Pros
The ambition is real. Formation acquires clinical-stage drug assets and uses technology to develop them better. Which means the work touches actual medicines for actual waiting patients with an emphasis on innovation. The technology stack built internally is more ambitious than what I've seen at companies five times our size, and the company enthusiastically embraces new approaches and ships real workflows with it. Smart, low-ego colleagues genuinely want each other to win. Leadership is unusually willing to bet on novel structures and rewrite the org when the work demands it.
Cons
You will feel the pace. Formation is trying to do something that hasn't been done before in biopharma, which means ambiguity and change is persistent - playbooks get written as we go, and that's not for everyone. If you need a fully-formed process to operate inside, this isn't the place yet.