It hasn't rallied hard. It has appreciated in value from a...

It hasn't rallied hard. It has appreciated in value from a ridiculously low base, it's still at a very low end of what a P3 company with 2 signed deals and one positive interim results should be valued at.

Money markets are becoming better, and more money will eventually flow in biotech in next 12 months, right at the time of our critical read out.

Even though, never say never, raising money now makes zero sense as they have big cash balance plus R&D incentives to come. This excludes potential $20-$100m upfront payment if they can get China and US deals signed.