Notes from this morning's presentation and QA sessionSome...

Notes from this morning's presentation and QA session
Some paraphrasing:-
Marc's response to question of P3 trials and business strategy....
'strategic options - we will not go crazy.
No multiple P3 trials. Cash runway to 2024
No short term capital raise (not indefinite)
Not pleased with SP
Options within existing budget
Expand efti horizontally
NSCLC v MBC - P3 under own control. NSCLC more attractive (market/unmet)
Data talks - approached - number of meetings planned.
Collaboration, licensing or takeover.
M&A this year - Checkmate Pharma (APC activator) sold to Regeneron for 4x SP'

So my take is NSCLC has now taken priority P3 (and possibly followed up quickly by H&N). We have an existing collaboration with Merck however it is primarily a supply agreement.
It makes sense based on current data (more mature data yet to come - 'deep and durable' comes to mind) for Merck to license efti in both indications and take on P3 trials.
However- efti could be 'the tiger in your tank' for many other cancer treatments that boosts efficacy without added toxicity.
Therefore, would Merck just want a slice or all of the cake?
Cash at bank gives us time to negotiate best deal for shareholders and patients.
Not too long to wait me thinks?!