Preface: We believe most pre-commercial biotechs do not trade like traditional stocks, being largely event-driven. Hence, our approach focuses heavily on the science and much less so on the financials. Of course, metrics such as cash burn and debt are important and do inform our decision making; however, we strongly believe the science is key at delivering returns. After all, most, if not all early stage biotechs are bleeding cash at alarming rates, without any revenues. Hence, it is our view that individuals with first-hand scientific and clinical experience can have a significant edge in