I think the issue for biotech isn't just you need more money -- you do to get initial POC (the most analogous concept to product / market fit), but can actually get to exit with less than tech co's nowadays -- but that you have to spend your initial money right. product / feedback cycles are orders of magnitude longer / more expensive, so you need to do more planning to make sure you do the right experiments. this is the hard lesson that the experienced biotech VCs have learned, that generalist VCs have struggled with and why you dont really see many generalist tech VC backed biotech co's succeed (except stemcentryx)

more money without better planning = more money wasted