I have been highly critical of the B-UP deal but I never even considered that they could be starting at phase 1. Aside from possibly the $1M for starting phase 3 I believe it's at least two years before we unlock more money from the deal.
Agreed. It seems it all falls on B-OM at this point. That or a heavy dilution Hail Mary on a Kevetrin 2a oral.
I'm hopeful for this too but given the wording about LW and negotiation statuses I suspect they were actually brought in to find us another financier for a share purchase agreement. The MFO either can't or won't go beyond its remaining approx $4MM commitment and we need much more than that to test UC and OM. K pill likely on indefinite hold unfortunately.
We're just undercapitalized and not attracting adequate pharma upfront money. It's a common part of a young biotech lifecycle and one you hope you avoid because it's so dilutive. Looks lije we cann't avoid it. Hence the massive share authorization increase this year. Management was preparing for this contingency.
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