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.
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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Upfronts are bankable only after they are signed. Sequential deals are less predictable. Markets discount success fees significantly and stocks get hammered if deals terminate. It is hell of a roller-coaster. Would recommend with caveats
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