The microbiome comparison data is good, so next up is the 94 day extended duration data, which will be the key. In December they released the 1 month sustained cure data, which was a perfect 100% (no relapses), so the 94 day data is next. That 94 day data will determine the strength of upcoming pharma partnering and / or buyout offers.
I figure one reason the stock has been selling off on good news is that they now have an 'ATM' in place (since November), by which they can raise money (up to $17 mil) via the periodic selling of shares into the market. Luci said the first Phase 3 will cost in the $15-18 mil range, and the ATM is how they plan to pay for it, without having to do a big regular type money raise. With the ATM approach they can gradually raise the money over time, so it's an excellent way to raise funds. But for investors it does create the expectation that the company will likely be selling shares into good news, so that expectation can tend to blunt the upside moves in the stock.
Luci has said that his preference 'Plan A' is for an MA (buyout) prior to running the Phase 3. Next preference would be a pharma partner, who will pay for and run the Phase 3s, and third choice is to finish raising the $17 mil via the ATM and run the first Phase 3 in-house, and then partner or MA after that Phase 3 is complete, or has an interim data analysis.
Luci has a finance background, and having the ATM available as a key funding mechanism gives him leverage in pharma negotiations. He has full access to that ATM money, without actually having to do the money raise. The last thing you want in pharma negotiations is for your company to be running on fumes, and the ATM insures that it isn't, so it's a big plus going into negotiations.
Anyway, just my 2 cents..
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