Milestones and Royalties in Biotech Deals, Explained
Biotech deal headlines quote huge numbers that rarely get paid. Here is how upfronts, milestones and royalties actually work, and how to read what a deal is really worth.
Biotech deal headlines quote huge numbers that rarely get paid. Here is how upfronts, milestones and royalties actually work, and how to read what a deal is really worth.
Runway is the number that governs every biotech decision. Here is how burn rate and runway actually work, how to extend them, and the mistakes that kill companies.
A term sheet is more than a valuation. Here is what actually matters in a biotech term sheet, the terms that quietly determine outcomes, and what founders should negotiate.
A practical guide to raising a biotech Series A in 2026: what investors need to see, how much to raise, the process, and the mistakes that sink rounds.
After a brutal multi-year downturn, biotech capital is flowing again in 2026, but selectively. Here is what the funding rebound actually looks like on the ground.
A founder-oriented guide to the biotech venture firms that actually fund early-stage companies in 2026, grouped by how they invest, from company creators to crossover funds.
After a brutal drought, biotech IPOs came roaring back in 2026 with record-sized raises. But is the window really open? A clear-eyed look at who can actually get out.
A practical guide to out-licensing a drug: why and when to do it, how deals are structured with upfronts, milestones and royalties, and how to run a competitive process.
When to build business development at a biotech, who to hire first, what BD actually does, and how to set up partnering, licensing and alliance management from zero.
A founder’s guide to pitching biotech venture capitalists: the six things they actually evaluate, how to structure the pitch, and the mistakes that sink a raise.