What are the key takeaways from this Beyond Biotech episode?

Key insights include: **Early engagement window:** Explore R&D accepts biotech partners at any stage, from pre-incorporation spin-outs to post-IPO companies with 100-plus employees. Biotechs should not wait for mature data packages before reaching out — the program is specifically designed to engage before key strategic decisions are made, when course corrections are still low-cost.; **Molecule creation with zero upfront cost:** For biotechs with strong target identification but limited chemistry capabilities, Explore R&D manufactures pharma-grade molecules at no upfront charge. Compensation is structured as back-end economics only — light milestone payments and single-digit royalties — preserving biotech capital for clinical advancement rather than discovery infrastructure.; **Vendor selection as a survival decision:** Choosing the wrong CDMO or CRO early can consume millions in capital and eliminate viable development paths entirely. Explore R&D acts as a connector to pre-vetted third-party vendors, and can help biotechs select the right manufacturing partners before committing resources, potentially saving nine to twelve months in development timelines.

What did Thomas Hopkins discuss on Beyond Biotech?

Thomas Hopkins, VP and Head of Explore R&D at Eli Lilly, explains how the program works as a full-stack R&D partner for early-stage biotechs. Since launching in mid-2022, Explore R&D has signed over 100 collaborations with roughly 70 companies across 10 countries, scaling from under 10 to nearly 50 deals annually. Key topics include: **Early engagement window:** Explore R&D accepts biotech partners at any stage, from pre-incorporation spin-outs to post-IPO companies with 100-plus employees. Biotechs should not wait for mature data packages before reaching out — the program is specifically designed to engage before key strategic decisions are made, when course corrections are still low-cost.; **Molecule creation with zero upfront cost:** For biotechs with strong target identification but limited chemistry capabilities, Explore R&D manufactures pharma-grade molecules at no upfront charge. Compensation is structured as back-end economics only — light milestone payments and single-digit royalties — preserving biotech capital for clinical advancement rather than discovery infrastructure..

How long is this episode of Beyond Biotech?

This episode is 35 minutes long. SignalCast provides an AI-generated summary so you can get the key insights in about 3 minutes.

Beyond Biotech

How Eli Lilly's biotech collaboration model is rewriting early-stage innovation

February 6, 2026

35 min episode · 2 min read

Thomas Hopkins

Episode

35 min

Read time

2 min

Topics

Relationships, Startups, Fundraising & VC

AI-Generated Summary

Published Mar 14, 2026

Key Takeaways

✓Early engagement window: Explore R&D accepts biotech partners at any stage, from pre-incorporation spin-outs to post-IPO companies with 100-plus employees. Biotechs should not wait for mature data packages before reaching out — the program is specifically designed to engage before key strategic decisions are made, when course corrections are still low-cost.
✓Molecule creation with zero upfront cost: For biotechs with strong target identification but limited chemistry capabilities, Explore R&D manufactures pharma-grade molecules at no upfront charge. Compensation is structured as back-end economics only — light milestone payments and single-digit royalties — preserving biotech capital for clinical advancement rather than discovery infrastructure.
✓Vendor selection as a survival decision: Choosing the wrong CDMO or CRO early can consume millions in capital and eliminate viable development paths entirely. Explore R&D acts as a connector to pre-vetted third-party vendors, and can help biotechs select the right manufacturing partners before committing resources, potentially saving nine to twelve months in development timelines.
✓Clinical trial design as the highest-value activity: Optimizing inclusion and exclusion criteria, country selection, and site strategy determines whether a trial recruits rapidly or stalls entirely. Explore R&D applies Lilly's internal clinical and operational datasets to build enrollment strategies for biotech-run studies, directly addressing what Atlas Ventures identifies as the highest value-creating activity in biotech.
✓No exclusivity or pharma hooks attached: Biotechs retain full freedom to partner with any company after working with Explore R&D. There are no contractual obligations tying collaborators to Lilly for future deals. The program's model relies on relationship quality rather than contractual lock-in, making it a low-risk entry point for early-stage companies evaluating multiple strategic paths.

What It Covers

Thomas Hopkins, VP and Head of Explore R&D at Eli Lilly, explains how the program works as a full-stack R&D partner for early-stage biotechs. Since launching in mid-2022, Explore R&D has signed over 100 collaborations with roughly 70 companies across 10 countries, scaling from under 10 to nearly 50 deals annually.

Key Questions Answered

•Early engagement window: Explore R&D accepts biotech partners at any stage, from pre-incorporation spin-outs to post-IPO companies with 100-plus employees. Biotechs should not wait for mature data packages before reaching out — the program is specifically designed to engage before key strategic decisions are made, when course corrections are still low-cost.
•Molecule creation with zero upfront cost: For biotechs with strong target identification but limited chemistry capabilities, Explore R&D manufactures pharma-grade molecules at no upfront charge. Compensation is structured as back-end economics only — light milestone payments and single-digit royalties — preserving biotech capital for clinical advancement rather than discovery infrastructure.
•Vendor selection as a survival decision: Choosing the wrong CDMO or CRO early can consume millions in capital and eliminate viable development paths entirely. Explore R&D acts as a connector to pre-vetted third-party vendors, and can help biotechs select the right manufacturing partners before committing resources, potentially saving nine to twelve months in development timelines.
•Clinical trial design as the highest-value activity: Optimizing inclusion and exclusion criteria, country selection, and site strategy determines whether a trial recruits rapidly or stalls entirely. Explore R&D applies Lilly's internal clinical and operational datasets to build enrollment strategies for biotech-run studies, directly addressing what Atlas Ventures identifies as the highest value-creating activity in biotech.
•No exclusivity or pharma hooks attached: Biotechs retain full freedom to partner with any company after working with Explore R&D. There are no contractual obligations tying collaborators to Lilly for future deals. The program's model relies on relationship quality rather than contractual lock-in, making it a low-risk entry point for early-stage companies evaluating multiple strategic paths.

Notable Moment

Hopkins describes a gene therapy company that followed poor CMC consultant advice, selected the wrong CDMO, spent millions, and exhausted all capital with no viable path forward — illustrating how a single early vendor decision, not the underlying science, can permanently end a company's development trajectory.

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