I always love your work tuts, but just query your comment that a biotech company can run down their cash balance to only 6 months remaining. This seems quite low to me and hands a lot of bargaining power to the institutional investors when negotiating terms for the eventual capital raise. It also doesn't leave a lot of room for error in case something unexpected happens - a pandemic hits, change in market conditions, war, unexpected illness to key executive etc etc.
I always love your work tuts, but just query your comment that a...
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