In the book "Antifragility of Islamic Finance: The Risk-Sharing Alternative" by Umar Rafi and Abbas Mirakhor, on page 101 I read the following line:
"Pets.com, the poster-child company of the dot com bubble, was founded in 1998. It burned through $300 million in two years, folded in 2000; going from IPO to liquidation in 268 days."
What does technically "burned through $300 million" mean? Is there any more scientific expression for it? Was it angel investors' money, and they spent it without any profit? Or was it the value of the company at the time of the dot com bubble, and its market value lost so much in value after the outbursts of the bubble?