This is not just Dr McColl, it's the entire board and the...

This is not just Dr McColl, it's the entire board and the strategic direction they are advising him to take.
There is no revenue (or indicated path to revenue) so all the SP can do rise on is good (and/or) new data and corporate activity.
Some of the board have got biotech deals done in previous lives - why has it been so lengthy with VLA?
It's not like it's bad timing or the industry is taking a downturn. This is one of the hottest sectors to be involved in right now. Something has to be in the happening in the background.