I am not sure how some of these are negatives.1. Dilution - well...

I am not sure how some of these are negatives.

1. Dilution - well we don’t have more than 5 billion shares on issue. Since I have been involved in RAC a major focus of ours has been minimising dilution. I would love to have $95 million in the bank at RAC, but I would not like the dilution required to achieve this.

2. MRD was developed before we knew about FTO. Unless we dilute our shares like confetti we can’t do everything at once. Having said this MRD has not been taken off the table, it has just been incorporated into our other AML trials.

3. Nagler 2 was not postponed, just took longer than we might have liked. Some of that was due to us having to focus on the FTO opportunity and get that right, and part of this was due to Covid.

4. Yes the FTO opportunity has come from the hard work of others, but to me that is a massive positive. We got this all this work for free. Having said this we are building a whole lot of IP on top of this free work with our clinical and preclinical programs.

5. Valuation is something for the market to decide, but the upside has continued to grow all through 2021 as new FTO discoveries are made (some independent, some by us).

6. Clinical risk is in my option very well controlled by the multiple pathways to success. I don’t except that all of the things we do will pan out in the end (they just never do), but as long as at least one does we will be more than OK.