Total addressable market and people willing to pay. But a lot of what they do is outsource the initial R&D. First, however you have to have a promising pre-cl

Total addressable market and people willing to pay. But a lot of what they do is outsource the initial R&D. First, however you have to have a promising pre-clinical studies, then likely pass a Phase-1 trial. Lots of bio startups take a pre-clinical product through a Phase-1 trial. Traditionally, they would IPO to fund this. That game has changed a bit, where now some VCs will sponsor the Phase 1. There's also the whole SPAC thing as well. If Phase-1 is a success they usually get bought by a big biotech or pharma.