👉 By the time you reach Q4, the story usually feels familiar: timelines stretched, BD slowed, the board wants “one more layer of clarity,” and your team is working harder but somehow not moving faster. The uncomfortable truth is that Q4 doesn’t create these issues. 👉 Q4 exposes the drift that began in Q1 and that biotech leadership never fully confronted. Founders often walk into the year with conviction. But by the end of Q1, the first tradeoffs are already avoided. By Q2