Fair comment but a simple inclusion would be to have understood that some level of success in depression would require more capital for progression or simply wait for industry partner (as they said at the announcement) or wait till the interim AD result. Either of these 2 alternatives is way less dilutionary at this stage and sensible IMO. Surely they could have waited some more time to test industry interest. It’s not as if starting right now is absolutely necessary. No I still believe it is “smoke and mirrors” as they have underestimated their needs for the AD trial and were relying on +$10m from options being exercised. This is a way to keep pushing on without admitting to their forecasting failures yet again!
You and I are seemingly on the same page re the strategy that should have been adopted vs what might be extremely negative!
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