Ann: Phase 1 Clinical Trial Summary, page-3

You could consider that this is the first time that they've been completely open about the fact that this Phase I trial will take longer than 6 months from here.

Previously they had been saying Q3 or Q4 for the results of this trial, in the TV interview the good doctor suggested that she "hoped" the Phase I would be finished this year, now we're getting closer to reality, once they've successfully recruited the first cohort then we've got 6 months (and probably plus analysis).

So, if everything goes without delay, we're looking at late March 2023. More realistically, we are looking at some time for recruitment, 6 months for trials, delays over the Christmas/New Year period, some unforeseen delays, finalisation and write-up/review so IMHO no chance that this comes before April 2023 and a decent chance that it's either late Q2 2023 or maybe even Q3 2023.

That's a long time after the expectations of shareholders who I spoke to in November 2021 who thought that Phase I would be done in Q1 2022.

That could provide some logic for the loss of ground today.