Ann: Updated Investor Presentation, page-7

My guess is that the pushback is due to the admin work with the US Army. On the positive side, once this is signed the recruitment could be fast, and we now have more interesting details about how this trial will be conducted (randomised double blind - page 28).

The key value proposition of ILA to investors is its clinical maturity (phase II ready asset). 14M market cap is very cheap and also gives us accelerated pathway to approval. If Phase 2A proves a success and ILA quickly moves into phase 2B/3, then IMHO we could be 3 years away from a possible approval. IMO most of the risk sits with execution by Management.