As for the premium above the current market, your guess is as good as mine as to what topline data will show and what valuation the market will settle to in reaction to whatever it is.
FWIW I believe there are still over 100 M warrants that expire in 4/2020, (unless they further bargain extension of more of those in lieu of a new kicker warrant for a further stock issue). Hopefully the holders of those will get a decent premium over the exercise price that gets them to exercise for cash, hopefully even before 04/2020. It might turn out to be wishful thinking but I can certainly imagine a positive scenario where we get a lot of what we need to get to the end of 2019 and maybe through a lot of 2020 just on warrant exercise and maybe Sawston sale on top of that. Maybe it takes selling a little more new stock to get us there, that depends both on how good the topline results look and how much longer it takes to see them. Pipe dream or not remains to be seen but I'm pretty sure they will not do a large offering in the meantime. Famous last words?
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