I'm starting to sound like a broken record on this but I think that to big of a deal is being made by made about Novacq. It almost sounds like a conspiracy theory thinking they aren't talking about Novacq because they don't want to be a takeover target. I would expect the management team would welcome being a takeover target.
Occam's razor. Maybe the simplest explanation is the right one. That explanation is that there simply isn't much to talk about Novacq. It is plodding along with some minor successes and some past failures. There is a reason why Novacq had a significant write down in 2020.
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