One should consider any survivorship bias in thinking about that. Also consider that a series A in biopharma is commonly well above above $30MM, and that doesn'

One should consider any survivorship bias in thinking about that. Also consider that a series A in biopharma is commonly well above above $30MM, and that doesn't generally even come close to funding proof-of-concpet clinical studies. That combined with any survivorship bias complicates the economic interpretations of cross industry profit margins.