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On the Road to Recap:

abovethecrowd.com

Anything that hints of a down round brings questions about the success metrics that have already been “booked.” Examples of dirty terms include guaranteed IPO returns, ratchets, PIK Dividends, series-based M&A vetoes, and superior preferences or liquidity rights. The typical Silicon Valley term sheet does not include such terms.

IPO 40
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Out of the Crisis #5, ANA Therapeutics: a possible COVID-19 treatment and prophylactic

Startup Lessons Learned

And often what we're seeing in these hydroxychloroquine studies is a big ratcheting of a typical dose. You ratchet up a drug that has known side effects. The real metric should be funding should go into something or something should be developed until there is a treatment.