Ann: Letter to Shareholders, page-27

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    Let’s be real — this letter is basically three things:
    1️⃣ A reassurance PR exercise aimed at calming frustrated shareholders
    2️⃣ A gentle reminder that early-stage biotech = slow pain + future gain (maybe)
    3️⃣ And most of all: a polite way of saying “We’re not dead… but we’re not delivering either.”
 
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