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Most biotech startups are free to tell the world as little or as much as they want about their work or their investor’s expectations. Unlike major pharmaceutical companies, which are legally required to report regularly to tens of thousands of investors, a biotech company’s immediate goals are often hinted at only in intermittent press releases. Usually the emphasis is on announcing an influx of new cash from venture capitalists, not detailing their business plans.

So STAT checked in with four companies that closed an early-stage venture round between July and September of last year. We looked back at what they promised to do with their investors’ money — and what they’ve actually done with it.

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