Ann: Becoming a substantial holder, page-8

Given that their cash runway is plenty to see them through this, you have to look at the metric, bet, hold for a period at micro cap entry, to what re-rate comes if betting on a piece of pie being farmed out, and the JV partner then generating news flow. The potential win bet occurs then as long as you are able to hold , and wait. Bet that on market reaction if farm out delivers, a lift multiples over micro cap, on the back of the JV partners credentials and progress.

Understand the bet, the downside, potential upside, must always factor the entry stake (MC at entry) and probability to deliver.

Cant see any CR required, so its just a waiting game to Bet market being delivered a news event trigger.