MM, I don't think that's a reasonable assessment "kicking the...

MM, I don't think that's a reasonable assessment "kicking the can down the road" in terms of partnership. For all the minor stumbles and delays, I see PR very focused on maximising the outcome for shareholders with every preso and investor call he's made for the past 4 years.

Any deal needs to happen post IND and preferable post 008 (initial reading).

IND will happen, but I think the market (and I also myself to some extent) will resolve itself to the fact we'll still see plenty of bumps along the road.

Post IND the next phase of discussion then likely becomes clinical trial risks. Hopefully some lessons are being learnt in terms of "assumptions" and which consultants to lean-on (or not) from the IND phase. To get you started here is a good piece on factors that could see a failure at clinical trials https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6092479/.