Initially, for the two AGM's in a row that he was talking "excitedly" about HIV, Don had said that the money for a trial had been sourced through a non-profit. Then after over a year of setting that expectation HIV just fell off the table. 

When he had started talking about that funding route I took a very cursory look at some of the non-profits getting involved with these types of trials.  l found that basically the way some of these deals have gone is that the non-profit funds the trial and the company gives the non-profit the right to, on success, produce and distribute the drug as they see fit in needy parts of the world they are trying to help and the company keeps the generally understood profitable areas of the world. Win win. I have wondered if the wheels fell off the RVX deal over details in this type of transaction.

In any event after setting up investor expectations management should have addressed the HIV trial head on with investors instead of just hoping everyone forgot. Management seems to convey suprise that the market in no way respects them yet seems to be willing do very little to nothing in order to get some trust/respect from the market.