Very small risk of bankruptcy. With as many indications as there are and the high potential of success (esp. with additions that know trials and BLAs) then the risk devolves down to the time element and dilution. We all know how dilution works around here. Just enough to get by while we're waiting for revenue.

So then we come down to "opportunity cost". That's more psychological than anything else. You'll have investors looking in hindsight "Look at TSLA, if I hadn't been stuck in this stock I might have bought in and look at how much money I would have made.". That presupposes they were astute enough to pick winners in the first place. Most investors have a fairly bad track record and are just as likely to pick losers.