I can't rationalise this at all. Roughly where we are, at 12...

I can't rationalise this at all. Roughly where we are, at 12 month lows? I think that's rubbish.

We'd actually be more than 4 months into the trial if the timeline forecast in May 2024 had been achieved. It wasn't just first dosing that was forecast by year end, it was 'updates' to the trial.



Even if you were to assume that the 'update' was limited to the first patient progressing to their combination cycle, that should be achieved ~21 days after first dosing of Zan. So, to achieve this milestone, first dosing would have had to occur in early December. Since May 2024, the program has blown out almost 6 months, so far. Yeah, sure, Bio delays are to be expected... but to completely discount the perception issue we're now faced with after effectively doubling the time forecast just to get to the clinic... what does that imply (rightly or wrongly) about progress moving forward?



Further, this milestone is far more important than many realise. Achieving the first 'combination cycle' milestone effectively validates RC220 clinically (i.e. it was safe and now we're giving it in combination), which has yet to occur and in my view would be a massive derisking event for RAC. The progression to combination cycles will be the most meaningful update of P1a.