WEBVTT - Compass Pathways CEO on 'Magic Mushrooms' 0:00:00.240 --> 0:00:03.240 This is Bloomberg Business Week. I'm Carol Masser. Every day 0:00:03.279 --> 0:00:05.200 we're bringing you the latest news from the world's of 0:00:05.200 --> 0:00:08.920 business and finance, plus technology, politics. So much going on 0:00:08.960 --> 0:00:12.160 in the world of politics, economics, and it's all harnessing 0:00:12.160 --> 0:00:14.840 the power of Business Week reporters and editors. If you 0:00:14.840 --> 0:00:18.280 can download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg 0:00:18.320 --> 0:00:20.480 dot com. If you can also listen to our radio 0:00:20.520 --> 0:00:23.400 show at two pm Eastern on Bloomberg Radio and be 0:00:23.440 --> 0:00:26.320 sure to watch us too on YouTube by searching Bloomberg 0:00:26.360 --> 0:00:29.600 Global News. You're listening to Bloomberg Business Week on this Tuesday. 0:00:29.640 --> 0:00:32.880 I'm Carol Masser. So we talked about New York City's 0:00:32.920 --> 0:00:35.760 covin I team positive test rate over seven day periods 0:00:35.800 --> 0:00:38.440 staying below a threshold that would trigger shutdown of schools. 0:00:38.440 --> 0:00:41.880 That's good. We did see groups representing you as doctors, nurses, 0:00:41.880 --> 0:00:44.640 and hospitals urging President Trump to share information about the 0:00:44.640 --> 0:00:48.479 administration's coronavirus response with President like Joe Biden and his 0:00:48.520 --> 0:00:52.760 transition team. We had Germany warning and glamrkele that Germany 0:00:52.800 --> 0:00:55.520 remains very serious, but there is some optimism that an 0:00:55.520 --> 0:00:58.480 economic recovery will gather pace once the pandemic is brought 0:00:58.520 --> 0:01:02.040 under control. There's a lot going on global cases. My meantime, 0:01:02.480 --> 0:01:05.040 they're topping fifty fine point one million when it comes 0:01:05.040 --> 0:01:08.640 to COVID nineteen deaths one three million. Back with us 0:01:08.680 --> 0:01:11.600 for our daily virus update. Dr David Levy, the CEO 0:01:11.640 --> 0:01:13.880 of the healthcare company E h E Health, and he 0:01:13.959 --> 0:01:16.040 joins us on the phone in New York City. Dr. Leaving, 0:01:16.120 --> 0:01:18.800 Nice to have you back with us. How are things going, 0:01:18.840 --> 0:01:20.840 What are you seeing when it comes to the virus. 0:01:22.120 --> 0:01:25.720 Thanks so much, Carol's great to be back. Well, you know, 0:01:25.840 --> 0:01:28.160 we basically have around the rest of the country and 0:01:28.240 --> 0:01:30.920 explosion of cases, and they're creeping up in New York. 0:01:31.560 --> 0:01:34.880 We have some great silver linings on their horizon with 0:01:34.959 --> 0:01:39.200 respect to both vaccines and the advent of antibody treatment 0:01:39.200 --> 0:01:42.920 monoclonal antibody treatment. But in the meantime, from now until 0:01:42.959 --> 0:01:45.360 the end of the holidays in December, we've got to 0:01:45.440 --> 0:01:47.600 keep focused on what I call public health one oh 0:01:47.640 --> 0:01:54.240 one masks, social distancing testing, positive contact tracing, and positive 0:01:54.240 --> 0:01:56.920 people quarantine. It's as basic and as simple as that, 0:01:57.040 --> 0:01:59.240 and it's the thing that's right at our hands to 0:01:59.280 --> 0:02:01.520 be able to do with actively. Yeah, I mean, listen, 0:02:01.960 --> 0:02:03.840 you know, we all know what it is, right, social 0:02:03.880 --> 0:02:07.120 distancing and wearing masks. It gets tougher. Though. I think 0:02:07.120 --> 0:02:10.000 it's fair to say that once everybody has to be inside, 0:02:10.040 --> 0:02:12.640 you can't be outside like you were maybe over the summer. Correct. 0:02:13.000 --> 0:02:14.680 And I also do think that there's something now that 0:02:14.680 --> 0:02:18.120 we're what eight months into this, there's pandemic fatigue, and 0:02:18.160 --> 0:02:20.239 I think there are people who who you know, left brain, 0:02:20.320 --> 0:02:22.520 right brain. I understand this is what we need to do, 0:02:22.560 --> 0:02:27.280 but I'm exhausted. I'm tired of this. Yeah, so we're 0:02:27.280 --> 0:02:29.920 all exhausted. You know. We see it at our own company, 0:02:29.960 --> 0:02:34.000 we see it at our clients companies, we see it everywhere. 