I have often thought about this, but keeping that extra $15m was...

I have often thought about this, but keeping that extra $15m was not in the ethos of Race. We have raised only what we needed, not what we can get, at any point in time. One of the reasons people have invested in Race is they trust that we are using their capital efficiently, not running a lifestyle company supported by masses of cash in the bank.

I am not sure there is a right or wrong way to the vexing issue of raising capital - there are good arguments to raise whatever you can whenever possible given how volatile biotech is, and there are good arguments to only raising what you need (and even return excess capital) on the basis you can raise later. Good companies take both approaches - it is probably more important to be consistent in whichever approach is taken.