How negative.

I wouldn't characterize it as a failure until they tell us it is no longer an option. A bond deal for say half of what they said they wanted when they proposed it would get the company to the finish line by my calculations even with the note coming due next year.

IMO we will see a partial fill of the bond deal followed very shortly thereafter by a partnership. The stick big pharma has right now is the tenuous financing of the company. Once that is cleared up to any extent, pharma will play ball. All IMHO of course.