I’m pretty sure their intention is to get a partnership, but I...

I’m pretty sure their intention is to get a partnership, but I don’t think it will be forthcoming so early in development.

Reality is that we need to expect capital raisings and dilution as early investors.. however we can only hope that these capital raisings are done at valuations much higher than this.

Waiting to do a cap raise after they read out their cohort 2 data would be ideal, but there is no guarantee they will do that. Having flagged it as the first week of June 2022… they will need to be very careful with their spending between now and then to ensure they can make it that far before raising fresh capital.

just trying to manage expectations, and not to gloss over some of the things I expect we will be confronted with. And to be honest, biotechs need a lot of capital to develop all these assets, so I imagine there will be many over the years… again, ideally each time at a higher valuation.

goodluck all