per-chart, page-697

How much $ in the CR are you wanting to achieve?

I think you've quoted upwards of $80M or so am I right? To take us well into ph3 and / after fda conditional approval.

What price do you want the CR to be at? As high as possible right? Quarter of a million shares at 35c gives about $88M. It also dillutes our holdings by about 25%.

There's many ways to look at how that might feel; we all own 25% less shares / the sp drops 25% etc...

or, you use a partner, (reeking of desperation for say $50m upfront, for one area of the globe (leaving many deals left to make), which consequently pushes the sp up substantially.

This allows a CR at a much higher price, for a much less amount that's required eg. $38m bolstering the kitty to go a long way ourselves and or negotiate strongly with in future for remaining global territories. (Not reeking of desperation).

Alternatively the early partner, together with great results puts the 48c oppies in play converting near $38m (no CR dillution).

Many say the oppies are far gone due to timing, but if we are to believe the most recent ann, (and think pul results can be quickly tallied up) they may still have a chance if full enrollment is delivered before very early june. Again - todays ann said no change to CY24 so they may surprise us yet?!?

Anyway, that's my rant in response to you insinuating I want a quick deal. I think a deal before results could have the above mentioned positive effects, which by no means would be the end of all deals to be had. In fact it could be the first of near 5: usa, eu, japan, china, rest of world..

In your 'sit tight' scenario, the smell of an impending CR may stifle likely sp appreciation momentum, and regardless of great data, we could fall in a heap with massive dillution. Imo.

Sell a block of the farm, to negotiate from strength for what's left to sell. You might say the first price sets precident, but... "so what, we were desperate then we arent now".

And re dxb im not askimg you to understand the stock, im simply highlighting the fact: $10m upfront has paid 6 bags thus far and still going strong.