Research note, page-86

It’s all about maximizing shareholder return, if they feel going all the way will create more value then they need to strengthen the board with more finance / commercial expertise.

Same with management - unless they strengthen the team with serious talent, a handful of staff will not get them to commercialization. George and Nuket can’t run the clinical and IP work on their own for too much longer.

Until they invest, I’m of the opinion there is an exit strategy and TO will happen at some point.

Hard to tell. Moses seemed extremely confident - like I said, for a public company to talk about “significant rerating” in a Chairman’s letter is extremely brave...or stupid!

I think they have some partnerships lined up, and now with Sarepta’s failure maybe the long game is back on the cards.

If so, we need a NASDAQ listing.