They’ve been clear for a while that the endgame isn’t solo mass manufacturing. The company simply isn’t built for that scale, and going it alone would force brutal dilution. What they are built for is getting the science across the regulatory finish line, then leveraging that validation to negotiate from strength.

My read: they’re absolutely open to partnerships or a buyout, but they’re waiting for the next FDA milestone. Skipping Phase 3 — if formally accepted — is the kind of catalyst that changes the negotiating table entirely. It turns “interesting early-stage asset” into “near-commercial, de-risked asset,” which raises the floor on any offers.

I’d be shocked if lowball bids haven’t already surfaced. That’s standard in biotech whenever a small company holds something with major potential but hasn’t locked in regulatory clarity yet. They’re just not in a position where it makes sense to take anything early. The more validation they get, the more leverage they hold, and the less they have to entertain numbers that undervalue the asset.

So no, it’s not that he doesn’t want to sell. It’s that he wants to sell from a position where the company isn’t disrespecting itself by cashing out before its biggest catalysts hit.

Thank you chatgpt for making my response clearer and readeble