0:02:34.680 --> 0:02:36.760 And all I can tell you it's a leadership to 0:02:36.800 --> 0:02:38.920 get out there and to keep on pushing people to 0:02:38.960 --> 0:02:41.040 the finish line, pushing them to the finish line. We 0:02:41.080 --> 0:02:43.480 will get to the end of this. I am confident 0:02:43.520 --> 0:02:45.800 of that this is going to start looking much much 0:02:45.880 --> 0:02:48.280 better with the turn of the year, and we just 0:02:48.360 --> 0:02:50.760 have to keep on strong right up to the end. 0:02:51.240 --> 0:02:53.320 And there's there's no other answer for it. Frankly, at 0:02:53.320 --> 0:02:55.520 the moment, well, And it's interesting that you say that too, 0:02:55.800 --> 0:02:58.000 um at a time when I just read a headline 0:02:58.560 --> 0:03:02.760 kind of leading into you out doctors, nurses, hospitals urging 0:03:03.080 --> 0:03:06.959 the current administration to share information about the White House's 0:03:07.320 --> 0:03:10.959 coronavirus response with President elect Joe Biden's transition team. How 0:03:11.000 --> 0:03:14.040 do you s someone who understands this virus in the 0:03:14.120 --> 0:03:18.240 medical community, understand the frontline workers who are constantly putting 0:03:18.240 --> 0:03:20.880 their lives at risk and watching these cases that are 0:03:21.000 --> 0:03:24.320 you know, increasing around the country, around the world. How 0:03:24.360 --> 0:03:27.600 important is it that this transition just when it comes 0:03:27.639 --> 0:03:31.480 to COVID nineteen be smart, go well, and that there 0:03:31.520 --> 0:03:34.560 are no laps, right, that we just kind of are 0:03:34.600 --> 0:03:39.240 as seamless as possible. Well, just to give people perspective 0:03:39.280 --> 0:03:41.320 on what we're looking at with respect to the advent 0:03:41.360 --> 0:03:46.000 of vaccines and antibodies, you're talking about two specific treatments 0:03:46.000 --> 0:03:49.840 of vaccine which creates active immunity, which have focused just 0:03:50.080 --> 0:03:55.520 on the vulnerable population. And when we're looking at efficacy, 0:03:55.680 --> 0:03:58.960 you're talking about bringing down the entire lethality of this 0:03:59.000 --> 0:04:03.160 epidemic just probably focusing on the vulnerable population somewhere not 0:04:03.280 --> 0:04:07.800 that much different than generalized influenza, and that's without her immunity. 0:04:07.800 --> 0:04:11.200 It's just focusing on the vulnerable, vulnerable people. The same 0:04:11.200 --> 0:04:14.760 thing with anti the same thing with MONOCOLI anybodies. This 0:04:14.840 --> 0:04:17.479 is an anti viral therapy which has about a seventy 0:04:17.600 --> 0:04:22.560 percent reduction in admission rates for folks who are at risk, 0:04:22.680 --> 0:04:26.880 namely vulnerable populations. That can bring the case fatality, the 0:04:27.000 --> 0:04:30.159 lethality of this epidemic down significantly to be just a 0:04:30.160 --> 0:04:33.279 little bit above uh one and a half times a 0:04:33.320 --> 0:04:36.040 general flu epidemic, or a little bit a little bit higher. 0:04:36.480 --> 0:04:40.040 So the idea of getting these two new therapies, or 0:04:40.160 --> 0:04:44.320 these two new strategies to vulnerable vulnerable populations relates to 0:04:44.400 --> 0:04:48.680 two things. One is obviously supply, then distribution and access. 0:04:49.320 --> 0:04:52.920 And if we don't have all of that seamlessly coordinated, 0:04:53.120 --> 0:04:58.359 we're going to miss an enormous opportunity to significantly drop fatality. That, 0:04:58.480 --> 0:05:01.000 by the way, is without getting into the whole distribution 0:05:01.080 --> 0:05:04.680 of and the ramping up of testing masks and ppe, 0:05:04.760 --> 0:05:07.080 which is basically back to the you know, public health 0:05:07.120 --> 0:05:09.200 one on one issues. But boy, with these two new 0:05:09.240 --> 0:05:12.720 therapies coming down the pike, if we are not seamlessly coordinated, 0:05:13.000 --> 0:05:16.320 we can lose a major opportunity to have some serious impact. Carol. 