Biotech Values

[mcbio]

Yeah, I understand that angle. But then we can also ask why THLD has a comparatively lower market cap than companies that received large payments prior to phase III.

Right and that, along with the numerous potential shots on goal in other combo trials, is specifically why I'm very much willing to consider a potential position in THLD. The fact that THLD is still at the end of the day a one-trick pony and Merck KGaA as the partner are part of what give me pause. As you say, though, the data will dictate where this goes and there's far from any guarantee that Phase 3 data will be positive. It's just nice that you're starting from a lower base relatively speaking.