I am rarely critical of the BoD who I still feel have been world...

I am rarely critical of the BoD who I still feel have been world class up to this point. But Tom Duthy should have organised a teleconference call to allow investors to ask questions, given the material change to the company's strategy. The lack of teleconference, even next week, could be interpreted as the BoD shying away from being accountable to their shareholders and lacks the spirit by which they've previously conducted themselves.

There is now a live prospect that the TAM will be destroyed by the burgeoning GLP-1 agonist treatment for obesity, in which case the business case for IIH may not be lucrative. Whilst unlikely, the company needs to rapidly decide whether its worth stopping the IIH clinical program and return capital to shareholders. Drug development takes a decade, so I can't see them move a secondary indication e.g. TBI to their lead indication.

If I was a director, I would be deciding the fastest way to salvage shareholder value, in the shortest time span possible given the rapidly changing nature of the GLP-1 market. They need to commit as soon as possible to running the IIH trial(pushing well into the 3rd quarter is too long) or if the risk is too great, to stop the program and return the funds to shareholders. There is no assurity that the EMA will accept the proposed protocol changes e.g. LP for the last 6 months.

If they proceed with the IIH EVOLVE trial with EMA approval, they have to proceed with running one or two proof of study trials in TBI and Stroke whilst waiting for the IIH trial to recruit. This is imperative in case IIH EVOLVE fails or the TAM gets eroded due to GLP-1 market, then at least they have proven ICP reduction to justify valuation on the other indications.

I am still holding today, but today was a deeply disappointing day and has been deepened by a sense of abandonment from the BoD.