Playbook
N-001
Fund the Inflection, Not the Round
Why the venture round is the wrong unit of account for a preclinical rare disease company, and what to plan against instead.
800 KB
AUG 2026
P-001
Investor Access Platforms
A comparative analysis of PitchBook, Crunchbase, and the wider investor data market.
1306 KB
July 2026
P-002
Ultra-Rare Is Now Fundable
A therapy for a thousand patients now costs about 100 million dollars and six and a half years to develop.
791 KB
aug 2026
P-003
Exclusivity Should Scale With Rarity
The Orphan Drug Act gives the same seven years to a therapy for 190,000 patients and a therapy for 190.
411 KB
sep 2026
P-004
Nobody Appraises Your Company
Preclinical biotech valuations, ownership arithmetic, and comparable transaction analysis.
118 KB
july 2026
P-007
The Flat Middle: Dilution and Valuation Cancel Out Between Series A and Series C
In a standard illustrative biotech financing path, founder paper value barely moves between Series A and Series C.
518 KB
Oct 2026
P-008
Rare Disease Drugs Are Financed One Inflection Point at a Time
An accelerated approval program for a rare disease can reach patients on roughly $130 million to $300 million of staged capital when each financing is sized to buy a specific value-changing result.
1.2 MB
Oct 2026