explain the market cap, page-33

Correct. This was the main point highlighted by the clinicians. The more they were hammered with Eylea before the trial, the better the results, thus the identified 9 month pre-treated subgroup of 20. This sub-group had a significant improvement on only 'half dose' of OPT-302 with clinicians expecting a more pronounced outperformance had they had the full 6 months of injections.

I guess in hindsight, MB could have setup the trial expectations for the market a little differently to not allow them to expect a direct comparison to the Phase 2b wAMD results. This trial was never setup to generate those kind of results. Maybe OPT was a victim of its own success but I know from previous investments, the best top up points are when you get misunderstood trial results. And given the sell off was not severe, it tells me the big boys were not disappointed. Regal was probably looking to take some money off the table on a SP surge, not sure they would have been doing too much of that yesterday. May have even been doing the opposite based on some of that activity at closing auction.

Let's see what today brings on the SP action. Friday morning we should also get some S&P index inclusion announcement.