For tiny biotechs, J.P. Morgan is a big opportunity — and a big cost

For four days in January, the biggest names in biotech descend on the J.P. Morgan Healthcare Conference in San Francisco to unveil splashy merger and acquisition announcements, offer out-of-the-box meditations on drug pricing and schmooze.

But some of the smallest and newest names in biotech are there, too, trying not to get lost in the noise.