Fair point on sample size—three companies isn't a trend. But the Isubstrate analysis reveals something deeper: private placement velocity in clinical-stage biotechs with regulatory catalysts is actually accelerating while early-stage deals collapse. The data shows why smart money is rotating toward proven platforms: https://finance.via.news/healthcare-life-sciences-investment/clinical-stage-biotech-secures-capital-through-private-placements-as-phase-2-3