Regarding a buyout...I've always looked at it in this way: I don't want to have to guess at the right time to exit and maximize value vs risk. A buyout means people with more information, more experience in this arena, and more to win or lose than me are making the decision. A $20B buyout would double my net worth overnight, and be a good start at setting up future generations of my family. Pretty damn attractive from where I'm sitting.

I dream of realizing the full potential of the drug, but I am grounded enough to recognize the substantial risk involved at every step along the way. The fact is we still don't have anything approved, and I think there is a very high likelihood that our near term hopes are squarely on the upcoming CD12 results. CD10 isn't getting approval here, there, or anywhere, so temper those expectations this week before the call. Further, I believe that completing that trial or starting a P3 m/m trial puts us well behind other well financed operations. Dr. J was almost in tears in that interview last week as he expressed bitterness about how we "aren't getting any help from anywhere". That won't change as the competition races by.