I largely agree. On PBT, the company is proceeding with its plans toward a confirmatory study for Huntington disease and has $25m in the kitty so I guess that is something of the fallback position.
Personally I prefer company's with fallback positions that can be measured in terms of alternate revenue and profit streams, be they established, emerging or highly prospective.
Between 5 and 10 bags I may free carry but the likely (further) upside each pipeline first needs to be assessed on it's own merits. That said, nobody should be (overly) swayed by the risk appetite of others.
