I've always been confident in the pipeline and science, not always with some of management's actions that have been questionable in terms of shareholder alignment (e.g., RSU grab). One thing is clear at this point though: the stock valuation does not reflect the significant progress or pipeline of the company, and it is the CEO's job to manage the company in a way that results in the valuation matching the company's fundamentals. Seeing that Dan's investors are in aggregate under water/below the average $12 price that he recapitalized the company across $200 million in offerings, he must know that he has fallen short "to date" and hopefully is working to address it. Simply put, the pipeline and science look great, the jury is still out on management's business plan to generate shareholder value from the pipeline. If the trials continue to generate attractive data, either Dan will step up and strike a deal that brings us to fair value or a replacement CEO will. Either way, the outcome should be good for shareholders.