Many biotechs don't have a paradigm changing drug in multiple trials simultaneously.
That is very true and an important consideration. I'm not advocating either a partnership or a capital raise. I have sweated out these binary events many times over the years. On the other hand, it is a fact that a failed trial in Alzheimer's will immediately results in a $ six figure loss in my AVXL investment.
Reminds me of the quote: "Are you feeling lucky today?"