I think the strategy is as stated. They will wait for a Zenith molecule to become derisked enough to sell and use the money to pay for a trial for RVX. It looks like mCRPC (NCT04986423) and NUT carcinoma (NCT05019716) are the most promising candidates for that which are now in phase 2 with completion probably next year some time.

On the plus side, they are open label trials so assuming this is correctly captured, they must at least think there's a good shot at pulling it off. On the downside it means they are treading water until the trials wrap up and they can strike a deal.

Until then, RVX borrows money from Zenith (which itself is raising money via promissory notes and warrants) to keep the lights on. RVX hasn't done a raise since May 2023, but RVX now owes almost $5MM to Zenith. Which also means in the meantime Zenith is supporting the expenses of both companies.