[vibrio]

One should consider any survivorship bias in thinking about that. Also consider that a series A in biopharma is commonly well above above $30MM, and that doesn't generally even come close to funding proof-of-concpet clinical studies. That combined with any survivorship bias complicates the economic interpretations of cross industry profit margins.

[bkmartin]

That doesn't really apply here does it? My comment is only in reference to S&P500 companies, that the OP to my comment referenced.