0:05:16.440 --> 0:05:18.080 If this was a baseball game, where are we in 0:05:18.240 --> 0:05:25.080 terms of innings? Seven? Oh, that's positive. Yeah, well, I'm 0:05:25.120 --> 0:05:27.120 I'm optimistic. I mean, there could be extra innings. So 0:05:27.320 --> 0:05:30.240 and I'm not trying to be funny here, but we're 0:05:30.240 --> 0:05:33.440 going to have a rough seventh and eighth. But uh, 0:05:33.720 --> 0:05:35.320 and I say that to the end of December. But 0:05:35.520 --> 0:05:38.640 I really believe that as these things come online, we're 0:05:38.760 --> 0:05:42.479 going to see really a significant change. And and honestly, 0:05:42.640 --> 0:05:45.560 I don't see how we can start enforcing some of 0:05:45.600 --> 0:05:48.280 this mask ging more seriously across the country as well. 0:05:48.279 --> 0:05:50.200 Should we have a mandate, Should we have a mandate 0:05:50.240 --> 0:05:56.479 come down from from the typical government. There is no 0:05:56.800 --> 0:06:00.040 downside in my view to a mask mandate. I'm in 0:06:01.279 --> 0:06:05.039 I just if this is not rocket science. Uh, this 0:06:05.160 --> 0:06:08.560 has proven you can see the numbers some people project 0:06:08.720 --> 0:06:13.080 perhaps reduction and spread just by wearing masks. This should 0:06:13.080 --> 0:06:16.960 be a no brainer. It's absolutely and this is not 0:06:17.000 --> 0:06:21.000 economic shutdown. It's basically just putting on a mask. Uh. 0:06:21.040 --> 0:06:22.719 You know, I think it's a patriotic thing to do. 0:06:22.839 --> 0:06:25.840 Quite candidly, Yeah, No, no, No, I get it. It's 0:06:25.880 --> 0:06:29.440 funny too. And we've all had conversations at home at 0:06:29.440 --> 0:06:32.240 work about how it's just become kind of so normal 0:06:32.279 --> 0:06:33.960 for so many of us. And I think if you've 0:06:33.960 --> 0:06:35.680 been in one of these major cities where you've seen 0:06:35.720 --> 0:06:38.200 the impact of it, it's like putting on a seatbelt 0:06:38.279 --> 0:06:41.520 when you get into a car. You know, it's interesting. 0:06:41.839 --> 0:06:45.000 In New York, it's not an issue. Everybody wears a mask. 0:06:45.080 --> 0:06:47.760 Everybody gets it. And frankly, I think it's because of 0:06:47.800 --> 0:06:51.160 the horrific spring we had and you know, one and 0:06:51.200 --> 0:06:54.400 three and fifty New Yorkers died of COVID. People get that. 0:06:54.480 --> 0:06:56.680 They understand that it was over ten times out of 0:06:56.760 --> 0:07:00.120 nine eleven. So we wear masks, no problem, we get it. 0:07:01.360 --> 0:07:02.600 I just want to talk to you a little bit 0:07:02.600 --> 0:07:05.880 more about COVID nineteen, Dr Lee, because I did feel like, 0:07:06.520 --> 0:07:08.240 you know, you gave us a little bit of a 0:07:08.279 --> 0:07:10.840 timeline and not a little bit you gave us, you know, 0:07:10.880 --> 0:07:13.480 saying we're in the seventh inning. Uh if this was 0:07:13.520 --> 0:07:15.520 a baseball game, but you said the seventh and athennings 0:07:15.520 --> 0:07:18.440 are going to be pretty tough. But the difference between 0:07:19.040 --> 0:07:22.360 now and let's say a few months ago, perhaps are 0:07:22.400 --> 0:07:25.640 at the beginning of this pandemic. Is that the vaccine 0:07:25.680 --> 0:07:29.760 developments that we've made progress, Yeah, for sure, of the 0:07:29.840 --> 0:07:34.440 vaccine as well as the new um anti viral medications 0:07:34.440 --> 0:07:37.880 and monoclonal and polyclonal antibodies, one of which was approved 0:07:37.960 --> 0:07:41.800 last week. So that's been basically a story that hasn't 0:07:41.800 --> 0:07:44.160 been told enough, but it's going to be a very 0:07:44.160 --> 0:07:46.800 significant impact, we believe. Why is that so important in 0:07:46.840 --> 0:07:52.120 addition to the vaccines, Well, um, to have a drug 0:07:52.160 --> 0:07:54.280 that you can give when you're just mildly ill or 0:07:54.280 --> 0:07:56.520 moderately ill. It's kind of like an antibiotic when you 0:07:56.520 --> 0:07:58.520 show up to the bacteria, when you show up to 0:07:58.520 --> 0:08:00.160 the hospital for the bacteria, and the moment you get 0:08:00.160 --> 0:08:02.320 a shot of