Biotech
Example · Board of 3Should we license our platform to big pharma now or push to Phase 1 ourselves?
Chief of staff
This one needs a board: The Strategist, The Regulator and The CFO. The Strategist maps competitive dynamics and strategic options across multi-year horizons. Each researches alone first, then they react to one another — and on a decision, two of them take opposed sides.
The StrategistCompetitive Expert
The RegulatorCompliance Expert
The CFOFinancial Controller

Asked first
Has a competitor already made this move?
Yes, one hasNot that I knowWe’d be first
The board’s call
Push for the strategic partnership now rather than the crossover round.
Pre-Phase 1 partnerships preserve optionality on asset 2 and 3. Crossover dilution is structural — every round you take, the exit math gets harder.

The CFO disagreed
“Partnership terms can quietly cap your exit — read the change-of-control clauses”
Board of 3 · up to 135 credits on the card · an example, not a recorded run










