"It is clear that the only two options are either significant licensing deals or a buyout. The withdrawal of the EMA made this even more apparent." ... I posted many times that AXAL will not get FDA or EU approval. The third option that you neglected to post is the most likely option. No buyout, No big upfront cash licensing deals. Con man Ken Berlin will foist big time mass dilution onto ADXS shareholders with a new funding that includes another monster reverse split to keep this rotting corpse alive.