The 14m was people buying and selling from each other, and short...

The 14m was people buying and selling from each other, and short term shorts off the pump. I am sure lots of people made and lost plenty of money.

I would estimate around 7-8m shares are liquid right now, with T20, insiders and people without access. That is a very low float, which works in both directions. You can see 15% moves with a few shares. What IXHL would really love is a few investors who will 'defend' the price. You see it all the time in supported mid caps.

The crux of how I see it now, a lot of other biotech companies have bigger and safer cash piles. If you look at the quite, clinics IXHL look decent - but they dont have much cash for all these drugs they are developing. Big investors will be very concerned about dilution. The other major issue is liquidity. If an investor chucks in 100k, they want to know they can get it out again without tanking the share price. Hopefully this keeps building too.

The optimist in me assumes that Joel and the team was waiting for these results they knew were good to get a better position to either get a partnership in place or to get an investor. I am sure they also hoped for a better price to raise at if they need to.

At this stage, the next action needs to be selling a piece of IP, some sort of partnership or more cash.