👉 The biotech fundraising market has changed. Capital is more selective. Diligence is deeper. Timelines are longer. Conversations are sharper. Many founders interpret this shift as a market problem. They assume investors have become cautious, conservative, or risk-averse. 👉 The market has become diagnostic. In a tighter environment, strategic weaknesses that once remained hidden are now visible. Ambiguous milestones are questioned. Diffuse pipelines are challenged. Capital