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Alexander and Lorenzo were at a crossroads with their biotech start-up, PhagoMed. They had left high-profile positions at Boston Consulting Group (BCG) three years earlier, driven by a bold vision to tackle the global crisis of antibiotic resistance using phages, viruses with the remarkable ability to target specific bacteria. Despite a robust commitment to R&D yielding deeper insights into phage biology, the journey from lab to clinic was frustratingly slow. And with their capital dwindling, they faced the urgent need to reassess their strategic direction and resource allocation.