Looking forward to the next 12 months with great excitement., page-96

If DX-3 doesn't get licensed out before trials I am not worried. The company will be preparing to go through phase 1 trials for DX-1 alone - if they don't then they look like even easier fodder for bigger companies that know we need the cash. Sure that might lead to some dilution, but a post phase 1 asset is more valuable than a pre-phase 1 asset anyway. As I've said before, any deal for DX-3 should be looked at as a bonus, not an expectation.
With all due respect, the Dr is very good with words and of course he is going to tell you what you want to hear over email.