majority of responding biotech companies would apply for NIH funding absent the ruling, and that most would not use the funds for their lead product. Two thirds of the proposed research was reported to be focused on preclinical or discovery stages.

BIO also conducted six case studies designed to show that promising lines of early-stage research have been abandoned or delayed as a result of the ruling. These cases, however, do not provide counterfactual evidence based on products that were funded prior to the SBA ruling, which would have been excluded by the ruling.

These cases will be discussed in the context of the NRC’s own cases, which included some venture-funded firms. An analysis of the evidence submitted by BIO is included in Appendix E of this report.