I don't recall getting past $60 for PAR SP and that was a couple...

I don't recall getting past $60 for PAR SP and that was a couple of years back without two CRs since.
If anyone thinks we can get to Labelling without another CR...

I expect the FDA to say if you insist on 2mg dosage, then do some more safety checks. So that means running out of money sooner.
Check the wording in the Annual Report on dosage. It pretty much acknowledges they know they don't have a lock on 2mg. Check the dates, last year it was being implied it was just a matter of tidying up some details. Now in Q1 they are going to make a submission and in Q2 find out where they stand. Did they not say, ready to ask in Jan?

I doubt that TGA costs have been accounted for. In any case it is a year or so away. So even if PAR get TGA approval for distribution, they will likely have run out of money before that approval.

Doing those sums on upcoming costs tells you how we might fare without a royalty deal
The advantage of a royalty deal is it need not smash the SP at that time, since it implicitly confirms it for later. The partner doesn't care about the PAR share price for a pure royalty deal, they are financing an expected return on THEIR investment, independently of becoming a shareholder.
That they might become a shareholder depends on how they do their sums.

The only reason i can think of for not wanting to roll the Board is how it might affect Bene.
Maybe 51C might have enough influence to advance a royalty deal, perhaps the
@Babbanap group should engage with SW of 51C.

All just IMO. DYOR.