Thanks, Phaedrus, for your post. No matter what we say about...

Thanks, Phaedrus, for your post. No matter what we say about management, they have to be credited for having made the regulatory pathways (yes plural) a lot more transaparent and understandable for investors over the last 12 months. (I do think Dr. Krause deserves a special mention, and the fact that the Covid drama is behind us with people able to refocus helps tremendously as well.)

This development not only makes it easier to value the multiple options, it also increases the value of the options by reducing uncertainty, and in and of itself, the understanding of how to go about getting MAAs is of great value for a company this size. One of the things that has prevented a lot of small biotechs from blossoming is the resources needed to navigate the regulatory pathway that often presents as a barrier (leaving aside question of conflicts of interests arising from the funding of a large part of the FDA costs by big pharmas). Given time, this can only benefit the share price since anyone who knocks on the door wanting to be part of the action now (as opposed to a few years ago) would find it has to bargain hard with a management who have a very good idea what value it can offer and what price these parties would need to pay for a piece of the action.