penicillin and you don't have to get 0:08:02.320 --> 0:08:04.280 admitted to the hospital. Well, this is kind of like 0:08:04.320 --> 0:08:07.400 the same thing. It's in a few an infusion, but 0:08:07.640 --> 0:08:10.080 it really takes down the chance of being admitted with 0:08:10.120 --> 0:08:13.679 the serious illness. And frankly, that's exactly what President Trump 0:08:13.680 --> 0:08:16.720 got from the General and exactly what Governor Christie got 0:08:16.920 --> 0:08:21.000 from the from Lily. So these medications are highly effective 0:08:21.280 --> 0:08:24.440 and when targeted and vulnerable populations can have a very 0:08:24.480 --> 0:08:28.720 significant impact, and you have to do it early. Correct, Yeah, milder, 0:08:28.800 --> 0:08:33.520 moderate symptoms and vulnerable populations. The problem with that strategy 0:08:33.600 --> 0:08:37.840 isn't actually it's effectiveness, it's it's supply and distribution. Uh. 0:08:37.880 --> 0:08:39.880 And we're actually probably going to see in the next 0:08:39.960 --> 0:08:42.560 few weeks and months we'll see infusion centers pop up 0:08:42.559 --> 0:08:46.040 all over the place, right exactly. Well, that that begs 0:08:46.040 --> 0:08:48.240 to that bigger question of the supply chain, whether it's 0:08:48.280 --> 0:08:51.280 the vaccine or whether it's these anti viral treatments, right. Uh, 0:08:51.320 --> 0:08:54.720 these are not things. I know the vaccine makers, the 0:08:54.720 --> 0:08:56.720 big farmer companies, I mean, they certainly have been working 0:08:56.760 --> 0:08:59.560 towards this, they've even started manufacturing it. But this is 0:08:59.559 --> 0:09:03.080 going to be huge, the logistical side of manufacturing it 0:09:03.280 --> 0:09:05.440 and then getting it out, the vaccine or even these 0:09:05.520 --> 0:09:10.120 viral anti viral treatments exactly. And that's back to the 0:09:10.160 --> 0:09:13.880 issue why you need such close coordination between the outgoing 0:09:13.920 --> 0:09:16.120 and the incoming administrations. I Mean, this thing has to 0:09:16.160 --> 0:09:22.200 be seamlessly coordinated, otherwise people will die, no question. All right. 0:09:22.640 --> 0:09:24.400 One thing I did want to ask you too, is 0:09:24.520 --> 0:09:28.040 what are you seeing when it comes to people coming 0:09:28.080 --> 0:09:31.520 in and doing some of those preventive routine treatments. Have 0:09:31.600 --> 0:09:34.320 you seen an increase in people feeling more comfortable about 0:09:34.320 --> 0:09:38.440 coming back to the doctor's office. Yeah, we provide preventive 0:09:38.480 --> 0:09:41.520 health services around the country and what we and for 0:09:41.520 --> 0:09:45.200 for large employers and for their employees and spouses and families, 0:09:45.840 --> 0:09:49.160 and uh, we actually were caught by surprise how engage 0:09:49.200 --> 0:09:52.480 people were once we reopened after the lockdown, because people 0:09:52.520 --> 0:09:55.200 have begun to understand that that much of the co 0:09:55.320 --> 0:10:00.360 more bid conditions affiliated with COVID nineteen can kill you, 0:10:00.400 --> 0:10:03.640 and those are all lifestyle illnesses overweight, high blood pressure, 0:10:03.640 --> 0:10:06.760 diabetes and the like. Getting those things under control have 0:10:07.120 --> 0:10:12.280 meaningful impact in this pandemic, and so we strongly believe 0:10:12.320 --> 0:10:14.760 that that's a great reason to get back in. People 0:10:14.840 --> 0:10:16.800 are figuring out that they're not going to get COVID 0:10:16.800 --> 0:10:19.720 at their local hospital or their well managed doctor's office 0:10:20.400 --> 0:10:24.520 because appropriate precautions are being taken and reducing comorbidities is 0:10:24.559 --> 0:10:27.240 a hugely advantageous thing to do, and it's something that 0:10:27.320 --> 0:10:32.720 everybody can do today without without any big dispute on 0:10:32.720 --> 0:10:34.680 whether there's going to be a good outcome doctor leaving. 