General discussion, page-15572

I'd be worried if we didn't have so much cash. The market's cooked and will be for at least another year - but we don't need to raise money so it's hardly relevant. I just wish I'd had the courage to sell before all this happened, but I was worried we'd get some unexpected good news and I'd miss out, so I held despite all the macro signs.

I see two risks:

1. The trials go poorly
2. Big pharma wants to buy part of the business, and management accepts a lowball offer anchored by the current share price

#1 has always been a risk and I'm comfortable with it - it's a biotech company. We also know they're moving ahead with commercialising a psilocybin product, so they obviously think at least one of the trials is going well enough.

#2 is the only one that really concerns me. I hope, when the offer comes, either the share price has recovered or the company insists on a price commensurate with the drug's value in the market.

Am I missing anything? I guess there's a risk of a prolonged downturn, in which we'll be forced to raise money, or nobody will want to pay for the expensive psychedelic treatments we develop.