@dansfera: The biotech bear market is showing no mercy to small caps. We're talking a $27M quarterly burn rate colliding head-on with massive Phase 3 costs—the cash in the bank just doesn't cover it. When the financial runway shortens this drastically, the specter of dilution looms large for investors. The tough questions are definitely outweighing the bullish research in this climate. #Biotech #SmallCaps #StockMarket #Investing #Dilution