So, I am NOT the finance or science guy on the board, barely know enough about either to confuse myself and others. What I do know how to do, and have done for years in the medical industry is cut mutually beneficial deals, with available interest and resources.

Givens:

1. Hepa "in" for half, or $40m

2. Hepa still firmly in the RVX camp - otherwise why kick the debenture and $6m down the road when you have the IP in your hands, in a strangle hold?

3. Based on BoM ad hoc results, and BoM2 refocus to better drug combinations and better endpoints, BoM2 looks extremely "promising" ... yes, projection-able results have failed in the past though

4. Interim analysis planned with BoM2, good likelihood of moving forward to NDA application if/after good interim data given the safety profile and the BTD

5. Financial/capital markets for BoM2 are not good now, and foreseeable future, time's a wasting - maybe better in 1-2 years?

My "Deal" suggestion to get BoM2 moving sooner rather than later:

1. Take Hepa's $40m if they are agreeable, and get BoM2 STARTED NOW (2H 2022).

2. Get to interim analysis on Hepa's $40m - unless they are demanding RVX has equal financial skin in the game for BoM2?? - but why would they take that position if they have $40m available and want the NDA badly also, and also know that RVX has NO CHANCE of raising their half of the projected $80m for a quite a while??

3. Get to interim on Hepa's financial backing, it is in their best interests also.

4. "IF" interim data is good (just need 20% hazard reduction, while BoM showed 60% plus for similar targeted end points) ... then proceed to NDA, RVX re-pays half of the $40m to get there with the revenues from resulting success of the strategy. Eversana being ready to plan, launch, and implement commercialization helps.

5. "IF" interim data is good, but not quite compelling enough, or quite powered enough, to proceed directly to NDA ... then, in that case, RVX still has the positional and compelling strength and power of the interim data, plus hopefully the recovery of the financial/capital markets, to acquire remaining financing to complete BoM2 several years down the road when the markets, interim data, and the story, are in a much better and compelling place potentially. 

Why not this^^^

Would seem to be in EVERYONE's best interests, and better timelines. It may only take $40m to get to the NDA "if" the BoM2 data is what we expect? And the cost of getting there could be halved and recovered with RVX in futures? At the least, it would be BIG progress now, and RVX would be in MUCH MUCH better position to secure the remaining financing in several years, if even needed, based on interim data and capital markets recovery.

Why is this so clear to me, but no one else, apparently?! Can't believe this hasn't been discussed in the board room, too obvious - so there must be a "snag" to this strategy??