Yeah, I was referring to the Annual Report issued at the end of June where Bioasis announced the extension until Dec 31, 2022.  I did not check the Q1 financials issued a month later. Yes, there is a chance that the Prothena deal went south. 

But the extension was for the option period so there could still be an agreement in place for the first target. Even if Prothena gets only one drug out of the agreement, it's still a damn cheap one. I'm not sorry to see any of the Prothena stuff go away.

Also, these extensions to the option period were known before the Annual Report was issued on June 25, 2021 and yet the Annual Report stated that the option period was extended until December 31, 2022, which is in disagreement with the latest quarterly report (for period ending May 31, 2021). The Q1 report 

It would seem appropriate to me that the Annual and Q1 reports should agree on the matter but they do not appear to do so.

The Annual Report stated, "On March 17, 2021, the Company further extended the original license option period through December 31, 2022." That's on page 22.

A month later the Q1 report stated on pages 17 and 18 that "In March of 2021, the Company extended the Initial Option Period until May 31, 2021 unless extended for two additional years by Prothena for a fee as described in the agreement, in which case the Option Period would end May 31, 2023. On May 27, 2021, the Company extended the Initial Option Period from May 31, 2021 to July 31, 2021, which can be extended for two additional years by Prothena for a fee as described in the agreement, in which case the Option Period would end July 31, 2023."

It could very well be the case that (A) The Prothena deal is intact; (B) The 2 remaining options have expired leaving the original target intact; or (C) The entire Prothena deal is dead and gone.

It is interesting that Bioasis has dropped all mention of Prothena from its latest, Q1, MD&A. If the entire deal has expired, Case (C), then that would be pretty interesting and would leave Bioasis free from the constraints imposed on the company by the Prothena deal.

But I don't like the fact that the Annual and Q1 reports are in disagreement when the relevant events predated both reports, both being in March. Also, the latest expiration date described in the Q1 report was an extension from from May 31 to July 31, both extension dates being just beyond the company's relevant reporting (disclosure) dates.

This needs to be clarified by the company. The Prothena deal has been a Sword of Damocles hanging over the shareholders' heads since 2018.

Note that the XOMA 10Q for the period ending June 30, 2021 was released on August 3, 2021. It still shows the Prothena deal as being alive and well, even though the submission date followed the Prothena extension date of July 31, 2021, albeit by only 3 days.

I wish the Prothena deal would just go away. It has damaged Bioasis's ability to make more lucrative deals. You can't sell something for $10 that you've already sold to somebody else for $1.

jd