0:10:34.760 --> 0:10:36.320 That's a great thing to do. That I just wanted 0:10:36.360 --> 0:10:38.080 because we just only have about forty seconds left here, 0:10:38.120 --> 0:10:39.600 I just want to follow on that. I mean, what 0:10:39.760 --> 0:10:42.520 is one thing that we could change or mandate because 0:10:42.559 --> 0:10:47.600 we do know that, you know, taking care of your health, wellness, weight, 0:10:48.080 --> 0:10:50.480 these are things that really impact your outcome in any 0:10:50.520 --> 0:10:52.560 health situation. How do we change that? How do we 0:10:52.640 --> 0:10:57.000 change the trajectory in the trend line just quickly? Well, 0:10:57.040 --> 0:10:58.680 in the end, I mean, you can force people to 0:10:58.679 --> 0:11:01.760 do what they don't want to do. I think that frankly, 0:11:02.440 --> 0:11:07.080 educating the public about how important lifestyle is UH is 0:11:07.240 --> 0:11:09.240 probably the most important thing. You know, I call it. 0:11:09.400 --> 0:11:12.000 You know, COVID compress this time, your overweight, your diabetic, 0:11:12.040 --> 0:11:14.440 you're hypertensive. You know you may not have tender fifteen 0:11:14.480 --> 0:11:16.559 or twenty years anymore to hang around and wait till 0:11:16.559 --> 0:11:19.360 those things impact your end organs, your organ You know, 0:11:19.559 --> 0:11:21.640 this could hit you right away. So I think the 0:11:21.679 --> 0:11:25.640 most important thing is education and awareness and getting people 0:11:25.880 --> 0:11:27.760 to know and to understand that they can do something 0:11:27.800 --> 0:11:30.680 about it. Yeah, it's a big issue, no doubt about it, 0:11:31.000 --> 0:11:33.199 especially when you look at things like the diabetes numbers 0:11:33.200 --> 0:11:35.640 in the United States. Dr Levy, Thank you so much. 0:11:35.720 --> 0:11:37.720 Nice to check in with you. Dr David Levy, CEO 0:11:37.800 --> 0:11:39.920 of e h E Health Training us on the phone 0:11:39.920 --> 0:11:42.920 in New York City. This is Bloomberg Business Week with 0:11:43.000 --> 0:11:47.080 Carol Messer from Bloomberg Radio. Well, you've watched this company's videos. 0:11:47.080 --> 0:11:49.120 I know I've treated out several. I actually went down 0:11:49.160 --> 0:11:51.360 a rabbit hole today watching them all over again because 0:11:51.360 --> 0:11:54.160 I've watched Spot the Dog running Cheetah wildcast. There's also 0:11:54.200 --> 0:11:57.480 Atlas the Dynamic Humanoid. We're talking about the cutting edge 0:11:57.520 --> 0:12:00.480 of company that puts out those robotic x you know 0:12:00.520 --> 0:12:03.760 who they are. We're talking about Boston Dynamics. They've really 0:12:03.840 --> 0:12:06.960 become part of our pop culture, which is about it 0:12:07.000 --> 0:12:09.880 looks like to enter a next chapter. Sarah McBride writes 0:12:09.880 --> 0:12:14.160 about it for Business Week, venture capital reporter at Bloomberg News, 0:12:14.240 --> 0:12:15.840 and she joins us on the foot in San Francisco 0:12:15.840 --> 0:12:17.800 along with Bloomberg Business wee get to Joe Webber, Joel, 0:12:17.800 --> 0:12:20.560 how much time do you spend watching Boston Dynamics videos? 0:12:21.480 --> 0:12:24.040 They creeping out a little bit, so yes, that's fair. 0:12:24.840 --> 0:12:27.680 And this is a rabbit hole or like a robot hole, 0:12:28.679 --> 0:12:31.200 so so yeah, I mean I think. You know, these 0:12:31.880 --> 0:12:35.120 videos of Boston Dynamics robots have been sort of Internet 0:12:35.240 --> 0:12:38.720 sensation for basically as long as they've been making those robots, 0:12:38.720 --> 0:12:41.840 and they can do some interesting things like climb stairs 0:12:42.000 --> 0:12:44.520 and up and tours heavy things, and you know, and 0:12:44.720 --> 0:12:47.080 you know in Asia you see them during the pandemic 0:12:47.120 --> 0:12:49.360 and they sort of you know, bar constructions that people 0:12:49.400 --> 0:12:50.920 to stay away from each other and that kind of 0:12:50.960 --> 0:12:54.760 stuff that you know. The interesting thing that Sarah brings 0:12:54.760 --> 0:12:56.560 out here is like you know, for all of those 0:12:56.640 --> 0:13:00.520 great Internet videos and everything, like, yeah, there's a there's 0:13:00.320 --> 0:13:02.840 a kind of a lack of a business model underlying it, 0:13:02.960 --> 0:13:06.080 and that's actually led to some turmoil, not