For what it's worth, I just had this Q and A with ChatGTP, which appears to confirm my earlier conclusion about the significance of Anavex's apparently successful passing of the first clock stop:
"What is the key moment in the EMA MAA process between the validation of the MAA and the approval/disapproval recommendation?"
The key moment in the EMA centralized Marketing Authorisation Application (MAA) procedure between validation and the final CHMP opinion (approval/disapproval recommendation) is the CHMP’s assessment and adoption of the List of Questions (LoQ) at Day 120 of the procedure.
Here’s the flow in context:
1. Validation (Day 0 start) – EMA confirms the application is complete enough to be assessed.
2. Day 80 – Rapporteur and co-rapporteur assessment reports are circulated within CHMP.
3. Day 120 – CHMP adopts the List of Questions (LoQ):
* This is the pivotal milestone.
* The CHMP consolidates all major objections, requests for additional data, and clarifications.
* The procedure then stops (“clock-stop”) to allow the applicant to respond.
🔑 This is the moment the applicant learns whether the application is on track or faces fundamental obstacles.
4. Day 121+ – Applicant prepares responses (clock-stop, variable length).
5. Day 180 – After resubmission, rapporteurs issue an updated assessment. If major issues remain, a List of Outstanding Issues (LoOI) is adopted. Another clock-stop may follow.
6. Day 210 – The CHMP reaches its final opinion (positive or negative).
So, while there are several important milestones, Day 120 (LoQ adoption) is the decisive “turning point,” because it determines whether the applicant can realistically address concerns and move toward approval.
AI
Market Data 
Markets 
