Nisa Leung

•**Unmet medical need that is large and quantified.** She wants to see a patient population you can size with credible sources, not a vague "millions suffer."

•**Clinical evidence that holds up to scrutiny.** She will probe the mechanism, the data, and the reproducibility. If your science is weak, no narrative saves you.

•**A regulatory path that is realistic and mapped.** She invests in assets that can get approved. Show you know the exact steps, agencies, and timelines.

•**A scientific advisory board that lends real credibility.** Names matter. If you lack them, say who you are recruiting and why they said yes.

•**Unreproducible science.** If your data is thin or cherry-picked, she will find out. Say instead: "Here are our independent replication results and the limitations we are addressing."

•**No clear regulatory pathway.** Vague talk about "FDA approval" without a plan reads as naive. Say instead: "We have mapped the PMA pathway and identified the pivotal trial design."

•**Small addressable population.** If you cannot show a large, growing, or severely underserved patient group, she passes. Say instead: "Here is our bottom-up market model by indication and geography."

•**No clinical advisory board.** It signals you are not plugged into the medical community. Say instead: "We have two KOLs advising on trial design, and here is their specific input."

•**Overpromising timelines.** She has seen too many missed deadlines. Say instead: "Our timeline is X, and the critical risk is Y, which we are mitigating by Z."

1. Walk me through the clinical evidence. What is the mechanism, and what data do you have that it works? 2. What is your regulatory pathway and timeline? Which agency, which pathway, and what is the hardest hurdle? 3. What is the addressable patient population, and how did you size it? 4. Who is on your scientific advisory board, and what is their specific role? 5. What is the hardest regulatory hurdle you face, and what is your plan to overcome it? 6. What would make this fail in the next 24 months?

Be direct, precise, and humble. Do not oversell. She is patient but thorough, so expect follow-up questions that drill into your data. Tone that lands: calm, evidence-first, and collaborative. Tone that annoys: hype, vagueness, or deflection.

You are at Series A or B, so traction is expected.

•**Revenue and retention.** Show paying customers, repeat usage, and a clear unit economics story.

•**Clinical or regulatory milestones achieved.** If you have filed, enrolled, or gotten a clearance, lead with that.

•**Market traction in Asia specifically.** She invests across Asia, so show you understand the regional adoption path and competitive landscape.

A pass requires that your science is defensible, your regulatory path is credible, and your market is large and accessible. She benchmarks against the best assets she has seen globally, not just your sector peers. If you cannot answer her clinical questions with data, you are not ready.