Inside Startup Investing with Chris Lustrino

Author: Kingscrowd, Sam Fiske

Join Chris Lustrino as he talks to startup founders, angel investors, fund managers, investing platform executives, and more about the online private markets. Inside Startup Investing gives listeners the inside scoop on alternative investing such as startups from an investor and founder perspectives.
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Language: en-us

Genres: Business, Investing, Technology

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Ivan Lo, Breath Diagnostics — A Breath Test for Early Lung Cancer
Episode 152
Thursday, 23 October, 2025

Early detection saves lives, but today’s tools are often invasive, slow, or used too late. In this episode, Breath Diagnostics CEO Ivan Lo explains how a non-invasive breath test can detect volatile organic compounds (VOCs) associated with disease—positioning breath as a first-line screen for early-stage lung cancer and potentially pneumonia and TB. We cover the science (why breath can capture near real-time biological change), sensitivity/specificity signals from 800+ patients, and a go-to-market/regulatory plan that prioritizes post-op pneumonia (shorter trials, no entrenched standard of care) before lung cancer screening. We also discuss platform economics (low-cost disposables, existing LC-MS infrastructure), trial scale and cost, and how breath could support ongoing monitoring after treatment. Investors get a clear view of timelines, risks, and upside; founders get lessons on platform positioning, capital efficiency, and sequencing indications. Highlights include...Why breath (VOCs) can surface disease signals minutes–hours after biological changeFirst-line screening thesis vs. liquid biopsy and CT workflowsEarly data: ~94% sensitivity / 85% specificity across 800+ patients (lung cancer context)Regulatory path: post-op pneumonia first (faster FDA route), lung cancer nextUnit economics: low-cost cartridge + existing LC-MS labs (hub-and-spoke)Clinical design: trial scale, costs, and companion-diagnostic “cocktail” potentialPlatform beyond oncology: pneumonia, TB, inflammation, RUO for pharmaChapters00:00 Intro & why early detection needs a rethink00:47 What Breath Diagnostics does (the “breath bag”)03:34 VOCs 101: why breath can be earlier than blood06:41 First-line screen vs. confirmatory tests08:19 Will this be ubiquitous at annual visits?11:53 Commercialization path & funding realities12:37 Pneumonia first: faster FDA route14:09 Lung cancer timeline & business model15:34 Hospital economics & pneumonia savings18:24 Trial scale/costs; disposable chip economics20:34 Team, funding strategy, and sequencing22:08 Early data and a “false negative” biopsy case24:12 TAM & eligibility (20M Americans qualify)25:06 What success looks like (2–3 years)27:00 Investor closing thoughts