How To Raise $125M Pre-Revenue and Why Harder Can Be Easier | Celine Halioua (Loyal)

The Eric Ries Show

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:

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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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You can find the transcript and references at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.ericriesshow.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Eric may be an investor in the companies discussed.