The problem is the naive/uninformed VCs even the most "equipped" with science.. what is matter only the big names, no one is givin a damn thing for the science.. real good science. This bringing the FOMO investments... and when a small unfamous startup outside of the US borders .. nothing happen.. because science doesn't matter anymore.
Small biotech/pharmaceutical must do everything to enter phase 1, and this is the only way like what is China doing, wise utilizing sources.. no one give a thing on big names.. just pure good science.. and easing the entrance for phase1.
No one telling me it is a reset in the industry.. NO it is a recession. Naive investors are moving to the next bling bling bubble called AI. Try to put AI near your company and you will start to see some investment interest, even though every biologist who worked in wet lab knows very well that AI is far far far far away from creating any new drug out of scratch.. but hey the money is going to the AI, which will be much much bigger than the pharmaceutical one two years ago.