I underatand why you and @dalts66 prefer to have money in the...

I underatand why you and @dalts66 prefer to have money in the account now given CHM's recent history of failed CRs, and I would agree if it wasn't at the expense of a dilution at a near ATL.

What bugs me a bit is your sentence "but the material upside won’t happen till the pipeline has progressed further." If it wasn't for the EGM announcement capping the upside, we wouldn't be at this SP level for the past 6 months, which the market appears to have accepted as being fair value.

Our MC is at just below $20 million! That is the starting point to assess a material upside.
Would you consider a 100%, 200% or 300% increase to be a material upside? I would.
Where would that leave us MC wise - $20 million, $40 million, 60 million and $80 million.

Here is a comparison from our January 2024 presentation:

https://chimerictherapeutics.com/announcements/6164690

arovella currently valued at about $195 million.
Prescient is sitting at $37 million.
carina is privately held, hence not sure it should be in this list as it is not exposed to the same market challenges.
Given the above and ignoring the failed CRs, I don't think anyone would even blink if CHM was currently valued between $37-195 million. And that is already a material upside compared to our SP today.

I am confident that the progress won't and cannot be ignored for too much longer, especially with patient recruitment ongoing in 4 clinical trials (1 subject to a trial design adjustment to make it easier accessible for more patients).
Multiple opportunities for the MC to move closer to peers - then do a CR, unless a licencing deal can be signed.