Is the digital health IPO drought over? Halle and Michael dig into the Hinge Health IPO and what it signals for the return of digital health companies to the public markets. They explore how much equity founders typically hold at IPO, the growing role of private equity, and why down rounds aren’t the deal-breaker they once were.

Plus: Elizabeth Holmes’ husband launches a head-scratching startup, a former McKinsey healthcare partner faces prison time, and OpenAI teams up with the FDA.