Not only would a joint AML development beat a CR and...

Not only would a joint AML development beat a CR and corresponding dilution for raising money (especially at current prices), but such an arrangement would provide at least two other things that money can't buy:

1) Commercial validation of Bisantrene. One would expect to get any sort of joint development over the line Race would need to open the Kimono fairly wide and the other party would get to have a good look at what's inside. Getting an agreement signed would provide invaluable third party affirmation that everything is in order with the science, technology, IP, etc. and that there aren't any significant skeletons lurking in the closet.

2) Map out a believable path to an eventual transaction/end game. Even if Race come up with a plan to execute the next clinical milestones within the current budget, that just defers the need for a CR (that will get more pressing as funds dwindle), and it will continue to be a noose around the neck of the share price as a result. Releasing a strategy that says "we're going to spend our last $20 million funding this/these trial(s) and then go see if anyone has a spare few $billion around to buy us" isn't going to alleviate funding concerns or provide belief that management have what it takes to eventually turn the great science into a commercial opportunity. Contrast that position however with a commercial arrangement in a relatively minor indication that retains huge upside - the market would have evidence that management have the ability to translate Bisantrene into a commercial opportunity and that there is a relationship in place that has the ability to grow into something more significant and/or attract other parties as things evolve.

Whilst money is critically important, I think these two other things would really start to separate Race from the also-rans and show the market that Race is one of the few biotechs that will make it off the CR/dilution->trials->hope->rinse&repeat bandwagon, and I would expect a very significant impact on the share price as a result - if management can deliver of course.