I am also a scientist and had the same conclusion. I just use it to summarize papers, occasionally write boilerplate, and sometimes do some google search primitives if its an easy question.
I'd be surprised if they even breed a dog at this point. Most George Church companies go up in extraordinary flames and mismanagement. The constant VC funds his companies raise have probably destroyed the biotech ecosystem for the last decade +.
Private Equity is the effect not the cause. We need them to create efficiency because of the shenanigans that the AMA guild did in limiting doctor supply. Just allow people to take an exam to get credentialed, we'd have foreign doctors flown in by the hundreds of thousands and care would be as cheap as it is in India.
The notion of "stem cells" are somewhat of a misnomer as modern biotechnology is showing us. There are an orchestration of probably 1000s of different cell types which can vary in their cell states. We don't have enough knowledge of how to use these various cell types to influence complex self-organization processes like development. But in some cases there are clever fixes without understanding the underlying process.
China is going to be way ahead of us in biological treatments because they are willing to actually remove the red tape and in fact encourage scientists to try these sorts of experimental treatments. Meanwhile, we have a dinosaur FDA, a bureaucratic academia second to only Europeans.
We don't accept that? Our civil liberties have been infringed upon by neoliberals and oligarchs for the last 100+ years, starting with Lincoln with income tax and FDR with social security into the mess we have today.