Working paper
Term sheet economics: what dilution actually means over 18 months
A working-paper walk-through of liquidation preferences, anti-dilution, and ESOP top-ups — modelled across a $5M Series A and a follow-on round.
Industry Reports
Research and data, alongside the work.
Anonymised benchmarks, working papers, advisory notes and data sheets across the services Nucleus runs. Request a copy for the full PDF.