The key question is what BP would be even buying now. Nothing really has happened over the last 12 months that has made BIT a stronger acquisition target.
I will say that I am surprised that the letter inflicted a 15% drop in the SP. It basically stated the current position.
Continued delays in COVID trials may indicate that the results are not definitively or materially positive. May even indicate the opposite. Amazingly, the letter did not cover this to any extent.
Again, this does bring up the cash situation as there would not appear to be any commercial deal in the works - even though this was hinted at in the webinar.
Ann: Letter to Shareholders, page-24
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