Competition for capital and other resources in the biopharmaceutical sector is intense. Implicit distinguishes its competitive position by leveraging strategies for both product and capital. By unlocking value from late-stage drug candidates which are in its technology sweet-spot, and which have understood safety profiles, it reduces investor risk and leverages the likelihood of product success. By selecting projects which are able to attract non-dilutive funding for core development tasks, it leverages its investor capital. Implicit’s business model is unusual in that it directly addresses factors controlling investment risk while retaining the opportunity to achieve major value inflections as products transition from phase II to phase III clinical study.