My understanding, and of course none of us can see behind the curtain here...
The MHRA is a collaborative regulator rather than one that seeks to be unnecessarily punitive. That is pretty much the style for the best regulators. So I agree with you on that point.
If an application has merit and the MHRA sees potential for approval, it would be reasonable to expect communication with an applicant and that might lead to some further clarifications and resubmission. They do not lean toward an outright rejection. That kind of advice can be seen as a positive signal, as it suggests the regulator is willing to work with the sponsor to achieve an approval. Of course, none of us know what is going on, and this is purely speculative, but my view is generally the regulators see themselves, to a large degree, as collaborating with researchers to get good treatments to patients and to the market, not to punish anyone with outright rejection, if a company has a fundamentally good application that the regulator believes will, if approved ultimately, benefit patients. Basically, it's a back and forth for treatments with promise.
Bullish