Totally understand if you invested in the early days. There was...

Totally understand if you invested in the early days. There was once a well known and knowledgeable poster called @Anton Chigurh who had a knack for investing in bios. He would only invest once they had enough for their major catalysts event (usually a 2B result). You invest when they have enough cash ... wait till its "boring" and invest for the FOMO or run into the results.

A current example that may be like this is 1AD, just raised money at 10c, catalyst event is H2 next year. Using the above strategy you would purchase within the next few months and hold for the FOMO / run for the mid next year results (phase 1 trial results - takeovers happen early in this drug area). Biggest cost is opportunity cost for holding that long.