Ann: Preliminary Final Report and 2019 Financial Statements, page-15

Then a JV with big pharma seems the most likely outcome.

If its Otsuka I'm not sure how they could prevent a repeat of the Diabecell debacle, but we'll see. Maybe they will be more canny this time, but frankly the entity with the cash always has the final say. Once it's set up the JV would presumably have a BoD with some members from each entity, but it would independent of LCT. Hopefully LCT might structure the agreement in a way which would provide milestone payments and operating cash as well as funding the trial itself.

You never know, it could be one of the pharmas who lucked out on the demenetia trials...