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This story is part of STAT’s quarterly series Something Ventured, which looks at early-stage startups. You can read the earlier stories in the series here

Every quarter, the CEO of a public biotech company can expect to spend an hour or two on the phone, describing her company’s progress to shareholders and reporters and answering questions from analysts.


But CEOs of early-stage, privately held biotech companies are allowed to play their cards much closer to the vest. There are no earnings calls or SEC filings; these CEOs can choose when to update the world with a  press release or an interview.

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