There were plenty of pronouncements about how well funded...

There were plenty of pronouncements about how well funded Clarity was prior to the last capraise. And no blame to Alan or the company for that. It would be suicide to telegraph the exact timing of a capital raise, just as its suicide to leave a capraise to the last minute. Regardless of such comments, the capraise could come at any time in the next 12 months.

I don't doubt that $100m is enough to cover expenses into H2-2026, but that just goes to the survival of the company and its ability to progress trials. It doesn't help with guesstimating the likely capraise price as associated investment decisions. That still comes down to whether sufficiently meaningful trial results will be presented prior to raising funds

I reckon Alan threw a bit of a feint with the discontinuation of CL04 and COMBAT. Relative to the spend on the PSMA program, these were insignificant. Discontinuing them probably only extended the "cash runway" for a few weeks. It looked like a bit of an attempt to tease out shorters that plan on covering through participating in the capraise. Worked to get from $1.70 to $2.20.