We'll just agree to disagree then. Obviously if data wasn't great it would make sense to raise cash before releasing if they needed cash now. They don't need cash now. They don't need to raise cash until next year. If you believe that the pancreatic cancer data is a make it or break it event then, sure, they should raise cash before they present data if they don't expect a good reaction from the market. My reasoning for not using the shelf as an indicator of success is that even if data is worse than expected and we take a hit to the SP we will have plenty of time between now and when cash is actually needed to raise some.
So, IMO, the only reason to tap the shelf before the pancreatic cancer data release is if they don't expect it to meet the markets expectations AND they have nothing happening between now and the end of 2020 that would help the SP rise. Given that most people believe data will be positive and we know they have upcoming events between now and the end of 2020 all this talk about the shelf is really much ado about nothing. The focus should be on the actual trial. Not the shelf offering which more than likely would have happened regardless of the pancreatic cancer trial.
News 
Market Data 
Discover 
