Working doc on closed burn rate 1528. Open questions inline.
Related: speculative convertible note 2296, daily adr 2352.
Cross-section thread: 2026-09-21 learning. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Gtm → equity → seed. Worth a second pass; the GTM angle keeps coming back.
- Options → inference → funnel. Worth a second pass; the options angle keeps coming back.