Published by admin on April 10, 2026 The deal closed.
Capital transferred. Board seats assigned. Milestones locked in. Everyone moved on.
Then, six months later, a quiet update arrived in the investor's inbox:
"FDA has requested additional data."
Timelines shifted. Burn rate climbed. The next round became a conversation nobody wanted to have. The investment wasn't struggling because of the product — it was struggling because regulatory risk had been left unattended after the term sheet was signed.
This is more common than most investors realize.