Well that’s one of the reasons VC’s and pharma arms also like to go into private companies / start ups. It’s a dark space you don’t need to update the public on what you can or can’t achieve until you choose to do so - so never really know where they stand on a lot of those “holy grail” points so they don’t so much need to “prove” anything their future partners are often already vested in there. Look at all the big blockbuster biotechs and many or basically all have had a place in the Fierce15 each year - last years batch had i think $1.5b US that went into into them.
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