Biotech Values

[mcbio]

I guess I don't see why that matters. The inference I took from your post is whether or not we can interpret a level of confidence from the size of the milestone payment prior to phase III commencement.

I don't claim to know the answer to that, but I don't think it depends on the market cap of the company receiving the milestone.

Just thinking that, in general, one would expect a biotech with a smaller market cap to likely have less negotiating leverage compared to a biotech with a much higher market cap and so it's more impressive when a smaller biotech is able to negotiate for impressive milestone payments.