I don't see why an early-stage M118 deal couldn't have been suitably back-end loaded. We’re coming up on the one-year anniversary of the EMINENCE study completion; it’s a travesty, IMO, for a drug as promising as M118 that addresses a very large market to lie fallow for that long.
In any case, this discussion is academic.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”