> I know biotech investors have long timeline, but surely they are Inherently long timelines has pluses and minuses, but can make you very sensitive to timing.

> I know biotech investors have long timeline, but surely they are Inherently long timelines has pluses and minuses, but can make you very sensitive to timing. Raising a bunch of money to go through a long dev cycle just before a downturn/recession can be a pretty comfortable place to be. Coming out of that development into the face of one - brutal.