Ann: Race Board and Management Team Changes, page-348

Yeah I wonder if there was an element of expectations vs reailty with some investors not realising how far away from marketing approval bisantrene actually is. The reality is is that FDA approval for bisantrene is probably expected somewhere in the ballpark of 2030-2032. The strategic update laid the path up until end of ph2. Phase 3 registration studies are beyond that and will take another 2-4 years. I wonder if people just didn't realise how far off commercialisation actually is and the updated timeline was the first time many of them realised or saw it in written form. This is of course not to say a transaction in some form won't come before then but we know that the end of Ph2 is where most of the action happens from an M&A perspective and should now be the end point most of us have in sight for a payout. Clinical development partnerships may happen along the way.

Certainly this hasn't changed since I've been invested, I'm sure the thought of a CR spooked some people but again reality is these things cost money to get to the finish line. I really don't understand where the fear and angst has come from following the update. Again, I thought it was the most positive piece of planning and strategy I've seen from RAC since I entered in 2021.