Investment Lessons Learned: My Experience with Notable Labs and the Importance of Due Diligence

When I invested in Notable Labs through Bioverge on January 20, 2023, I was incredibly excited about the opportunity. The company’s predictive precision medicine platform seemed groundbreaking, and the prospect of a quick reverse merger to public markets was especially appealing. I believed in the technology and the promise of a multi-billion-dollar exit scenario. However, looking back, my excitement led me to overlook critical areas of due diligence, and I’ve learned some tough but invaluable lessons from this experience.

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Where I Missed the Mark

1. Direct Interaction with the CEO:
   
   • I relied heavily on reports, emails, and updates from the company and Bioverge instead of speaking directly with the CEO. A candid conversation with the CEO could have given me a better sense of their transparency, confidence, and ability to address challenging questions. This would have been particularly helpful in evaluating their leadership style and alignment with investors’ goals.
2. Verifying Runway Funds:
   
   • I trusted the company’s statements about having a cash runway into 2025 without verifying this independently. Had I taken the time to dig deeper into their financials or request supporting documentation, I might have identified potential issues earlier.
3. Due Diligence on Comparable Technologies:
   
   • I didn’t thoroughly research competing technologies or companies addressing similar problems. Understanding how Notable’s approach compared to others in terms of innovation, scalability, and clinical success could have given me a clearer picture of its true market potential.

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My Mindset in 2023

At the time, I was thrilled by the idea of getting in early on what seemed like a transformative company. The reverse merger felt like a fast-track to success, and I was eager to take part in the potential upside. Unfortunately, this enthusiasm caused me to focus on the positives while neglecting some critical areas of risk assessment. I was too reliant on the materials and assurances provided by the company and its advocates without questioning them enough.

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My Plan Moving Forward

Now, in 2025, I’m determined to approach future investments with a disciplined strategy. Here’s the checklist I’m creating to ensure I never make the same mistakes again:

1. Meet with Management:
   
   • I’ll schedule direct meetings with the CEO and key team members, even if virtually, to assess their experience, vision, and ability to handle tough questions.
2. Deep Dive into Technologies:
   
   • I’ll personally review the underlying technology to understand its mechanics and assess its potential impact. If necessary, I’ll bring in experts to help me evaluate.
3. Sign NDAs and Demand Transparency:
   
   • I’ll ensure I sign NDAs to gain access to enough proprietary information to make an informed decision. This includes understanding the scientific and technical underpinnings of the company’s work.
4. Focus on High-Impact, Clinically Relevant Technologies:
   
   • I’ll prioritize companies that target major aging-related conditions with a clear path to regulatory approval, especially those that can fast-track treatments into clinical trials.
5. Research Comparable Technologies:
   
   • I’ll investigate other companies in the same space to understand how the target company stacks up in terms of innovation, differentiation, and competitive advantages.

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Conclusion

This experience with Notable Labs, as disappointing as it was, has been a wake-up call for me to reevaluate how I approach investments. I now understand the importance of balancing excitement with thorough due diligence and ensuring I have all the facts before committing. Moving forward, I’ll take a measured, methodical approach that prioritizes transparency, accountability, and alignment with my investment goals. This setback will serve as a foundation for smarter decisions in the future.