Ann: EAP for Remestemcel-L in Children with MIS-C due to COVID-19, page-333

The share market is priced looking ahead. The GVHD story was well developed and the therapy was in use in Japan. As a result the price had already been factored in. This therapy is a relatively low degree of difficulty one compared to those that lay ahead and the price action has been a reflection of this. The market is cautious for these reasons. Despite the long discussions and analysis here of the trials that are underway many hurdles need to be cleared with the most difficult one at the end. The FDA. It is in the nature of Biotechs to give up higher price drops on product failure than higher price increases on product success. So there is a negative bias tied into results here in my opinion.

If four black balls fall into into the slots then the incredible lofty price expectations I’ve seen expressed here, one day well into the future may come to pass. Then the structure of MSB will be very different. Four red balls would be a crushing experience short term. Excuse the metaphor. Just wish for black.

Alhambra.