I am pretty sure I heard (on the Lazard Call?) that they will NOT start this [phase-2b trial of M118] until they find a partner.
You’re correct, of course. Phase-2b and phase-3 trials in ACS are very expensive, and it’s highly unlikely that MNTA would undertake such an endeavor on its own dime (#msg-43262507).
This is yet another instance in which the sell-side analysts who pen “research” reports seem to know less about the company in question than the readers of this message board.