I actually don't think the timeline for a "pay day" has been...

I actually don't think the timeline for a "pay day" has been pushed out, or at least not significantly in my view.

I love the talk of pre-Xmas takeovers and would welcome it, at fair value, but have always had a gut feel about at takeover at minimum $15b USD and somewhere before July 2026.

I think yesterday's presentation did nothing to change that, however I would note that the less burdensome safety protocols are an extremely positive sign and might help reduce timelines.

Yesterday did crystalise some things for me though:
1. The safety profile is clearly excellent and the FDA acknowledges this
2. Our relationship with the FDA is positive, as evidenced by the fact that we are going to informally finalise the trial design
3. We are not going to explore an Acadia style partnership - a HUGE win in my book.
4. We are not going to commercialise this ourselves, we are leaving that to BP or another pharma.
5. We are focussed on extracting maximum value and pushing through P3 ourselves means that if someone were to take us out now or soon, it would need to be for big biscuits!