Nix mentioned that licensing agreements with upfront payments are the likely path forward given his conversation with Les.
Albeit the results are good and approvable, there might not be enough there to simply justify a large buyout from one BP, no less a bidding war. That may have played a part in triggering the sell-off. Obviously there were other factors as well.
The value may actually be in the combo trials more so than the actual vaccine alone, which then tilts the odds more in favor of a JV and licensing agreements as a less expensive and less risky play for a BP. A buyout could surface further down the road, which seems to be the more conventional approach in any event.
The prospects of no buyout also means everything plays out longer and the company has to reinvent itself and prepare to qualify for listing on a major exchange followed by a 90 day min price requirement.