I think you're misunderstanding how early stage biotechs work. They are developing extremely valuable IP, not a revenue stream.
That's why the average Phase 3 biotech is worth over $1 billion despite usually having close to zero revenues (this number I have taken from published research on this subject).
In how many other spaces is a company with no revenue typically worth over $1 billion?
As an example, guess what Reata's revenues were when they were bought for over AU$10 billion? For FY prior to acquisition they had revenues of $2 million and profits of -$300m (ie a massive loss).
Clearly Biogen didn't care one jot about Reata's revenues or profits.
Measuring a biotech's success by the approach you're using just means you're gonna to miss the boat.
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