What are the disadvantages of presale?

Can you elaborate on the potential drawbacks of participating in a presale? For instance, what risks might investors face by investing in a project at this early stage? Are there any specific concerns regarding liquidity, regulation, or project maturity that one should be aware of? Furthermore, how does the potential for a presale to be unsuccessful or fail to meet expectations impact investors, and what strategies can they employ to mitigate these risks?