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Gene Therapy Synopsis: We're Going to Cut Your Pre Money Valuation in Half, Right?
Shen: We had gotten a term sheet from one of the big investors in the gene therapy space. They wanted us to talk with this group and build a syndicate of about a dozen or so different investors. So we did that and everybody was all enthusiastic. The time is going by, we're spending money, right? And they said, well, you know, it looks like you built the syndicate, that's great, but valuations have changed. Now we're going to cut your pre money valuation in half, right?And we were like, oh, this is not good.