I think the board is thinking about a BO the wrong

I think the board is thinking about a BO the wrong way. It doesn't matter what our share price is to a company buying us out. They do the math that says "okay, if we're going to be able to make X amount of money over Y amount of years, then if we discount all of those cash flow streams to the present day at an appropriate percentage we could reasonable get in the market, then we should buy Cytodyn for Z amount of money.

Let's say that number comes out to be $20 billion dollars. They don't care if we currently have 1 share outstanding or 20 billion shares outstanding, they're buying based on their present value calculation, not our current share price. So, our leverage in these negotiations will come from Dr. JL and co. having a really solid grasp on what market share we can realistically take in each indication that we can potentially treat and a good understanding of what price we can sell LL at. We basically need to prove out what cash flows the purchasing company can reasonably expect, they apply a discount rate to that, and that gives everyone a good idea of a purchase price.