Ann: Cynata Extends FUJIFILM Licence Option in GvHD, page-234

I dont think we were looking to do the hard yards on GvHD phase 2. That would be largely the partner's funding. Any hold up in a partner will, all things considered, be a hold up in the phase 2. That is not to say that some of that work cant go on, but why do that when you can have the sugar daddy provide it?

Also, large partners usually have more weight to move the process faster with authorities, DIY for a small cap bio is usually slower even if the funds they have to use are equivalent.

GvHD isnt likely our main game anyway though, so the nature of the options (for instance, do they get first dibs on CLI or Asthma) and any delay in taking those rights up is the more likely to have a longer term impact.