Yes, NP said he wasn’t going to tip his hand when asked that question during the CC yesterday, but said they have options and they make them up as they go. While this isn’t funny at least it is honest (both parts)…..however I do believe they have options…..and they may be able to make up some more along the way.

I expect the burn rate will go down with investigational mono trial ending. They can continue doing small RDOs to get there (I think he mentioned something along those lines for select individuals), but personally what I expect is either a line of credit once BLA is submitted and/or a tender offer (TO) post BLA submission and more interim cancer results known. If the stock actually reacts to positive science data like typical stocks, they may not even need to do the TO as some warrants approaching expiration may convert. Bottom line is there is a pretty small amount of additional cash needed to get from here until revenue and IMO the risk of complete failure (bankruptcy) was all but eliminated with this license deal.