I agree with one exception, I would not characterize the extended timeline as an indication of repeated failures, maybe the market does. I would characterize it as the hidden scope of developing a new class of drug. Not only are they developing a completely new drug class, they are developing the pilot process to manufacture it in a FDA compliant process for future revenue. (think reward)
As a system engineer and program manager of several efforts that had to achieve something never accomplished before to be successful, there is always that hidden knowledge component, otherwise, it would have been done already. (think risk) It can take more time than you think it should, then boom, there is a break through.
It falls into the risk / reward category. I think that is a better way to characterize it from a market standpoint.
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