Here is my assumption based on the key events that have occurred recently. Management knew that DCVax-L was heading to the CHM review scheduled for November 27–28 after responding to the RFIs, and they had been informed that the application was moving to the final CHM stage. Based on this, they scheduled the annual shareholders’ meeting for the end of December-2025, expecting MHRA approval around Christmas time. If the news had been negative and LP had known prior to the meeting, I am confident she would not have spoken in such a positive, upbeat tone, nor would she have extended her remarks beyond 45 minutes. All of this suggests that management is expecting the approval news at any moment—potentially any day now—especially given that the MHRA typically issues the formal licence (Marketing Authorisation) within 30 to 67 days.
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