The market wants human data, near-term milestones, and visible de-risking. It is willing to pay dearly for all of it. The result is one of the clearest dislocations in early-stage biotech: a market overpaying for proof and underpaying for scientific edge. Companies that are surviving the biotech winter are sitting at entry prices that look unusually favorable relative to their eventual strategic value. For those willing to underwrite the science earlier, that is an opportunity. Read More.
