Reed Jobs is easy to like. He is fast-talking, self-deprecating, prone to video game analogies, and clearly loves his work. He does not particularly want to discuss being Steve Jobs's son, but he is not uptight about it either. What he prefers to talk about is Yosemite, the oncology-focused venture firm he launched in 2023 to build biotech companies from scratch using a mix of philanthropy and outside capital. Three years in, the firm has a team of 17 and artificial intelligence has become a huge part of what Yosemite does.
Second fund targeting $350 million to create new cancer therapies
Yosemite announced the first close of its second fund, targeting $350 million. Jobs explains that the firm operates exclusively in oncology, about 40% of biotech. Their unique approach is to make their own companies, using a small portion of philanthropic funds to de-risk early ideas from university labs. About one third of the new fund goes to internally generated companies, while the rest goes to external investments. Additionally, 2.5% of the fund's assets under management goes into a donor-advised fund for no-strings-attached grants.
Sponsored Protocol
Artificial intelligence accelerates drug discovery and revolutionizes clinical trials
According to Jobs, AI has moved from curiosity to a core component of Yosemite. In drug discovery, AI automates routine work, accelerating processes with reproducible outcomes. But the biggest impact is on clinical trials, the largest cost in drug development. A Phase 3 cancer trial costs about $260 million and only one in three succeeds. AI could build synthetic control arms, halving the number of patients needed and massively increasing speed. The FDA is leaning into this direction.
Sponsored Protocol
The patent cliff and opportunities for biotech
A key change in the landscape is the upcoming patent cliff for many blockbuster drugs, combined with pharma companies' record cash reserves from the pandemic. This has triggered an acquisitive spree, such as Eli Lilly buying Kelonia for $7 billion. Jobs cites Revolution Medicines, which doubled survival in pancreatic cancer from 12 to 24 months, a result aided by AI.
The fight for NIH funding and the need for increased public investment
Reed Jobs expresses concern over proposed NIH budget cuts but is optimistic. Last year the administration requested a 40% cut, rejected by Congress in a bipartisan manner. This year it is 12%, still the largest ever, but Jobs expects a similar rejection. He advocates increasing the budget to $100 billion, noting that in real terms it has not grown in a decade. He emphasizes that NIH funding has over 90% public approval.
Sponsored Protocol
Jobs firmly believes that cures for cancer are not sitting in pharma waiting to be discovered; they need to be created with new knowledge. Yosemite is already targeting difficult targets like p53, the most important tumor suppressor gene, with three different companies. AI is opening new frontiers, enabling the targeting of previously undruggable proteins like KRAS through hidden pockets. The Yosemite story is just beginning, but Reed Jobs's determination is clear: he wants to win the fight against cancer, one step at a time.
Source: https://techcrunch.com/2026/07/11/reed-jobs-would-rather-talk-about-curing-cancer-than-his-last-name
