Reconnections, Reflections, Resolutions

Hello forthcoming Holiday Season.

December lands differently depending on family, social circle, work responsibilities, weather (hello atmospheric rivers in BC, 35cm snow dumps in a day in Ontario), and of course – status of health. Health underpins family, social lives and how we manage work. Personal health, the health of family, the health of our friends, the health of everyone we are connected to will impact how we celebrate over the next couple of weeks.

Now for my reminder that persistent loneliness and social isolation has been associated with up to a 60% increased risk of dementia. You may have seen a recent LinkedIn post about Lloyd (my dad) and his commitment to daily activity (#BeLikeLloyd). He has me to prod him about getting onto the bike which also serves as a regular point of shared connection, celebrating his activity stats. Many older adults in our direct lives, or adjacent lives (think widowed neighbours) simply want to be considered. Perhaps your purpose over the holidays could include making an unexpected day brighter for someone. Lessen the social isolation for someone in your orbit.

What Is Grabbing Our Attention:

'The Active Care Gap' I wish I had coined the phrase 'active care gap' as it really captures the heart of the original Relentless active living/healthy aging thesis. What fascinated me about this article (thank you for sharing Isabella), is the notion that we are facing a new 'Healthcare Middle Class'.

"For active adults who structure their lives around training, the traditional healthcare model doesn't work”, and "active people are the clearest early signal of where the broader system is heading". Bam. This is what we have been talking about for more than a decade. I first noticed the shift when many of the men in my professional ecosystem (yes, it was 100% men at the time), were taking up cycling in lieu of golf. It was a very exciting day when a Vancouver law firm had a Friday cycling event. I was even more excited to share the afternoon with other women, specifically fellow investors Amy Rae and Manica Bain.

Feeling seen? Speaking as a ‘Gen XX’ year-old woman who has completed four half Ironmans and a dozen triathlons yearning to get back at it, and Isabella Bertold, my 'Gen YY' year-old Relentless colleague who is a professional cyclist balancing training blocks with VC life, this article spoke to us - personally and professionally.

While the article references U.S. healthcare and businesses, three key takeaways are universally transferable:

1. Traditional primary care is showing its limits. Active adults feel it sooner, but parents, women around midlife, stressed professionals, and people managing chronic lifestyle factors all share the same pain points.

2. The missing piece isn't data; it's interpretation. Hello, Canary Medical (Relentless Portco)

3. The future of primary care is shifting toward integrated, relationship-driven models. Hello, Thrive Health (Relentless Portco)

Reflections: What We've Been Sharing

I've spent December writing about lessons from more than two decades as a health investor: be patient, resist trend chasing, wait until timing makes sense. Deep bets take time. Patient capital wins. Conviction vs certainty. If you missed these reflections on the venture journey, catch up on my LinkedIn.

Isabella has been doing her own reflecting, writing about the purple elephant in data reporting that nobody wants to acknowledge. Worth a read if you have feelings about how our sector measures what matters.

And while she's challenging industry assumptions, Isabella is also spending time with the Centre for Technology Adoption for Aging in the North (CTAAN), supporting efforts to move health innovation in Northern British Columbia from research into real-world use. Did you know they have plans to build a new Life Sciences Hub in the region? Our team doesn't just invest in innovation we actively collaborate where healthcare innovation is needed most.

Portfolio Notes – Value Creation with AI underpinned IP

The specifics around this past quarter's patent issuances are guaranteed to be value additive and is the key theme for this RoundUp of portfolio updates.

Canary Medical: AI Squared (Active Implants x Artificial Intelligence) Bill Hunter's 2025 reflection on LinkedIn said it best: Canary's data science team is taking patient signals and turning them into insight, prediction and action. With billions of data points from more than 15,000 patients with the smart knee (PersonaIQ/PIQ), AI is making predictions never possible before. Sufficient data has been collected now to show clinical impact.

Canary has a level of understanding of total knee replacement patients' recovery that was unattainable before continuous, objective PIQ data. The forthcoming data, to be publicly released through abstracts and posters in the months ahead, shows early identification of patterns in patients at risk for readmissions, ED visits, DVT, stiffness, and falls . . . yes, FALL PREDICTION.

FUN FACTS: Canary has had 23 patents issued in 2025 alone. Twenty-three. Total number of issued global patents now at 87. And a large percentage underpin what makes their devices 'smart' and predictive.

Modality.AI: Voice as a Vital Sign

Modality secured two significant U.S. patents this quarter protecting their virtual guide technology that transforms speech patterns, facial expressions, and behavioral signals into quantifiable health scores. Modality's technology makes neurological and psychiatric assessments more objective, accessible, and scalable.

Lucid: Music That Moves You (Literally)

Two ResonanceRx patent issuances this quarter strengthen Lucid's position in transforming music into medicine.

Patent #1 – Auditory Beat Stimulation Infusion: A proprietary method for embedding binaural and monaural beats directly into music tracks to enhance cognitive and behavioral health outcomes without sonic dissonance. One key territory? Japan, a global market at the forefront of agetech health innovation.

Patent #2 – Affective Music Recommendation System: Machine learning that analyzes biometric and affective data to generate and sequence music that moves users from one emotional state to another.

VitaminLab: Quietly Building

No IP announcements. Just quiet focus on know-how and fine-tuning unique small batch manufacturing capabilities. You won't find patent filings. Believe us when we say their intellectual property is top shelf.

Signals Worth Paying Attention To

AI excels not by guessing the future, but by detecting the signals that have been either overlooked or unavailable. An approach that increasingly shapes how Relentless invests. As we prepare for Fund II launch, we're looking for partners who see what we see: that the future of healthcare is already here, it's just unevenly distributed.

The traditional model has been showing its limits, exacerbated by our aging society. The data is becoming interpretable. Prediction is no longer theoretical; it's becoming operational. And boy, are we excited about the implications this will have on the shift in prevention as well as managing multiple chronic conditions. Innovations are proving clinical impact. And the timing? The timing is now.

Orpyx Medical: Building Their Clinical Data Set

In addition to the extraordinary IP development across the portfolio this quarter, in November Orpyx announced, "Orpyx sensory insoles and digital health platform will be used in a $5M NIH-funded trial led by Johns Hopkins to prevent diabetic foot ulcers ('DFU'). The study will explore whether continuous digital foot monitoring can reduce one of the most serious complications of diabetes."

Did you know that more than 80% of lower extremity amputations are preceded by a DFU, making prevention a critical research priority? We are excited about Orpyx adding to their clinical grade data set supporting prevention.

Resolutions

On to new year's resolutions. I will start. I have tested short nightly walks before bed over the past few weeks. Allows for reflection. Some self-regulation. Loosens up the body. Simple. I resolve to make this a nightly ritual in 2026, regardless of weather conditions!

What's yours? And if you're thinking about activity meetups, movement buddies, more walking meetings or just want to talk about what's working or even what you are worried about, ping me. Seriously, reach out.

Wishing you health, connection, and the courage to ping someone.