"big pharma will jump on it as soon as a successful bile duct...

"big pharma will jump on it as soon as a successful bile duct expansion , imo , as they will then have the deep pockets to trial it through the other indications at a faster rate"

I think the other thing that generates frustration for people is the constant comments and questions on here like that one.
"BP will do this when..." but it doesn't happen like the guess.
"Why haven't BP made an offer yet..." however offers only get made when other companies are ready to acquire something else.
"The drug must be no good if there hasn't been a TO yet..." however there are thousands of drugs in development and despite what it appears some people think, no company has an unlimited supply of money to licence, buy, take-over every single drug that is created.

To avoid disappointment, you are much better thinking this "deals generally should not be expected until the conclusion of Ph2." For Vaxinia, that's probably around 2027-28, however there is chance it will happen much sooner given the fast-track designation, the potential effectiveness in a hard-to-treat indication such as biliary tract cancer which opens the possibility of running smaller trials, using surrogate end points and applications for accelerated approval... but if the drug ends up needing to go through the traditional Ph2 pathway you won't be disappointed if that's what your expectations are. Anything quicker is simply a massive bonus.