Young bio's can easily spend their 1st 5 to 10 years in a perpetual state of R&D
Nonsense. Only Microcrap scams have that feature.
We went through this yesterday. Most small cap biotechs fail on the Nasdaq because their Phase 2-3 CTs fail. Or a superior drug is developed by a competitor. It's ridiculous to suggest the small caps die or live in a war with market penetration. Again, those that fail do not do so because of some bogus commercialization problem.
Meanwhile PMCB after 8 yrs can't even get a single drug/treatment into a Phase 1 CT. Guess it's safe from failure because there are no CTs to fail.