~2x
First clinical data roughly doubles a company's valuation.
Phase 1 to Phase 2 uplift, ~1.8x to 2.7x. Michaeli et al.; BayBridgeBio rNPV; BIO probability-of-approval.
$72M
Average clinical-stage round, versus $52M for early-stage.
Alvarez & Marsal, 2026. Capital has turned selective and data-driven.
68%
Of biopharma M&A targets Phase II and later assets.
Alvarez & Marsal, 2026. Venture is running strong but selective (Stifel, 2026).
Generating early human data has become the price of admission to premium capital. Waypoint exists to produce that data credibly, quickly, and at a fraction of the usual friction.