That gives rise to a very positive outlook, and underscores the excitement and the potential of this group. First is the appreciation, over time, of what it takes to make new drugs, especially new drugs with new science. Second, is the more mature appreciation by investors that there will undoubtedly be failures in this process. It is similar to any new frontier, any new effort. You cannot expect to be a wildcatter if you are not prepared to accept dry holes.
More people understand that now.
The third factor is related to what happened before 1991. In three or four different cycles between 1981 and 1991, euphoria was followed by severe depression. The same thing happened in 1993-1994. But since 1994, because many companies were maturing in parallel to the last corrections, people realized that this was not just a bunch of tiny companies misleading them by promising more and delivering less just to raise more money but, in fact, it was a group that had matured. In these five years a dozen to twenty companies became profitable, developed solid balance sheets, sold products, and continued to achieve growth.