I don't think that is how the market views biotechs. In some respects, it is similar to a resources exploration company - you spend a lot of time and resource discovering an essential commodity. Once you do and determine it can be extracted in a way that is commercially viable, then even though it is pre-revenue, the share price will have built into it at least some of the net present value of the asset.
I don't think that is how the market views biotechs. In...
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