"The third option is that Novartis is not content with the data...

"The third option is that Novartis is not content with the data provided yet. I recall Si mentioning that mesoblast receive the data, they then analyse it, and then they release the analysed dataset to Novartis for them to look at. It could be the case that Novartis are simply asking for the ' other pieces' of data out of DD, since MSC therapy is not their area of expertise."

This is now my base case. However, I also agree with you Novartis is also probably trying to drag out their decision to one of the FDA meetings for ARDS and/or aGVHD. You would think they would have a right to be in any CC with the FDA on the ARDS meeting given the collaboration agreement and even possibly the aGVHD manufacturing discussion (for the same reasons). That would be a bit cheeky given it's not what the purpose of the contract extension was for and definitely not what SI has been signaling from day one with terms like a 'few weeks' and 'very shortly'. I suspect Novartis will do whatever it can within the contract terms to drag out to these key meetings though this may not be possible. That would be a left field situation, imo, and probably not friendly to the SP short term.