If the results are stellar, then 'expensive phases 2 and 3' is not an issue. There are many ways to raise capital and when results are stellar, there is going to be beeline of institutions/companies wanting to invest or provide funding - and the best part will be that AVXL gets to choose among the many suitors.
Another wonderful outcome is that FDA has its own mechanism to expedite the trial and even reduce the timeline or sample size should the initial results during the trial or midway justify the same. Bottom line is that excellent results can make things easier, more convenient and issues get resolved a lot quicker. For example FDA may approve the sale of the drug based on phase 2 results, while asking the company to continue with phase3 by gathering data on patients who are on these drugs... or phase 2 may be stopped prior to completion if results are outstanding. There may be other scenarios that play out to the advantage of the company.
That is why right now and going into the end of the year, what matters most are results and nothing else; not money issues, not uplisting or anything else. Wall Street believes in 'Show me the results and I will show you the money, boatloads if need be'
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