You could consider that this is the first time that they've...

You could consider that this is the first time that they've been completely open about the fact that this Phase I trial will take longer than 6 months from here.

Previously they had been saying Q3 or Q4 for the results of this trial, in the TV interview the good doctor suggested that she "hoped" the Phase I would be finished this year, now we're getting closer to reality, once they've successfully recruited the first cohort then we've got 6 months (and probably plus analysis).

So, if everything goes without delay, we're looking at late March 2023. More realistically, we are looking at some time for recruitment, 6 months for trials, delays over the Christmas/New Year period, some unforeseen delays, finalisation and write-up/review so IMHO no chance that this comes before April 2023 and a decent chance that it's either late Q2 2023 or maybe even Q3 2023.

That's a long time after the expectations of shareholders who I spoke to in November 2021 who thought that Phase I would be done in Q1 2022.

That could provide some logic for the loss of ground today.