Very good thoughts. I don't love the idea of separate IPOs either, in terms of dilution. But remember, although a rising share price is good for investors and good for the company in terms of raised profile, which makes it easier to interest investors and partners, it does not help the company raise cash. So that DOES have to come from somewhere else.

I think you're right about ESS or Lympro being likely partnerships, although I would love to see ELTO raise cash and manage the trial in-house, if at all possible. That way the value all belongs to AMBS if/when a big company wants to buy or partner to bring it to market.