How To Raise $125M Pre-Revenue and Why Harder Can Be Easier | Celine Halioua (Loyal)
In this episode of The Eric Ries Show, I'm joined by Celine Halioua, founder and CEO of Loyal, a groundbreaking biotech startup developing drugs to extend dogs' healthspan and lifespan. Celine's journey combines her passion for animals with a bold scientific mission that looks beyond pets to potentially transform human longevity as well.
Our conversation explores:
• Why ambitious, moonshot visions can paradoxically make fundraising and team-building easier
• The critical early pivot that positioned Loyal for its first drug approval
• The undervalued power of listening deeply and asking the right questions
• Loyal's philosophy of exceeding regulatory requirements to build trust and advance the field
• Balancing the startup need for speed with scientific rigor and safety
• How Celine's background led her to focus on the untapped potential of canine longevity
• The competitive advantage of pursuing novel ideas before they become industry trends
• Why founder conviction and scientific expertise were crucial to overcoming skepticism
• Celine's approach to governance and maintaining mission control for the long-term
• Navigating the challenges of Silicon Valley as a female founder in biotech
• The realistic timeline and milestones for Loyal's drug development and approvals
• Building for truly long-term impact beyond conventional startup timelines
• And much more!
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Where to find Celine Halioua:
• LinkedIn: https://www.linkedin.com/in/celinehh/
• X: https://x.com/celinehalioua
• Website: https://www.celinehh.com/
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Where to find Eric:
• Newsletter:https://ericries.carrd.co/
• Podcast:https://ericriesshow.com/
• YouTube:https://www.youtube.com/@theericriesshow
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In This Episode We Cover:
(00:00) Intro
(03:29) Early challenges Celine faced promoting Loyal
(08:20) The early pivot that led to Loyal’s first drug approval
(14:50) The importance of listening and asking questions
(15:58) Why you have to love the mission
(18:02) Why a lofty mission makes it easier to gain support
(22:30) Loyal’s commitment to regulatory frameworks—and doing more than required
(29:10) How to balance speed with safety and quality
(34:36) Eric’s startup lesson on speed and compromises
(38:22) How Celine became interested in the biotech space and canine longevity
(47:32) The power of new ideas, and why it’s too late once it’s a trend
(50:28) How Celine’s conviction and scientific expertise drove Loyal’s success
(56:00) Celine’s advice to new founders: go deep
(1:00:15) How and why Celine maintains control of Loyal
(1:07:23) Breaking through the glass ceiling of Silicon Valley
(1:15:50) Challenges of building a long-term company, and Loyal’s real milestones
(1:21:11) The timeline of Loyal’s drug approvals
(1:24:02) Lightning round
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Referenced:
- Loyal: https://loyal.com/
- The CEO In Search Of The Fountain Of Youth… For Dogs | The Problem With Jon Stewart Podcast: https://www.youtube.com/watch?v=IBAHiFmx-io
- Dogs Die Too Soon, but a Possible Drug Could Fix That: https://www.discovermagazine.com/planet-earth/dogs-die-too-soon-but-a-possible-drug-could-fix-that
- Loyal Receives FDA Acceptance of Reasonable Expectation of Effectiveness for Senior Dog Lifespan Extension: https://www.businesswire.com/news/home/20250226676005/en/Loyal-Receives-FDA-Acceptance-of-Reasonable-Expectation-of-Effectiveness-for-Senior-Dog-Lifespan-Extension
- Out of the Crisis #12: Curative founder Fred Turner and Celine Halioua on diagnostic supply chains, scaling up testing, and partnering with government: https://www.startuplessonslearned.com/2020/07/out-of-crisis-12-curative-founder-fred.html
- Laura Deming on LinkedIn: https://www.linkedin.com/in/laura-deming-b255362a/
- The Longevity Fund: https://longevity.vc/
- Researchers Identify Gene Involved in Dog Size: https://www.genome.gov/25520294/2007-release-researchers-identify-gene-involved-in-dog-size
- Caloric Restriction in Humans: Impact on Physiological, Psychological, and Behavioral Outcomes: https://pmc.ncbi.nlm.nih.gov/articles/PMC3014770/
- Michael Nielsen’s website: https://michaelnielsen.org/
- Navigating Silicon Valley as a Female Founder: https://www.celinehh.com/women-in-sv
- How I raised a $11M seed as a first-time, female, solo founder for a biotech moonshot: https://www.celinehh.com/seed-raise-how-to
- Elizabeth Holmes: https://en.wikipedia.org/wiki/Elizabeth_Holmes
- A historical perspective on the discovery of statins: https://pmc.ncbi.nlm.nih.gov/articles/PMC3108295/
- GLP-1 Agonists: https://my.clevelandclinic.org/health/treatments/13901-glp-1-agonists
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Production and marketing byhttps://penname.co/.
Eric may be an investor in the companies discussed.
