Grainofsand has explained what it means i.e. you strike a deal...

Grainofsand has explained what it means i.e. you strike a deal with a big pharma where they might pay a big upfront licensing agreement fee to BOT and maybe some royalties on sales as well = no need to go to the market with cap in hand.

You then have to ask yourself if someone like Pfizer takes a BTX1204A licensing agreement and they know the anotomy of canines and humans are very similar, what do think the big Pharma would do. Would they wait for the human trial results or be greedy and jump on the human product before their competition has a chance to have a crack? It's a big market and success with Canines would reduce the risk for them. I reckon after successful Canine results, this will get very interesting.

People will be looking back at this share price and going "it was staring me in the face".

Over the years I have learnt the difference between the good and bad spec bios. It is cash on hand to last an extended period through any tough times and superior A Grade management. We have both.
It doesn't need to be complicated.
You can have the best products in the world, but without the cash and superior management with proven runs on the board, you are on a hiding to nothing.