Ann: Race investor briefing & updated presentation, page-40

Once trials start recruiting and dosing I will revise the probability factors used in my NPV analysis. These factors are partly covering the execution risk ( can management get this stuff organised ). Perhaps with regulatory approval to run the planned trials on the above timeline I can start adjusting the probability factors.

Edit - adding to this - probability of each pipeline is looking at it from perspective of probability to achieve a buyout (or partnership outcome). That's a big difference to risk associated with full regulatory approval ( theory is that a Big Pharma buyer takes on that risk - RACE just need to lay the groundwork for them in a robust clinical plan ).