Anavex Life Sciences Corp (AVXL)

[frrol]

"I don't think different rules for different companies would be legitimate."

The materiality standard can be relative, for GAAP accounting and regulatory disclosure. For the latter, as you alluded to, company size, trial stage, etc. are all factors in assessing materiality. The materiality standard is a lot lower for a small mid-stage pre-revenue biotech like Anavex than Lilly. We have to report even our Phase 1 trials because we only have a few pipeline drugs.