Research and Development Sustainability of Future Star Net-loss Biotech Companies in Financial Crisis

COVID-19 and Russia’s invasion of Ukraine have severe short-term effects on capital markets. On the other hand, basic research in the life sciences is long-term, and many drug-discovery biotechnology (biotech) startups and companies normally face the "valley of death" as the negative profit period. Therefore, this paper plans to understand the underlying probabilistically reproducible characteristics of the Research and Development (R&D) investment of the current successful and survival biotech companies with negative profit and excess debt in the FY2008 financial crisis. The research aims to search for future guidelines by looking back on the characteristics of the R&D investment at a similar past time of the current surviving and outstanding biotech companies using the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval system database.