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The truth is, cash runway is not a number. It's a strategy. Development-stage life science companies are dynamic by nature. Timelines shift. Milestones move. Scientific discoveries alter priorities. Financing strategies evolve. The problem is that many financial forecasts don't evolve with them.

The deck. The story. The market opportunity. The investor meetings. Most founders believe fundraising success is determined by the pitch. Financing processes rarely break during the pitch phase. They begin to unravel during diligence — when investors move beyond the narrative and start evaluating how the company operates. The lead investor goes quiet after week two. You follow up. They say they need more time to "work through a few things internally." A week later, you get