Ignorant question: why do biotech companies IPO so early? (Often before their first drug is in the clinic). I would have thought that would be a costly process for a company still facing serious technical risk ahead.
Ok, but then the question is why venture funding isn’t available at that stage.
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Several reasons. One is time. Venture Series A to IPO (even without a product) is longer than say, tech. Early investors need liquidity. VC funds are time limited
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Ah; but with partnerships you can get up-front revenue before the clinic; do investors not count partnership deals the same way they’d count sales revenue in a different industry?
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