Research note, page-87

Yes, he seems like he has a very good read on things, probably why he was Chairman.
And he resigned after he banned the CEO from dealing with the FDA, which is an atrocious reflection on the then CEO. Unfortunately, the Board sided with the CEO until a year later they determined what Goolsbee wanted was correct, making related changes, then the rest is history for how Sarepta benefitted from those changes.

Re management taking ANP all the way, it is not complicated but can have dynamic changing pathways.
Getting a beneficial product to market for the boys is the number 1 priority.
In unison with that, the Board will always have a corresponding agenda, to maximise investor return.
Often, going alone, the whole 9 yards will maximise returns, but to achieve that it requires the obvious aspect of funding.
If funding can be found and the Board is confident of the product, you go it alone.
Funding being difficult often to achieve when talking R&D=success can be 100s of $millions to billion/s.
So practicalities are partnerships or at least commercial relationships are often likely or possibly the only option.
You can subjectively forecast, as a Board what the potential returns are going alone, v a commercial relationship and then v a buyout.
We can use our own figures and we can see that over time the relevant return is what will guide a Board.

So it can be quite dynamic and organic, and often opportunistic, if something very rewarding is put out there extrapolations of pathways are determined over timeframes, and a choice becomes probably quite clear.
Throw into the dynamic we have 2 other Ph2 successful results and new indications on the way, and there is a multitude of morphing opportunities.
So I imagine the Board has plans set for funding, as it stands, but anything can change, meaning they can change.
The Board has been quite methodical and in a sense transparent, the role of the CEO can be ongoing in R&D, depending on circumstances, and it can also be transitory.
The CEO of an R&D has the role of steering the ship and keeping it afloat until it reaches port.
As milestones are met, things like funding and expanding personal are carried out by the CEO, and clearly, we are in the situation of expanding personal.
When the boat has gone the distance the CEO can either stay on or make way for an alternate CEO with commercial experience.
I think there would be a reasonable chance Diamond will stay on since he has had access to IONIS mentorship and now has Moses and Goolsbee for help if required, but time will tell there.