Symptom
The distortion lives in the board deck structure — revenue growth rate is the primary narrative metric while burn trajectory and runway are secondary or absent — CB Insights documents this pattern in the final updates of companies that subsequently ran out of cash.
Cause
Headcount front-loading acquisition scaling and infrastructure step functions all cause burn to grow faster than revenue during scaling phases — payroll is immediate product improvement takes quarters and marketing spend front-loads while customer revenue back-loads.
Impact
Six months runway minus three to six months fundraising lead time leaves zero to three months of operating buffer after a close — and only if the raise succeeds on schedule — the funding window at current trajectory allows no margin for delay.