🧬 From CFO to Founder: Building a Women's Health Biotech | Sabrina Johnson (3/4)

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"Women's health is not niche. It's half the population — I just kept asking why no one was doing this. One Saturday morning I realized: I'm somebody."
In this episode, Jon Chee continues with Sabrina Johnson, DARÉ Bioscience CEO, tracing 13 years at Cypress Bioscience — from a hallway eavesdrop that earned her an FDA panel seat, to VP of Marketing, an "interim" CFO role held for nearly a decade, and COO. She covers a fibromyalgia Phase 3 that missed at p=0.058, the disclosure gap, and a hostile takeover that forced the sale — then shares the Monday resignation and elevator pitch that led to founding DARÉ.
Key Topics Covered:

• The Hallway Eavesdrop: A slide-database build over moving weekend and one ask to attend an FDA panel unlocked thirteen years at Cypress.
• CFO Is Sales: Why Jay Kranzler said the CFO role is really sales — and why Sabrina eventually agreed.
• When a Trial Misses at p=0.058: Stock down 50% in a day. What she knew vs. what she could legally say.
• Hostile Takeover and Shareholder Reality: Investor pressure forced a sale and what she wishes she had communicated about pipeline value.
• The Real Cost of Going Public: The $2–2.5M annual price tag and why DARÉ chose a reverse merger over an IPO.
• Founding DARÉ: The Saturday morning epiphany, $800K seed round, and why women's health is not a niche.

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Subscribe to the Podcast:Apple: https://podcasts.apple.com/us/podcast/the-biotech-startups-podcast/id1679591994 Spotify: https://open.spotify.com/show/2PSL162R2s0zOwU5913Zv4 Youtube: https://www.youtube.com/@thebiotechstartupspodcast Website: https://www.thebiotechstartupspodcast.com/ 
Find our guest, Sabrina Johnson at these links:LinkedIn: https://www.linkedin.com/in/sabrina-johnson-27799829/ Website: https://darebioscience.com/ 
Find our host, Jon Chee, at these links:LinkedIn: https://www.linkedin.com/in/jonchee/ 
Learn more about Excedr:LinkedIn: https://www.linkedin.com/company/excedr/ Website: https://www.excedr.com 
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:Website: https://flow.page/kyojin 
Resources & Articles:Exit Strategies in Life Sciences Venture Capital: https://www.excedr.com/blog/exit-strategies-in-life-sciences-venture-capital Reverse Merger Considerations for Biotech Companies: https://www.deloitte.com/us/en/services/audit-assurance/blogs/accounting-finance/reverse-merger-considerations-for-biotech-companies.html Funding Research on Women's Health: https://www.nature.com/articles/s44222-024-00253-7 Savella FDA Approval for Fibromyalgia: https://www.hopkinsarthritis.org/arthritis-news/fibromyalgia-news/savella-a-new-drug-approved-for-the-treatment-of-fibromyalgia/ 
Companies, Universities, & People Mentioned:DARÉ Bioscience: https://darebioscience.com/ Cypress Bioscience: https://cypress-bio.com WomanCare Global: https://dktwomancare.org Calibr-Skaggs Institute: https://calibr.scripps.edu Nalu Bio: https://www.linkedin.com/company/nalu-bio 
Jay Kranzler (CEO, Cypress Bioscience): https://www.linkedin.com/in/jay-d-kranzler-66b08b12 Peter Schultz (President, Scripps Research): https://www.linkedin.com/in/peter-schultz-ba07a8373 Roger Hawley (First Investor, DARÉ): https://www.linkedin.com/in/roger-hawley-74067618 Caitlyn Krebs (CEO, Nalu Bio): https://www.linkedin.com/in/caitlynkrebs 
Timestamps:00:00 Intro02:42 Why Sabrina Left Advanced Tissue Sciences for Cypress Bioscience05:38 The Hallway Eavesdrop and the FDA Meeting Bargain07:17 How Jay Kranzler Opened Every Door at Cypress08:00 Accepting the CFO Role — "Just Interim"09:51 Why a Public Company CFO Is Really in Sales11:23 Managing the Street: Disclosure and Investor Communication14:19 The Fibromyalgia Phase 3 That Missed at p=0.05818:21 Hostile Takeover Pressure and Selling Cypress19:48 Should Biotech Startups Stay Private Longer?21:53 The Real Annual Cost of Being a Public Company23:57 Post-Cypress: Finding Women's Health and WomanCare Global30:04 The Saturday Morning Epiphany and Founding DARÉ37:16 Building the Team and Raising the First $800K40:30 Outro

The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.