It seems obvious to us....but to them, they are more conservative. But also we want to ensure we are well valued. This comes at a later stage.
Look at Dimerix, they signed up some 15 months after Interim. Sure a bit different to us and their P3 was longer than ours so not quite comparable.
One Marshmallow now or the entire shop later?
I know that flippant...but is it really? What were we worth in 2019...what was the fair value of a massive Region back then? What could we have got?
Where are we now? What extra data do we have...
We now have 60 Micrometres more per 6 months of cartilage, that's more than gold.
Later they will not at all hesitate to pay up big time once they know we are on the right path and the certainty of trial success is much higher. They have cash not in the millions, but in the billions.
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