To clarify Happy's point, I think it may be a binary situation, but the company is actively stalling that binary conclusion as long as possible. The company submitted an invalid application to MHRA, waited for the inevitable RFIs which they are unable to answer satisfactorily, and now they are doing nothing. They can just sit idle and do nothing at all except keep issuing new shares to pay the bills (and, more importantly, themselves). They have already said they are not going to tell shareholders anything, so they can maintain the ruse that they are still "engaged" with MHRA when the truth is that they are not really doing anything. There's nothing they can do. They can't magically make scientifically invalid trial results suddenly become valid. The application has not been flat-out denied, so there is nothing material to report. They can just sit, and sit, and sit. And that's exactly what they are doing. Eventually, once MHRA gives them an ultimatum, they will withdraw the application. Hard to say whether they would bother informing shareholders even at that point, but knowing this company I'd say it's less than likely.