You omitted some facts. Namely that the CEO and IR have specifically stated that the company is in negotiations for a licensing deal for the EU market. Also, the fact that every young biotech maintains a large cushion of authorized shares. So the assumption that management has a specific use in mind for those shares is nothing more than a guess. Finally, that the vast majority of retention bonuses are to keep people from leaving due to the possibility of a merger or buyout. What conjecture is there in these facts?
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