To me the big mistake here and reflected in the share price was...

To me the big mistake here and reflected in the share price was that IBX tried to do too much in what could have been a simple/quick safety trial. Looking for volunteers from a small number of HER2 diagnosis without some payback like the prospect of treatment/cure requires altruism. And one could understand that most candidates would want to get on top of the disease to the exclusion of everything else.

In hindsight, the choice of HER2 at the very beginning set us down this path. A proven receptor with a low incidence sounded like a technical no brainer. But perhaps it might have been better to target a high incidence disease, not only for its market potential but for the larger number of altruistic individuals.

This kind of consideration comes from strategic thinking and separating the chairperson and executive roles has great merit here. The chair develops strategy for shareholders and the executive executes. Very important when commercial reality diverges from technical elegance. I suspect that the market cap would have stayed buoyant had IBX management been prepared to simplify the trial for a quick phase 1 result. IBX missed that growth opportunity to be a $200M company. Let's not miss the next one - bring in a strategic chair. The small number of HER2 diagnosis is a problem that will require attention beyond phase 1 and a strategic review will add sophistication.

Technically the IBX board is well credential and management seems to know their stuff, now let's balance it out for commercial success. That is its life stage and change is both necessary and good.