Ayala Pharmaceuticals Inc (ADXS)

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The most likely reason they bailed IMO is that they saw early data on the first few patients dosed and the tumor responses fell short of expectations. It's that straightforward. Talk of Amgen fearing Merck would get HOT or that HOT is better is fantasy. Amgen could buy ADXS as a whole in a blink or license HOT and test it alongside NEO. Who knows, but one could argue that for Amgen to bail this early the first read on the data likely fell significantly short of expectations. The market pricing ADXS at a negative enterprise value translates to there be virtually no investor or BP interest in the platform. Aduro shuttered their LLM tech, and the market is saying there is no future for ADXS' tech either.