NDF Report, page-24

Live cards- in jest I hope? - is something in a coma on life support alive?

IMO Unless both parties in arbitration open it up for new information and arbitrator allows it I don't think a commercial sucess now would kick a goal I understand the angle as it could add support to business case and valuation. . The arbitrator would be bound by independent advice which is maybe what he is seeking and taking time? to accrue if he wasn't satisfied with what was presented at arbitration.

Kick a commercial goal - I hope you mean in a 1st world regulated market and as a approved medicine ? No money in the kitty to cross that line ?

Gel- Without manufacturing scale and funding it's all dead duck IMO as gel scale can't support listed company costs structure . Can it support independent manufacture costs - doubt it ?
Why would anything have progressed / evolved as who would commit ( and execute) to expanding range and distribution with no ongoing guarantee of supply from a company on it's knees unless they have 1st rights option on manufacturing plant associated staff technology etc etc to guarantee supply of TPM.
We have seen IMO fear of production insecurity before with a company buying excess in advance IMO due to uncertainty of supply. It is just too expensive and risky to invest in new markets , product, promotion , launch unless you have alternative guaranteed supply opportunity or multiyear stockpile.

Patch - meh. If anything you would leave it as a possible later announcement to use when you need it as no one is listening as t is all about arb and survival? Would be early stage interest again with EOI or small desperate upfront? Possible odd conditions or incomplete on IP or data as Tuemuo just don't do handouts and leg ups IMO so doubt POH hold full package..

Look among the red herrings the only way I can see positive scale of payment is if something from POH or joint research, process has been used in another area - obvious spot has always been rf . Always intrigued me if POH know it has and if the only possible source could have been their IP as POH really is in it's own bubble compared to large pharma.

It was a crapshoot now it is a very looooong crapshoot in time and odds as unlike others I don't believe the length of time till arbitration is relative to payout value or direction of ruling. IMO An arbitrator with neutral stance is bound to look down every rabbit hole presented even if initial opinion is negative or weighting is minimal. Much the problem with claims that have multiple legs , multipliers and hurdles. IMO they don't work backwards from a claimed headline valuation like others suggest.

Guess management could go on a payroll holiday rather than bleed it to insolvency or dilute to the crapper .? Now that's long odds.