💰 Financial Record

This document appears to be page 5 of a confidential investment memorandum for a fund named 'NLV-III' (likely New Leaf Ventures III). It outlines the investment thesis, citing a favorable regulatory environment due to increased FDA approvals and the FDASIA act of 2012, as well as favorable capital market dynamics caused by a contraction in venture capital fundraising which reduces competition for deals. The document bears a House Oversight Committee stamp, indicating it was part of a congressional investigation.