Global markets are now a mess & unfortunately the recruitment...

Global markets are now a mess & unfortunately the recruitment delays of a few months could now come back to hurt PER

In the back of my mind, I had PER raising money before the release of the P2B data (given it would be very high risk to wait until the read out to raise; as it would be a binary outcome. Ie - if good; raise at decent levels; if bad; company saving raise at peanuts)

Their cash runway was always to CY2025 & that hasn’t changed

But what has changed is the global macro backdrop. PER isnt (and hasn’t been) rising while the 26 wk treatment period has been progressing

The only thing I can put this down too is that market participants now expect a CR sooner rather than later & now at a depressed level, unfortunately

Hope I’m wrong, but price action rarely lies