The difference between us and them... is our drugs activity has been shown to work via several different trials.
The market wont pay much attention to our tox study, but when ticked we have very little risk remaining.
The only risk being discussed is a very unwelcomed upfront payment of eg. $20M by a partner as opposed to $200M++ upfront.... which many believe fair and reasonable for the asset we have. (Or cheap when sized up next to similar products.)
per-chart, page-129
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