That would be the expiration of the debenture financing.  If it expires without repayment, the intellectual property is collateral and would be owned by the debenture issuer.

However, this is assuming that absolutely no partnership takes place with the break through therapy designation. Or that we sell the company (or Apabetalone for a tidy sum). Or that the deep pocketed investors won’t step in and save the company from such a ridiculous fate. Or, at the very least, that we cannot come up with additional financing to pay off the loan and buy more time.

It’s worst case scenario (and does not seem all that realistic considering the data, FDA breakthrough designation, etc).