only a 0:13:06.160 --> 0:13:09.800 Boston Dynamics and that sort of gets to the heart 0:13:09.840 --> 0:13:12.760 of the story because Boston Dynamics in this whole division 0:13:12.840 --> 0:13:15.679 have actually been up for sale and they might catch 0:13:15.800 --> 0:13:19.240 some big money. Um how much money and who's buying 0:13:19.480 --> 0:13:25.160 so well? Um, Apparently Hyundai Motor Corp. Has been talking 0:13:25.160 --> 0:13:28.640 to Soft Bank about buying Boston Dynamics and that would 0:13:28.640 --> 0:13:33.800 be a price tag of around a billion dollars, I'm told, 0:13:33.840 --> 0:13:36.920 which sounds like a lot for what for many years 0:13:36.920 --> 0:13:41.360 has just been a vanity project. But Boston Dynamics says 0:13:41.400 --> 0:13:44.280 it's getting to the point where it's robots can do 0:13:44.520 --> 0:13:49.760 some pretty practical things. And um Hyundai actually has a 0:13:49.800 --> 0:13:53.760 walking car division. If you thought the Boston Dynamics videos 0:13:53.760 --> 0:13:58.360 were terrifying, way tweet some of the walking car videos. 0:13:58.480 --> 0:14:00.760 And so who knows. I think guy saw that movie. 0:14:00.760 --> 0:14:04.719 It was called Transformers exactly. But it's like, but it's 0:14:04.720 --> 0:14:08.280 amazing too. Like I had my producer, um Ario Gomi, 0:14:08.480 --> 0:14:10.880 he like went online too because we were talking about 0:14:11.559 --> 0:14:14.880 the robots, the robots, the humanoids that we're cheering at 0:14:14.920 --> 0:14:20.360 a baseball game. Yeah, this summer, no human fans were allowed, 0:14:20.400 --> 0:14:24.320 but robots fans were allowed. And Stuffink owns a ton 0:14:24.360 --> 0:14:28.440 of robots companies, not just Boston Dynamics. So they mixed 0:14:28.560 --> 0:14:32.560 up some spot dog robots from Boston Dynamics with some 0:14:32.640 --> 0:14:36.120 of their others and had them cheering on the sidelines, 0:14:36.440 --> 0:14:41.840 wearing baseball caps and singing fan songs, eating hot dogs, 0:14:41.920 --> 0:14:48.240 having a beer. Now not so much, it's really I mean, 0:14:48.240 --> 0:14:52.240 there are practical things that these robots can do. But 0:14:52.360 --> 0:14:56.360 the company says it's next generation of robots which will 0:14:56.840 --> 0:15:00.320 handle logistics and work in warehouses are the one that 0:15:00.360 --> 0:15:03.400 are going to be super practical, and those are called 0:15:03.560 --> 0:15:06.720 handle and do a lot of things which don't sound 0:15:06.720 --> 0:15:10.360 that tough, like taking boxes off of trucks and loading 0:15:10.400 --> 0:15:14.280 them onto palates, but apparently are very complicated for the 0:15:14.320 --> 0:15:17.720 types of machines and factories to do. Now that's where 0:15:17.720 --> 0:15:24.320 they say they'll really shine. So thing ingredients all of 0:15:24.320 --> 0:15:27.360 this sarah um because you know, if if, if it 0:15:27.440 --> 0:15:29.920 seems like there's actually like a potential to you know, 0:15:30.000 --> 0:15:33.280 make money just around the corner, Um, why not stick 0:15:33.280 --> 0:15:36.200 with that? Why? Why why would something look to moad 0:15:36.240 --> 0:15:40.880 this now? Well, stuff think has had so many um 0:15:41.840 --> 0:15:45.880 uh challenges and we had that big cover story last 0:15:45.960 --> 0:15:48.840 year about some of the challenges they've been facing. We 0:15:48.960 --> 0:15:53.160 work has imploded and uh. Then this year with COVID, 0:15:53.240 --> 0:15:55.280 they were just in a position where they were trying 0:15:55.320 --> 0:15:58.800 to raise cash. They sold up a lot of businesses, 0:15:58.920 --> 0:16:03.760 including arm and so this was just one obvious place 0:16:03.800 --> 0:16:09.160 in their portfolio where it had been um sucking money 0:16:09.240 --> 0:16:11.480 out of soft bank. It was costing them over a 0:16:11.560 --> 0:16:14.280 hundred and fifty million dollars a year just to run 0:16:14.400 --> 0:16:18.240 Boston Dynamics. So this was an obvious place to make 0:16:18.280 --> 0:16:21.920 a cut where they could uh worth mentioning there that 0:16:22.120 --> 0:16:25.360 also ye yeah, worth mentioning there that SoftBank isn't