It's not about blocking stakes as much as a cash premium to current SP.
What people are questioning is how we actually get value for "multiple shots at goal" without having had a single trial or 2nd deal option running straight after Phase 1A GvHD.
GvHD is done for option purposes
Only just "planning" next trial now.
I think VLA is the best example recently, and best premium for cash likely.
Last 10% can hold out, but it can also drag on for awhile to squeeze another 10-25%
It's not about blocking stakes as much as a cash premium to...
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