Buckeyes I think you are correct wrt Hepalink moving in a thoughtful manner. Unlike Don with his ever present financial fire extinguisher (more like a squirt gun for a forest fire) it seems like Hepalink is a business run according to a plan.

With $120+ million invested in their RVX adventure I agree, I'm sure HL would like to get a return. From my perspective though I would guess that their primary objective for generating that return would be earning revenues through sales of drug. To that end it will be interesting to see how they handle RVX. I think if they want to gain control they could likely do that at anytime in conjunction with ORI. From what I have read HL's relationships with ORI are longer and deeper than either of those parties relationship with RVX. That being said my guess is that this year activity around the convertible debenture is probably more complicated than in the past because I believe that RVX and HL also have to sort out what is owed regarding the $8 million that is/was being spent on clinical development since 2020. If memory serves that is supposed to be settled between the two parties by some time this June. I guess we will find out soon. 

For what it's worth, given my very low opinion of Don's judgment, Don must still really believe in both these programs as he is continuing to support RVX through Zenith Capital and I noticed in the Zenith financial notes that he has provided a personal guarantee for $2.5 million of the $5 million dollar note issued this past November.

Overall my guess is that amongst existing large RVX investors if there is still belief in Apabetalone then they will not let all it's potential slide away over $6 million.  At the same time despite all the evidence that supports a bright future for Apabetalone, I can't imagine any large investor happily handing over funding for BetOnMace2 to a management team who have rarely (if ever?) executed on corporate goals, rarely seemed to know what they are doing or talking about, and in general have overseen a business train wreck while at the same time grossly padding their personal shareholdings with shares that are cheap likely largely due to their ineptitude. Certainly not a confidence inspiring group.