$Arcturus Therapeutics(ARCT.US)The risks in biopharmaceuticals are really high, sometimes it's a bit like opening a blind box. Allogene, ARCT, and Intellia have all dropped significantly this year. The value of these companies is highly concentrated in one or two pipelines, and the development of pipelines is a lengthy process with high uncertainty. Even with various data analyses and professional research, it's hard to ensure investment success. The commercial value of ARCT's pipeline is limited. Whether it's ARCT032 or ARCT810, the number of patients is relatively small, and success is unlikely to bring explosive commercial revenue. The value of ARCT mainly lies in its technology platform, especially the breakthrough liver delivery technology platform, which is very valuable. This also explains why the poor data from ARCT032 caused such significant volatility. ARCT's current cash on hand is unlikely to support reopening a pipeline to prove the value of its extrahepatic delivery technology platform. In short, this type of investment heavily tests risk assessment and control, risk quantification, and small-position participation. The most important thing is to leave enough buffer space—a 60%+ short-term drop is no joke. Next Monday's earnings call will reveal whether management provides effective information to stabilize the market. Not investment advice, and I don't really understand—losing money here.