1) Paul Hopper has 25% stake in the company. If he wanted to...

1) Paul Hopper has 25% stake in the company. If he wanted to front up the ongoing milestone payments and royalties to COH then he'd be haemorrhaging his own capital. To say any phase 1 biotech is a sure thing is naive at best and no one here is seeing this as a certainty. If it was, it would be priced at such, rather than the $0.3 levels at current. Not much to make from this comment.

2) Commercialisation of products is not PH's game. His game is to get a product through the pipelines and market it to big pharma. He has done this. He has been open about being willing to do this with CAR-T where historically buyouts have occured pre-completion of phase 2 products whilst not ruling out taking it to commercialisation (as any level headed management would state).

This has about as much premise as any phase 1 biotech. Having said that, there are many a hurdle to push through. Don't assume that hasn't been taken into account though, the price is as such. Completely reasonable to await phase 1 clinical trial results, but note the safety barrier for CAR-T therapies and interventions seeking to target GBM are pretty low due to the nature of the disease process and the known risks and complications of CAR-T like cytokine storm etc.

These are all managed risks against a disease that has a <10% 5 year survival rate, and a cancer target chlorotoxin is currently being used for already in surgical resections.

Risk:Reward play at this stage of the biotech development but as a CAR-T, don't expect this to see the end of phase-2 in my opinion. This SP will mature quickly and I'm placed to increase my stake following phase 1, but am not missing out on the prices at this level.

Cheers