PRTO has a clear pathway to market for its lead asset.
FDA confirmed that its Ph3 study due to read out 3/19 plus prior trials would be sufficient for a BLA submission.
Cash runway extends late into 2019.
There is a risk of dilution before the Ph3 read-out. PRTO could tap its ATM with Cowen.
Also, the results of the Ph3 are far from certain.
The best opty that this equity could present would be a sell-off into tax loss selling season; but, that seems unlikely give the stock's performance so far in 2018.