I agree with you that Ken has done a heck of a lot more for cutting costs than anyone prior has done and could have used him years ago. I have to think that HOT/NEO can be partnered sooner rather than later. I just don't know what kind of cash they'll be able to get so massive dilution may be inevitable no matter what...
Aduro just signed another deal with Lily after being dropped by JandJ. That got them only 12 million up front w/600+ million in milestones (similar to our NEO deal). Not that this is comparable, but it makes me nervous.
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