agree, if you were a new investor reading for the first time no chance. It was more a strategic and clinical program update than a 4C, which should simply be a recap of the quarters announcements and perhaps a sneak preview into the quarter ahead.
I think the missing ingredient was CONTEXT and TERMINOLOGY. Example ccRCC “not statistically significant to the control”, and, “follow up work required”. If only scoping exercise and without a full announcement is it good bad or otherwise, it’s too open to interpretation. On face value it would be negative at first glance.
I might refrain from reading the detail in future and just focus on the bullet point summary at the start and cashflow.
Ann: Quarterly Activity Report & Appendix 4C, page-85
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