the 0:16:25.400 --> 0:16:29.160 only owner of that Boston Dynamics has had before before SoftBank, 0:16:29.200 --> 0:16:33.360 who was it against? Sarah Google the same thing. Google 0:16:33.480 --> 0:16:36.560 was perfectly prepared to have a vanity project and then 0:16:36.600 --> 0:16:40.560 a new CFO came in started kind of putting financial 0:16:40.600 --> 0:16:43.360 controls on different parts of the company. It was part 0:16:43.400 --> 0:16:47.320 of Google X, that part of Google that does super 0:16:47.440 --> 0:16:52.280 cool cutting edge projects, and she just said, nope, we 0:16:52.320 --> 0:16:55.720 need to impose some financial discipline. So they got fuld 0:16:55.760 --> 0:16:59.720 to soft Bank, and that was um complicated and had 0:16:59.760 --> 0:17:05.040 to go through review by the government because Boston Dynamics 0:17:05.080 --> 0:17:09.880 has very cutting edge technology. In fact, the military used 0:17:09.880 --> 0:17:13.119 to pay for a lot of Boston Dynamics projects that 0:17:13.359 --> 0:17:17.040 stopped under Google. And now if it sells again to 0:17:17.160 --> 0:17:20.920 another non US entity, it would again have to be 0:17:21.000 --> 0:17:24.680 reviewed by the government. So it's a complicated deal. So 0:17:24.960 --> 0:17:26.040 one thing I want to ask you, I mean, this 0:17:26.080 --> 0:17:28.680 is a company that's been around for almost thirty years. 0:17:28.800 --> 0:17:33.040 I mean, and it does sell stuff, it does sell robots, 0:17:33.080 --> 0:17:37.959 but can it be a really successful company? Uh? You know, 0:17:38.240 --> 0:17:40.960 And and and really become something. And almost I think 0:17:41.000 --> 0:17:43.440 you end the story saying that, you know, it's it's 0:17:43.440 --> 0:17:46.120 an opportunity for them to kind of become the Google 0:17:46.160 --> 0:17:48.359 of the robotics industry, or somebody has talked about it. 0:17:48.400 --> 0:17:54.560 We really don't have necessarily someone of this ilk out there. Yeah, 0:17:54.680 --> 0:17:58.919 robotics is a fascinating field with hundreds of startups and 0:17:59.000 --> 0:18:03.000 so many people trying to achieve dominance in the field. 0:18:03.320 --> 0:18:08.120 And um, they had owners who were content to let 0:18:08.160 --> 0:18:12.199 them just spend hundreds of millions of dollars researching the 0:18:12.240 --> 0:18:16.359 best types of robots. So arguably they are now in 0:18:16.440 --> 0:18:20.840 this very unusual position because they had owners who for 0:18:20.880 --> 0:18:24.600 a while didn't really care about how much money they 0:18:24.600 --> 0:18:30.200 were spending bankrolling Boston Dynamics. But the company was profitable 0:18:30.400 --> 0:18:34.240 in the past before Google bought it, and it was 0:18:34.359 --> 0:18:39.080 doing more defense military work, and it says it can 0:18:39.080 --> 0:18:43.600 be profitable again, and they certainly have the technological chops, 0:18:44.080 --> 0:18:46.399 so it could be a really interesting new chapter in 0:18:46.440 --> 0:18:48.400 their life. And I mean, Joe, you've got to get 0:18:48.520 --> 0:18:50.440 I think you've got get one of these dogs. I'm 0:18:50.480 --> 0:19:03.399 just saying already, doctor, I think they wrote expensive No, No, 0:19:03.600 --> 0:19:06.520 you may not a robotic cat that sounds even creepier 0:19:06.560 --> 0:19:09.440 than a real cat. Um uh, you know. The the 0:19:09.440 --> 0:19:11.440 the The other thing that I'll just point out in 0:19:11.480 --> 0:19:15.040 all of this is that there are other robotics companies 0:19:15.040 --> 0:19:17.560 that I find really interesting, like for Nuke is one 0:19:17.600 --> 0:19:21.159 in Jaman um does really like heavy equipment and stuff. 