I wouldn't have pre-announced that deal at all and

I wouldn't have pre-announced that deal at all and merely reaffirmed an end-of-year deadline for partnering and raised enough to get to year-end some time ago. It's quite a common mistake actually among small biotechs: they raise funds at absolute lows because they thought their SP should naturally rise, and then struggle with financing. But the market can stay irrational longer than the company financed.