Thanks to a yearslong boom in the world of venture capital, keeping tabs on biotech means constantly reading that some so-called startup is suddenly worth more than $1 billion. But just who is putting the horns on all these unicorns?

Welcome back to “The Facts, STAT!”, a not-infrequent STAT video series in which our reporters briefly explain the need-to-know basics of issues in the world of health care and biotech.

This time, we’re going to explore how a company goes about reaching a billion-dollar valuation, what those numbers really mean, and why you should tread carefully when it comes to taking them seriously — all over the course of about a minute.

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