We bring on Natalie Holles, who was the CEO of Third Harmonic Bio, which recently decided to dissolve and return cash to shareholders. She walks us through why the company has decided to do this and her advice for other biotech CEOs.

We also chat about a disappointing readout from Eli Lilly's key small molecule GLP-1 candidate, setbacks in Vertex's pain business, and the story behind Replimmune's recent FDA rejection.