Can you value a biotech asset based on how much money you’ve spent developing it?

By that logic, what would be the value of Nokia today if we simply considered its historic investment? Not very insightful, right?

💡 The key lesson: Past costs are sunk. Valuation should focus on future potential, expected returns, and probabilities of success, not on what has already been spent.

I share a small case study that illustrates this concept in action—especially relevant for co-development projects and early-stage assets.

Thanks for watching!