I understand the small business perspective. I have run several small firms over the last 30 years and have a degree in accounting.
But keep in mind that biotechs are very different. They often burn cash for a decade or more before turning cash flow positive. Given the nature of this business model it is easy to see how the executives can develop bad habits (by normal standards).
That mindset will make the course change that the company needs to make all the more difficult.
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