I agree that, imo, a complete sale to a pharma would be the best result for shareholders. Who knows maybe if we are lucky that is what is taking so long. RVX allegedly has a large compound library. 

If management develops some business skills I can however see a deal where a BP partner comes on just to partner for Apabetalone and takes no equity in the company. From RVX's perspective it would be argued that "we have spent about half a billion dollars to get it this far and we will give you an x:y split in return for taking the ball the across the goal line". The last in money is always the most expensive money but I think this type of deal would immediately give some validation to RVX in epigenetics, would illuminate a clear path forward for Apabetalone to the market and would at least partially remove management as an obstacle to Apabetalone's success. If this type of deal was accomplished I think the market would probably rerate the stock to some discounted future cash flow value and also assign some real value to Breakthrough Therapy designation.  All of this of course influenced by the partnership split. Imo any rererating would likely be multiples of where the stock is now. I think most investors likely currently see a company that has some very compelling science but where the business is a shambles led by business management with little to no track record and there is no clear path forward for the lead product.