"Take a Closer Look", page-198

Hi Wessomart,

Let's not get confused here. The collaboration is a seperate issue, is already underway and may or may not include any financial terms. It's in RNA Immuno-Oncology with the partner to be named at some point in the near future.

The potential partnership everyone is hoping for is as a result of good final phase 2 HSV 2 trial results and hope that they may be good enough to attract a partner for a phase 3. Keep in mind that talks with potential partners have been ongoing since the phase 1 results were released and the phase 1 results certainly raised interest from 3rd party pharma.

So yes it's all speculative but there are a couple of bows to the Vax side of the business and all will be revealed soon enough.

Meanwhile the share price will do what it does while most holders fear or suspect a cap raise (which won't happen) or fear more loss so they are getting out (at 3 year lows we know most holders are probably underwater). It has taken longer than I thought for the market to re rate this but we are not far away now. If anything this stock at 33 cents with proper management is the least risky it has ever been before.

In regards to those getting excited about the Vax partnership, I know for a fact that the market is certainly not excited, yet. Meanwhile for those with an eye for value and a stomach for volatility, now is as good a time as any to add to a holding or start a position as the potential blue sky from the Vax (and TAVR) are nowhere to be seen in the current AHZ share price. Our share price undervalues Adapt alone! This will become truly eveident in July.

Not advice and DYOR