I was just talking about the near term here (say next 6 months). I'm still on record as believing that a tL approval will happen in the medium term, and there's a dinner riding on that bet.
Obviously if tL approval never happens then MNTA is currently spectacularly underpriced.
The market is currently taking the view that each month that elapses without TL approval brings us one month closer to the approval date. Of course there is the competing view that each month without approval increases the probability that tL will never get approved. That's what makes a market.
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