they constantly refer to the Capricor deal with NS Pharma for...

they constantly refer to the Capricor deal with NS Pharma for the US only being US$30m upfront, US$700m+ in milestones and royalties @George1972

The Board undoubtedly have a number of commercial and strategic options including both licencing and M&A but they undoubtedly will also have a high priority preference for adding shareholder value. In military terms, armed with this objective in mind, its important to shape the battlefield in order to rally your shareholders and investors and manage expectations. Neuren, for instance arguably failed to shape its battlefield when it entered into an exclusive license agreement with Arcadia for the commercialisation of trofinetide in North America in Rett Syndrome. The US$10m upfront bombed the share price despite the long term back ended agreement which has subsequently been a vindication of the strategic direction chosen by the Board.

The point made by George in reference to the Capricor deal with NS Pharma could well be a shaping of the battlefield. Further, even though FDA approval will be data dependant, the deal may not which explains the possibility of an announcement before the end of the year.

The MD did make a point early in the presentation pinned by @Vinceanna that ATL1102 is a pipeline in a molecule. If in fact, ATL1102 does becomes the standard of care in DMD, its value will rise exponentially such that even the 800lb gorilla will have to take a backseat.