The flaw in your logic is that it makes more sense to sit on...

The flaw in your logic is that it makes more sense to sit on GvHD until the Phase 2 results read-out. Why? Because between now and then, success is not a certainty. Retail investors, let alone big pharma, know and understand this.

The consequence of a deal now would be a significantly lower upfront payment, probably contingent on the results, anyway. It is likely that milestone and/or royalties would also be lower. So why not wait, and if the results are good, negotiate from a position of power?

Cynata's development has been a very slow burn, nearly 11 years since listing. I'm prepared to wait another 12-18 months if it means a GvHD deal will be more financially successful.