Speaking of our successes, I’ve decided to balance my ego with reflections on a recent loss. I’ve long accepted that early stage biotech is a hit and miss game - some will deliver incredible breakthroughs, most won’t. One of my misses has been RHY, now down about 90% from my entry price.

At the time, it felt like a no brainer in terms of risk reward. RHY had developed a blood-based cancer detection test that aimed to replace the need for difficult stool tests in bowel cancer screening. A simple blood draw instead of mailing off a sample. Approval seemed close, and commercial rollout was expected within a year.

Then the story stalled. A key regulatory hurdle delayed everything, further testing was required, and eventually the company ran out of time and cash.

I don’t mind the loss - that’s part of biotech investing. But what’s frustrated me most is the lack of clear, candid communication along the way. The story (and endless PowerPoints) stayed glossy long after the gloss had worn off.

Biotech investing is risky and emotionally taxing enough as it is. What it really needs are straight talkers - people who’ll tell shareholders, especially those not close to the science, what’s actually going on. I’m keeping this in my portfolio for a while as a reminder.