Ann: Phase II TACTI-002 trial recruitment successfully completed, page-61

Most biotechs that have promising products, platforms are acquired by BP in late phase 2 clinical trials.
IMO - BP decided to 'miss' that opportunity due to AIPAC not producing statistical PFS (primary endpoint) and waiting for more mature data for OS - over a year later.

We know recent AIPAC data in sub-groups is good to very good and represents 60% of all MBC patients.

If we have to go it alone in AIPAC P3 it is telling, because BP must not yet be convinced (or convinced enough) to come in and run with efti/ chemo - especially if FMA/EMA insist on an 'all comer' trial plus OS will be primary endpoint anyway this time. 500 patients = 2-3 years.

TACTI 003 - phase 2 if successful (preliminary data in 12 months?) may well be the nexus point for BP to show their hand(s)?

Many of the long term shareholders on this forum are of the opinion to hold on and have multiple licensing deals for efti in different settings. Up front fees and royalties. Not me. Not now. 'Long time dead' comes to mind and would like to see some fruits (or option to pick some fruit) after 12 years plus in PRR/IMM.
Whilst efti is a 'product in a pipeline' it is the only product in the clinic (discounting 525 ) and as such may be still be perceived as 'high risk'.
761 is taking an ice age to get into the clinic. So efti is not a one trick pony but is a one trick platform, if you like. Looking v good in combo with PD-1 and possibly triplet with PD-1 and chemo.

Every business should have an exit strategy in order to monetise its products/ services. Entrepreneurs articulate that very well to shareholders - no ambiguity.

Marc has always alluded that BP are our customers.
What exactly does that mean - if efti comes good?
Thus far our potential BP customers have not stumped up a dollar - other than product (Keytruda) at cost.

Everything could change quickly though when/if Relatlimab is approved next March and anti-Lag3 is officially validated. However, in the meantime I hope BP does at least enter into a licensing deal or partnership min to run/fund AIPAC P3

For me - I want to see more than clinical success.
We all agree it's the data = scores on the board and that should drive intrinsic value and yet our market cap does not reflect compelling data.