PAR and the Deal, what do we need?, page-5

Hi MOZZ - 33.5% pa since 2016 is great for sure, My start date in 2018 still very good. I like your confidence going forward, but for me, PAR is now "hold" not "buy" because 2022 is crunch time. Just too many uncertainties. I know pharma very well. They want to acquire technologies, but not the actual small cap company itself if they can avoid it, so I don't worry about us being acquired. Licensing deals generally take at least 6 months & a year is not uncommon. PAR will want max. cash up front in a licensing deal and pharma will want to back load with min. upfront cash so if PR or the new CEO does a deal, the crucial question is how much actual cash will we have in hand by say 4Q '22 to fund the pivotal P3 Zilosul trial in '23-'25?. Trying to get >$60 mil up front cash from pharma by Q4 could be a big ask, but at least if a respectable deal is done with pharma it could lift the SP & make a CR easier. If a deal is not done with pharma in '22, a CR will be very hard yakka in my opinion. Also, any more hiccups and the SP will be on a slippery slope. I suspect the shorters are punting that these uncertainties will keep buyers away until the end of '22. The new CEO needs to deliver a deal with significant cash in the next 12 month IMO or the multi bagger we all hope for is in serious jeopardy. I remain hopeful, but cautious.

PS: IMO Rennie has lost too much credibility which is probably one reason the board encouraged him to step aside. Nearly two years ago he gave us a list of newsflow for the next 12 months including high hopes for a pharma deal. Very little of that has actually been delivered. The new CEO, must tell it like it is; no hype or spin. Whoever he/she is MUST be 1st class and MUST be on board ASAP. This is urgent.