Phi Therapeutics is developing a probiotic approach to treating acne. They conducted 92 interviews with various stakeholders including consumers, pharmaceutical companies, key opinion leaders, and regulators. Their proposed treatment involves using non-toxic bacterial killers and probiotics to target acne-causing bacteria. Over an 18 month preclinical timeline, they plan to validate active ingredients, develop a cosmetically elegant formulation, conduct animal and human pilot studies, and pursue financial and operational milestones like obtaining lab space and hiring a technical team. Their business idea appears validated based on the large acne market need for a more effective treatment and their identification of key partners to advance discovery, navigate regulatory requirements, and support marketing.