| Clinical Trials Companies | Product Companies |
|---|---|
| No product sales; focused on success of clinical trials | Focused on driving sales ramp |
| Major binary event risk (trial results, FDA) | Less significant binary event risk |
| Managing cash burn rate and equity financing strategy | Cash flow positive, or expected in near term |
| Typically smaller market cap companies | Typically larger market cap companies |
| Higher volatility stocks | Lower volatility stocks |