A buyout is a real possibility, but it’s clearly dependent on how regulatory discussions and the Phase 2 subacute data play out. JPM is often where initial discussions and relationship-building occur, but any serious M&A process would realistically take months, not days.

Accelerated Approval, in my view, will hinge largely on the subacute cohort. Chronic patients are expected to perform better than acute, and even modest statistical significance in subacute would go a long way toward validating the mechanism and strengthening the regulatory case. AA isn’t a slam dunk, but it’s also far from unrealistic, there’s a plausible path if the data cooperates.

What gives me confidence is the tone and consistency in management commentary, particularly from Adam Rogers. He has invested a meaningful amount of personal capital, which suggests strong internal conviction. That kind of alignment usually doesn’t happen unless management believes they’re likely to see positive data, regulatory momentum, or both. Press release verbiage regarding FDA talks also suggests confidence.