Not sure if debt is better in a situation where an equity...

Not sure if debt is better in a situation where an equity partner can provide infrastructure in addition to capital. The company has publicly talked about the intricacies of the logistics which it has had a chance to look at first hand, but it was for only one small indication in the form of Ryoncil for kids. It does not follow that it wants to go down that path again for heart, and the CEO has stated in the past that they want partnerships for the bigger indications - I think it’s precisely to ensure that it only devotes resources to areas where it can create value.

All the work it has done in getting the CMC issues resolved, the MoAs understood, the IP patented, and the manufacturing processes, if not actual operations at scale, harmonised between Singapore and Texas, the tariff situation understood and associated risks well managed, the commercial team built and insurance coverage developed, as well as the regulatory pathways and legal risks canvassed and overseen by respective board members, are big tasks which I would argue that the company should have a good understanding of of. However, they are not all things that it would necessarily want to devote resources to, if it wants to run the company at scale and efficiently at the same time. Precisely for this reason it should be actively looking at partnership options - if it has ambitions to match the indications that are opening up before our eyes.