Sparks Valuation Pharmaust, page-98

Agree that technically it is only Phase 1. But ALL patients are experiencing significant success on MPL. Also the next study is very likely to be the final and single study all to occur in a very short time frame. So in comparing with other biotechs, PAA is actually much closer to commercialisation than other drugs in phase 2 (and perhaps even some in phase 3). I expect you know all this but may be helpful for the wider audience that are newer to this thread that may read certain posts in isolation (and not do the detailed work upfront).