Ann: Botanix Commences BTX 1503 Acne Patient Study, page-45

I will translate, but it is only for HC and the gatepost; this translation should be burnt before reading:

Shhhhhh! - this means that Beefarmer should keep quiet assuming he wants to accumulate.

The discount rates are well thought out - I assume they are a blatant manoeuvre to produce a low price for the next CR so Argonout can have a fire-sale - after all, IMO, some of the fallout from the last CR can still be seen in the last few days and we all know how the smarties like to roll their money quickly.

the probabilities of success reflect the general situation - but not the particular situation for medicines applied topically, where success rates are higher.

To reach a high opinion of the quality of the analysis perhaps it is necessary to don one's project analysis cap - and throw one’s common sense and economist hats away.*

* I think a 17.5% discount rate is inapplicable - a company buying Botanix would be buying a company, not doctors and scientists added incrementally to its own teams; IMO given prevailing interest rates, Argonaut's discount rate is not realistic.

Patience.