Worst Case Consideration, page-12

Agree with Execution Risk as being front and centre with PAR given they're an unproven team. Nevertheless than may still bumble along make a few miss steps and timelines but still eventually pull off a big win. Worst case can also be look at an individual level.

Daniel Kahneman once said an important part of becoming a good investor is having a well-calibrated sense of your future regret. You need to accurately understand how you’ll feel if things turn out differently than you hoped.Maybe regret is the best definition of risk.Risk isn’t how much money you might lose. It’s not even necessarily how you’ll feel when you lose it – over time, a lot of painful experiences turn into cherished lessons. Real risk is the regret (or lack thereof) that might come years or decades later.

For example, selling most or all at $4 and then watching it to then be taken out at $40 a year later could scar you and make you feel like it was never meant to happen.