"Surely they will need to have hard physical evidence of some essence of a project with dated and countersigned lab books at the very least if not an existing public announcement."
According to the Licence Agreement, they are required to keep the joint steering committee updated on the progress of any indication.
Here is a link to the agreement. Pertinent sections are 4,5,6,7 and 11.
https://fintel.io/doc/sec-acadia-pharmaceuticals-inc-1070494-ex101-2023-august-03-19572-3458
Pipeline-in-a-drug, page-44
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