Thanks for your additions to the discussion. I'm not sure...

Thanks for your additions to the discussion. I'm not sure either, but in most multilateral partnerships like this the "executing agency" or "sponsor" has total control and responsibility but they usually have a great working relationship with the other parties (in this case Mesoblast and possibly FDA). Disagreements on really high level items like this are rare in similar partnerships in my field. Occasionally a financial interest will cause a bit of a difference of opinion and behind closed doors a few eyes are rolled but then everyone moves on in the same direction. I would expect Ichan school to be taking heavy direction on the trial from Mesoblast, but yeah - not too familiar with the NIH arrangements, so what you say is interesting.

This could all be moot of course if any one of the following happens:
- There's no early efficacy
- There is early efficacy but Mesoblast is keen to halt the trial
- We get GVHD accelerated approval at the Type A meeting

I can understand why people are selling down on their MSB holding, but this is my high risk/reward part of my portfolio and I'm riding it into the sunset one way or another. Lot's of upside risk and a bit of downside risk still to come! Imagine what will happen if GVHD accelarated approval is knocked back, then a week later covid trial halts for early efficacy and is approved by the FDA... everyone will need to take stress leave.