My bad, I was thinking narrowly along the lines of a buyout where ENZC ceases to trade on its own ticker and shares are converted to cash or shares of the purchaser. Guess I wasn't considering the other alternative.
I'm not trying to skirt your funding points - I completely agree with you. There is no reasonable explanation how ENZC can currently afford, just based on their internal funding and small tranche funding: GenScript production, AI sequencing at Denver Scientific, mAb testing in California, ITV-1 clinical trials in Bulgaria, audit, current filings and patents, and every other expensive thing they are engaged in. There has to be either a buyout, partnership, or current licensing deal contributing to ongoing funding since they're not diluting and are "squeaky clean" as you put it on the debt side.
The key to unlocking the answer is surely the audited financials. We will all know soon enough!
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