deadlier than cocaine and heroine., page-5

Agreed, PoS. If they do manage such a deal, they're away.
The big question, of course, is IF &, I suppose, on what terms.

It's worth going back to that old - quite impassioned - AGM statement which did set the scene for the last eighteen months & what we are looking at now. HR made the point that they had been having discussions but couldn't get a satisfactory deal from anybody, so were having to look to their own resources. Typical of cutting edge bios. Can't get any help, other than on harsh terms, until the project is complete with the regulatory seal of approval.

So the odds are stacked against a big deal of that kind.
Hence the throw of Elixir. Again, all the odds must be it will eat cash (very likely more than they have budgetted) rather than contribute, certainly in a two year plus timeframe. They will also find it very difficult to admit failure, should that be the outcome, and stop the drain. Thus existing cash resources run out even quicker.

I would guess this is clear to them but they saw no alternative. A possible cash generator in Nestle going down must have been a further blow.

Do management have great confidence in the outcome? The (really inexcusable) failure of executive management to take up the rights perhaps tells its own story.

Yes, management have failed to prioritise & choose and yes, they seem to have no professional discipline. But too late, too committed to their program now to change. At this price, I'm holding as a long odds bet.

Something might turn up