To clarify, I am not necessarily "bearish" on P3 outcomes in December. I think it's 50/50. No real alpha there. I just think the regulatory/commercial opportunity is overstated. So, the best alpha would be shorting after a P3 "win." I'm assuming stock would be valued at ~$2B in that event.
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Important to consider all sides I'll definitely sell at least some on a positive trial result JMO Kiwi