• Capital efficiency is paramount: Focus every dollar on advancing to value-creating milestones

• Consider partnering lead assets: Strategic deals can provide non-dilutive capital and validation

• Start pharma conversations early: Build relationships before you need them

• Target sub-$1bn exits: Pharma's sweet spot requires raising less capital upfront

• Generate deal tension: Create competitive dynamics among potential partners/acquirers

• Syndicate strategically: Work with investors who help bring additional capital and resources

• Show consistent progress: Maintain detailed records demonstrating execution against prior plans

• Think globally: Consider cost-efficient development paths in international markets

• Be realistic about valuations: The era of $1.8B market caps for pre-revenue companies is over

• Focus on data: Clinical results remain the ultimate currency

How Biotechs Can Navigate The Capital Crunch

More from Growth