These are YC style biotech startups which I don't think have played out yet. The traditional approach raises a few million to get to phase 1 and then usually g

These are YC style biotech startups which I don't think have played out yet. The traditional approach raises a few million to get to phase 1 and then usually gets bought if the data looks promising. Many of these have pharma partnerships and/or investment. Sometimes they IPO earlier to get some outside capital. What's good about that is that the public can get in on it sooner. The bio side is very much driven by academia and spin offs.