Following a fantastic JPM Conference for the Breyer Capital team and portfolio, I'm excited to share our 2026 Healthcare & Life Sciences Predictions next week—ten inflection points where we see technological maturity meeting market readiness. We'll also be featuring predictions from top portfolio companies on where they see their industries heading. Going into the long weekend, here are three predictions we feel most strongly about: 1. The Great HealthTech Consolidation: 2026 will be a banner year for private market healthcare tech M&A. Distribution became the defining moat in 2025, with portfolio company leaders like OpenEvidence and Abridge deploying at scale. Over the next 12 months, boardrooms will grapple with the question: consolidate to achieve distribution dominance and defend economics, or get acquired before commoditization erodes market position and valuation. 2. Clinical AI Enters Both the Exam Room and the Boardroom: The greatest impact of AI in medicine will be measurement—removing longstanding observational constraints by quantifying new signals from audio, video, wearables, and molecular data. Companies like Iterative Health, Cleerly, and ArteraAI are already converting continuous biological signals into actionable clinical insights. This year, we will strengthen business models that reward better measurement across providers, payers, and life sciences, with CMS's ACCESS model launching July 2026 providing a critical tailwind. 3. The In Vivo Renaissance Accelerates: Cell and gene therapy is shifting from ex vivo approaches costing $1M+ per patient to in vivo delivery that edits cells directly inside the body, transforming both economics and access. In vivo delivery vehicles now achieve tissue-specific targeting with acceptable safety profiles, and can be manufactured at scale like traditional biologics. In 2026, more in vivo leaders will emerge, possessing differentiated delivery technology and manufacturing approaches achieving pharma-scale economics. Full report drops next week!