Thanks @rlj for the link to the presentation. There is an...

Thanks @rlj for the link to the presentation. There is an amazing opportunity to progress the AdAlta story through to a commercial outcome over the next 12 months. My understanding is that the CEO sees a clear pathway to a licencing agreement for AD-214 in IPF. The risk-reward equation for shareholders is now heavily skewed towards reward for a company that has a market cap less than $10m.

It should be noted that the clear pathway to a licencing agreement does not depend upon demonstrating efficacy in a clinical setting but simply extending the safety profile of multiple doses of AD-214 in healthy volunteers, to doses that will likely be tested in Phase 2. I do not believe that its a very high bar to jump over given the safety signal in the Phase 1 study.

There has been a dramatic turnaround that appears linked to the further analysis of the Phase 1 results and the fact that a number of interested parties are actively advancing - perhaps even pushing towards - making the investment decision to fund Phase 2.

So the key question is what would a licencing agreement look like in terms of an upfront payment and milestones? Helpfully the CEO has provided a table of deals done in the space since 2019. The light at the end of the tunnel appears to be very bright indeed.