Founders talk to each other constantly about raising money. They compare term sheets, trade notes on which VCs move fast, debate SAFE caps versus priced rounds, and celebrate the closes on LinkedIn with the requisite rocket emoji. What they don't talk about nearly as often, what almost never gets a celebratory post, is the much more common set of conversations that later-stage HealthTech founders actually have in board meetings in 2026: whether to take a down round, whether t