TORC ipod 6.5mn shares on 1/26/18 @ $15 Cash is ~$140mn. Burn rate will be about $6mn / Q in 2018 Product addresses immunosenescence of naturally compromised populations. Bull case hinges on whether this is an unmet need. Is it? Lead program is in Ph2a. Three other programs in the clinic. Licensed a compound from NVS for combo trial(s). Not a 2018 story.