Hopper starts biotechs with ideally (for him) 100% ownership. He...

Hopper starts biotechs with ideally (for him) 100% ownership. He then allows himself to get diluted as funders inject cash into his businesses on multiple occasions. His goal is typically to advance as many candidates through to the successful conclusion of phase 2 trials and then make multi billion dollar deals of the back of them; all the while keeping as much ownership as he possibly can. He is extremely good at this btw.

The percentage share of each company he owns reflects the age of each company. IMU is his most advanced company; it has been diluted the most; so his share is the smallest. RAD is very young and he therefore has a much bigger ownership share. These figures wont stay this way. They will all dwindle. He would prefer to own 100% of all his companies but he doesn't have the means to fund them all independently. He funds the first million or two and his contacts and backers do the rest.

Its all good for him in the end. He starts them, runs them, and benefits from million and billion dollar deals in the end. Go Paul!