Ann: Update on US FDA De Novo Classification Request, page-206

Price has held up unbelievably well all things considered.

Most important regulatory approval in the world just knocked back and ***RAP may not even resubmit*** to the FDA.

Sanofi potential commercial partner just killed any possible deal stone cold.

Nominal revenue and no clear pathway to increasing that.

SP is currently fueled on unwarranted optimism and normalcy bias.

Fundamentals in current Covid-19 market put this at about 20-40 million MC plus cash backing.