Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-66

Exactly right. It's as simple as that. There's simply no way of adequately valuing the OA asset for a deal until we get clarity on whether any pathway to DMOAD status is achievable.

The FDA might be evasive, equivocal, require all sorts of new lengthy expensive trials that render the quest for DM a pyrrhic pursuit - therefore the asset is to be valued as a pain/function therapeutic only.

Or the FDA might say, go ahead and weave it into PARA_003, and if you show consistent biomarker changes, and BML reductions, in conjunction with pain/function outcomes, we'll give you DM status on your label - therefore the asset is valued as DMOAD.

Sorry to those who want an OA deal yesterday, but both sides of the deal need to know this information before meaningful discussions on numbers can take place.

Be patient, factor a dilutive CR into your base case, let them advance the asset if it's possible, and cross your fingers for some good luck.