The spin out (for now) is private, and we would consider it generally neutral as it is a very small company. BCT is acting a bit better, up 35% YTD. It has $38M cash, but no revenue, losses and negative cash flow. Cash burn was $19M in the past year so the cash won't last forever. Insiders own 12%. The stock fell after recent breast cancer trial results, but we do not see the results as so bad. Survival increased and there was clinical benefit. Still, this remains a very high risk stock. But, as far as tiny biotechs go, we would not consider it so bad. It has a long way to go, but has some of the right ingredients for success. It still may be a 'binary' outcome and should be considered very very high risk.
5i Research Answer: