Ann: Phase III Clinical Trial Update and New IIH Market Analysis, page-101

The thing is- the drug works, IIH still exists and we are now expecting a lower TAM (for this indication). Don't get me wrong, I totally understand why people sold out today (I thought about it). It's also a nervous wait until we have next steps (Aug/Sept) but wouldn't they still pursue to get the drug to market and a possible buyout (for a lower price)? They have plenty of skin in the game given the amount of time they have spent building this business only to quit at the final hurdle? Maybe this pivot was necessary in order to get the job done, who knows. I don't want to judge them from one (big) stuff up but I think it would be wise they hold an investor call on Friday to provide us with some more context.