0:19:21.240 --> 0:19:23.800 So I actually think strategically for Hondai, this is sort 0:19:23.800 --> 0:19:26.480 of a way of picking up a piece that, um, 0:19:26.520 --> 0:19:28.199 you know, if it's on the brink of having some 0:19:28.280 --> 0:19:31.760 breakthrough products, it could become sort of a crown jewel 0:19:31.760 --> 0:19:34.440 in the Hondai portfolio. It's a really great point and 0:19:34.480 --> 0:19:37.200 a great story, um, and I highly recommend everyone check 0:19:37.200 --> 0:19:40.240 it out at Bloomberg dot com. Sarah McBride, thank you 0:19:40.280 --> 0:19:42.399 so much. Venture Capital reporter of Bloomberg News on the 0:19:42.400 --> 0:19:45.160 phone in San Francisco. Jill Webber, editor of Bloomberg Business Week, 0:19:45.200 --> 0:19:49.240 on the remote access from Brooklyn. This is Bloomberg Business 0:19:49.320 --> 0:19:53.080 Week with kirol Master on Bloomberg Radio. So in an 0:19:53.160 --> 0:19:55.800 upcoming edition of Bloomberg Business Week talks that we featured 0:19:55.840 --> 0:19:57.480 in the magazine, we're gonna talk to one of this 0:19:57.560 --> 0:19:59.679 year's successful I p O s, which is up more 0:19:59.680 --> 0:20:01.919 than a hundred since its debut as an a d 0:20:02.040 --> 0:20:04.480 R in the New York Stock Exchange in September. It's 0:20:04.520 --> 0:20:07.240 the company that has patented a synthetic version of the 0:20:07.280 --> 0:20:10.280 active ingredient in so called magic mushrooms for use in 0:20:10.320 --> 0:20:14.000 treatment resistant depression. We're delighted to welcome to Boomberg Radio 0:20:14.000 --> 0:20:17.320 Compass Pathways chairman, CEO and co founder George Goldsmith, who 0:20:17.359 --> 0:20:19.679 joins us on the phone overseas in Europe. Georgie, it 0:20:19.760 --> 0:20:22.080 is so great to have you here with us. We've 0:20:22.119 --> 0:20:24.600 been talking about your company since it was featured in 0:20:24.600 --> 0:20:29.439 Business Week magazine. How are you. I'm doing well, Carol, 0:20:29.520 --> 0:20:31.960 and thank you so much for having me on. Well, 0:20:32.000 --> 0:20:33.639 it's great. It's great to have you here, and what 0:20:33.720 --> 0:20:36.800 a year it's been, and what a year Togo public. Um. 0:20:36.920 --> 0:20:39.160 First of all, tell us a little bit about your 0:20:39.160 --> 0:20:42.600 company and how you came across this, because I do 0:20:42.720 --> 0:20:47.800 understand it's a pretty personal story. Um. Yes, it is 0:20:47.800 --> 0:20:50.600 a personal story, and I think that in many ways, 0:20:50.680 --> 0:20:54.200 so many interesting companies do form that way, and so 0:20:54.720 --> 0:20:58.160 from our point of view, we had our son really 0:20:58.200 --> 0:21:01.240 struggled with mental health issues when he went to university, 0:21:01.359 --> 0:21:04.960 Like far too many young people do. We thought, how 0:21:05.000 --> 0:21:07.720 hard could this be, you know, their good treatments and therapies. 0:21:07.840 --> 0:21:10.800 Yet the more he encountered, the more difficult it was 0:21:11.320 --> 0:21:14.520 for him to be recognizable to us with the side effects, 0:21:14.520 --> 0:21:17.800 and it didn't really help him. So we then started 0:21:17.800 --> 0:21:20.639 talking to lots of different people doing our own research. 0:21:20.720 --> 0:21:23.560 My co founder in life he cuttering amount of dis 0:21:23.600 --> 0:21:26.840 guy as a doctor, and and in her own researchers 0:21:26.920 --> 0:21:32.080 she stumbled across psilocybin and philocybin research and we became 0:21:32.119 --> 0:21:35.560 really intrigued by this um. The other thing that happened 0:21:35.600 --> 0:21:38.840 simultaneously is the more people we talked about our own 0:21:39.680 --> 0:21:42.480 challenges that we were facing, the more we heard from 0:21:42.520 --> 0:21:45.120 others about their challenges. And these would be long term 0:21:45.200 --> 0:21:48.360 friends who we've known for quite a while that they 0:21:48.400 --> 0:21:51.880 never felt comfortable sharing their own challenges until we did. 0:21:52.359 --> 0:21:54.720 And that really led us to to understand that almost 0:21:54.760 --> 0:21:58.359 everybody has a story of you know how the current 0:21:58.400 --> 0:22:01.520 system isn't quite helping enough people well enough, and that 0:22:01.640 --> 0:22:05.159 really inspired us to look at this research. We solves 0:22:05.240 --> 0:22:09.080 promise and and the issues, how do we bring it 0:22:09.119 --> 0:22:11.600 to patients, not just bring it into the next journal 0:22:11.680 --> 0:22:16.000 article and journal articles are critically important, but they're necessary 0:22:16.040 --> 0:22:18.520