I think you may be little flippant about the potential value of those employee options. There were three option packages that expired worthless due to their departure. Let's look at just one of them, 66,666 options with a strike price of 90 cents and compare that to a recent broker valuation reported here on HC, >$4 So if the SP would rise to that value, 66,666 x $3.10 profit each = $210K profit if $4 SP is realised and that's just one of the three option packages! Not exactly chump $change.
I lean towards the idea that our major shareholder and Chairman (AT), may be open to a 'whole company takeover' if the price is right. However I don't believe it is simply an all or nothing strategy. Whilst it may be super nice to have a whole company takeover it would be smart to have a plan B as well and that might look like a BD on one or two of our early/advancing pipeline assets. However I don't preclude an interested party, for a 'whole company takeover' may stump up with an eye watering deal before any of our early/advancing pipeline assets are sold off to someone else.
Now, circling back to something I mentioned in one of my earlier posts... PYC have disclosed to market that in the near future a decision is pending in regard to Phelan McDermott Syndrome, is it a goer or not. Methinks this employee departure may relate to their value and technical capability that could support Phelan McDermott Syndrome. (so yes, that is a huge guess on my behalf, but it could certainly make sense why an employee with a specialised skillset may look for greener pastures if PYC are not going ahead with Phelan McDermott Syndrome in the near future). Furthermore it is not hard to fathom that Phelan McDermott Syndrome, would be an expensive and technically challenging asset to target for development and given that Neuren Pharmaceutical is already in this space, might by the tipping point or catalyst for PYC reconsider this as a priority asset in their pipeline.
I remain optimistic on the direction of PYC and if Phelan McDermott does go on the backburner it won't be a showstopper and in fact it would help to significantly extend our cash runaway for RP11, ADOA and PKD... and that with continued clinical success of these assets the scenario for a 'whole company takeover' remains strategically solid, (with a strong plan B as well).
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