Instead of diversifying across diseases, Kenai is building deep expertise in Parkinson's. Its pipeline addresses different patient needs: replacing lost cells (lead program), repairing existing damaged cells (002), and targeting inherited forms (003), creating a comprehensive disease franchise.

Applying the "weird if it didn't work" framework to fundraising means shifting the narrative. Your goal is to construct a story where the market opportunity is so massive and your team's approach is so compelling that an investor's decision *not* to participate would feel like an obvious miss.

Abivax's drug has a novel, not fully understood mechanism (miR-124). However, analysts believe strong clinical data across thousands of patients can trump this ambiguity for doctors and regulators, citing historical precedents like Revlimid for drugs that gained approval despite unclear biological pathways.

When raising capital, the ability to articulate a clear and compelling narrative is as crucial as the underlying financial model. An operator with exceptional storytelling skills can successfully secure funding, potentially even winning out over a competitor with a marginally better deal but weaker communication.

In the rare disease space, success hinges on deep patient community engagement. Smaller, nimbler biotechs often excel at creating these essential personal ties, giving them a significant advantage over larger pharmaceutical companies.

Investing in clinical studies is not just for product validation; it's a powerful marketing strategy. It allows you to make scientifically-backed claims in ads that competitors cannot legally replicate, creating a significant and sustainable competitive advantage.

In a capital-constrained market, positive clinical data can trigger a stock drop for biotechs with insufficient cash. The scientific success highlights an immediate need for a highly dilutive capital raise, which investors price in instantly. Having over two years of cash is now critical to realizing value.

When evaluating follow-on opportunities, the conventional wisdom is to look for a Tier 1 VC leading the round. However, a specialized fund with deep industry expertise leading a Series A can be an equally powerful, or even stronger, positive signal for a company's potential and market fit.

The company adopted a phased approach, using initial seed funding to de-risk the program by focusing narrowly on manufacturing (CMC) and regulatory hurdles to clear its IND. This milestone-driven strategy made it a more attractive investment for a larger Series A intended to fund clinical trials.