The IXC management are in the top 5% for capital management in...

The IXC management are in the top 5% for capital management in the biotech sector in my view, which is statistically, comparably undeniable - incredible to see how they have kept it so tight in face of the initial FDA advice, having to pivot strategies, and remaining with Phase III contingency after all said and done. Many dont know how impressive that really is to achieve. Bell Potter analysts in a Presentation Q&A section suggested that IXC management saved $3M-$5M in choosing to go through Peptron for manufacturing rather than going it alone - not to mention the time savings, the additional preliminary studies etc. A really strong decision by management.

The decision to cascade the phase III trial commencement with trial applications was the least risk approach, and has been a 100% complete success thus far in its roll out, without significant delay. The trial steering committee is top class, with multiple representatives having completed multiple previous IIH studies on the committee alone. I was really happy to see that was how they launched, as opposed to launching all applications at once and merely hoping.

The decision to wait until Phase III launch prior to potentially hiring a CMO and prior to further secondary indication talks is smart also given the phase III FDA advice hiccup. Least risk approach, launch Phase III, start preliminary secondary indication work streams.

That magnifies share price rerates also going forward - I wouldnt be surprised to know if that was Duthys input as he has history in being an equity analyst for biotechs and knows how they trade:

Solo Phase III commences, start secondary indication after that, magnifies the upside of the Phase III success while simultaneously diversifying the downside - while there was virtually no point announcing that prior to Phase III as shareholders were then paralysed in sentiment by not knowing if Phase III would get up and running. Leading into Phase III ann if this secondary indication comes through in the coming months or year, the newsflow and anticipation will now be magnified, downside minimised.

If this pans out as speculated above, that management style aligns completely with that of me the investor.

Lowest risk, lowest capital spend, highest returns possible, all geared towards an exit via M&A to achieve the highest return for shareholders at the soonest point.