped endocannabinoid system (ECS) to build the first nonhormonal therapeutic for the two hundred million women living with endometriosis, while running an ultra-lean company with no lab, no university royalties, and a fully outsourced CRO/CMO model. She explains why CB1 and CB2 GPCRs are among pharma’s most druggable targets, how Nalu’s platform has sped drug development by 5x while doubling phase one success rates, and why the ECS may be medicine’s most overlooked frontier amid a women’s health landscape still dominated by opioids, chemical menopause, and invasive surgery.
Key topics covered:
- Capital Efficiency in Biotech: Why your next value inflection point matters more than a two-year runway
- Founding Nalu Bio: How two VC cofounders built a lean, lab-free CRO/CMO-driven company from day one
- The Endocannabinoid System: Why CB1 and CB2 GPCRs are among pharma's most druggable — and most ignored — targets
- Endometriosis & the Unmet Need: The brutal reality of treating 200 million women with opioids, hormones, and surgery
- AI-Driven Drug Discovery: 5x faster development, 2x better phase one success rates — before a molecule is ever made
- Pipeline vs. Platform: Feeding the engine while bringing your drug assets to market
- Global CRO Strategy: Picking the best partners worldwide for speed, quality, and cost efficiency
- IP Strategy: Why Nalu guards its platform as a trade secret — not a patent
- Women's Health as an Investment: $100 billion in exits over 25 years — women are not a niche market
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Find our guest, Caitlyn Krebs at these links:
Website: https://www.nalubio.com/
Find our host, Jon Chee, at these links:
LinkedIn: https://www.linkedin.com/in/jonchee
Learn more about Excedr:
LinkedIn: https://www.linkedin.com/company/excedr/
Website: https://www.excedr.com
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:
Website: https://flow.page/kyojin
Resources & Articles:
The Endocannabinoid System: Essential and Mysterious https://www.health.harvard.edu/blog/the-endocannabinoid-system-essential-and-mysterious-202108112569
Review of the Endocannabinoid System – NIH/PMC https://pmc.ncbi.nlm.nih.gov/articles/PMC7855189/
CB1 & CB2 Receptor Pharmacology – NIH/PMC
Endometriosis Treatment Options – Franciscan Health
The Four Stages of Endometriosis – CCRM Fertility https://www.ccrmivf.com/blog/four-stages-of-endometriosis/
The Role of AI in Biotech and AI-Driven Drug Discovery https://cbdw.ai/the-role-of-ai-in-biotech-and-ai-driven-drug-discovery/
AI in Pharma and Biotech: R&D Case Studies & Trends https://intuitionlabs.ai/articles/ai-pharma-biotech-drug-discovery-case-studies
Companies, Universities, & People mentioned:
BlueStar Genomics: https://spirolab.com/project/bluestar-genomics/
Rock Health: https://rockhealth.com
NVIDIA Inception Program: https://www.nvidia.com/en-us/startups/
Silicon Valley Bank (SVB): https://www.svb.com
Founders Fund: https://foundersfund.com
Phyllis Whiteley: https://www.linkedin.com/in/phyllis-whiteley-phd-b5821317
Ken Mackie: https://www.linkedin.com/in/ken-mackie-2602057
Timestamps:
00:00 Intro
02:24 Capital Efficiency and Getting to the Next Inflection Point
05:39 The Origin of Nalu Bio and the Endocannabinoid System
07:32 Co-founding Nalu Bio with Phyllis and Randall
08:07 Early Days: Building the Team and Technology
10:08 Endometriosis: The Market, the Problem, and the Patients
17:05 Balancing Pipeline vs. Platform Development
18:57 Business Model: Licensing Assets at Phase Two
20:53 Company Structure: CROs, CMOs, and Capital Efficiency
22:37 Choosing CRO Partners by Region and Size
25:38 From Platform-Building to the Clinic: Nalu Bio's Evolution
27:14 IP Strategy: Patents vs. Trade Secrets
31:10 Looking Ahead: Phase Two, Pharma Partnerships, and AI
34:47 Shout-Outs and Closing Advice
37:55 Outro
The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.