Calico

What they do

Alphabet's $2.5B/12-year longevity moonshot just lost its only pharma partner — AbbVie walked after the lead asset flopped — and the surviving thesis is now a 3-asset rare-disease biotech (ADPKD antibody the crown jewel) wearing an aging-research halo; not a 2026 tradeable, watch the ADPKD Phase 2 readout as the sole de-risking event.