MST valuation of RAC, page-62

The cost to pivot strategy and also associated costs to move forward in a clinical trial is not a flippant decision. Reading all about the failure rates of drugs trying to move towards NDA/FDA approval, it is high and costs for development is in the billions

Race obviously don't have billions, but what they have is a massive headstart in around 500-600 million and years of data. The majority of failure relate to efficacy and toxicity. Given we have historical data and have shown safety and to large degree efficacy, this risk is negated significantly. The other risks are funding, commercial risk and trial strategy. This comes down to the board and their assessment of the situation. They have tried to negate trial strategy risk through various methods.

I have deviated, but my point is I don't believe the board would make a decision to pivot like this without determining the factors above and the probability of success. Obviously, it is not 100%, but I find it hard to believe they would take this path if it was close to zero. I'm happy to be corrected if I'm wrong as this is just my speculation