How biotech creates billion dollar moats through regulatory hurdles

You know there's gonna be a huge moat. Right? A, because it's just difficult, but also usually just patents or federal enforced exclusivity or whatever it is. The question is, like, can you get there? Can you get through the regulatory, the technical hurdles to be able to get to this market and unlock? So then fundraising becomes based on milestones on the way to that approval, in our case, that increase the probability that that vision of a future that we're creating is going to occur. So if you say that, like, we're a billion dollar company when a drug gets approved, right, for example,