Inside STAT:  How biotech startups become unicorns, explained

(ALEX HOGAN/STAT)

The next installment in our video series, “The Facts, STAT!,” is now out and this time, we’re tackling how a biotech unicorn — one with a valuation of more than $1 billion — gets tagged with that price. Unlike publicly traded companies, shares of a privately held company aren’t updated on a near-constant basis, so the valuation is the sum of what people were willing to pay for shares the last time that they traded handed. Watch the short video from STAT’s Alex Hogan and Damian Garde here.