My understanding is that they wanted to concentrate on something...

My understanding is that they wanted to concentrate on something closer to market, i.e. shorter development time frame.

They also lost their advocate at Janssen, which made it harder after yet another restructure to push through the short-term thinking of the executives. Who wants to hitch their career / bonus to a 5-10 year project.

Tough, but understandable.

My understanding is that PYC has proved their science works, and as indicated earlier the reaction from TIDES was very positive - they're front runners in this space. However, I also understand that although they've solved EET and making a splash there, they have not yet been able to bind a payload and deliver it in therapeutic doses, which comes back to what Janssen really wanted.

So, PYC may be front running and most of the way, but the next step is critical - proof of concept carrying payloads.

Can they do this without any partnerships...? Certainly makes it tough, but I suspect they'll come back to their internal candidates (oncology?) which may mean that if they spend their time getting proof of concept with their own stuff the value will be significant. Big if though...

We also know that they have 12-18 mths cash runway, so hopefully enough time to deliver.

Will there be anything in the meantime to get us excited..? Possibly the JV with Queensland Uni, Perhaps Phenomica and perhaps some other deals..?

If we look at the list of presentations they're about to do, there is no doubt that they'll be getting exposure. Hopefully some deals come out of it to help build credibility, but IMO the main game is still 12-18 months off, so as DS suggested, perhaps time to put in the bottom drawer??

Still a high risk / high reward play and not dead yet..!!:-)