The company can't sit on its butt, waiting to be acquired. That would be an invitation to a "low ball" offer. I like the full speed ahead preparations for selling the drug directly, and let some big Pharma make a good offer. If not, then the big payoff is delayed. Accepting delayed gratification is a sign of maturity (but I fear that gadflies are subject to episodic despondency, not the right temperament for investing in biotech).