Re small biotechs - I'm pretty indifferent about what these companies do. Perhaps that's foolish. For me, it is more about the amount of cash they have combined with sentiment (and sentiment is improving in this sector at the moment), and then there's always a chance of some news related event (which worked out nicely for you with DTIL)
A good example of what RN describes is GRAY starting to look at whether they should just close up shop and pay shareholders out the cash.