For the period from 2010 to 2021, we have observed a phenomenon of life sciences companies conducting Initial Public Offerings (IPOs) without any assets that have demonstrated clinical proof-of-concept (POC). Ideally, this area of investment is targeted by investors with the knowledge and resources to assess the probability of success of such early-stage programs based upon adequately planned and performed due diligence. Our analysis of this trend calls for the establishment of a …